Beijer Ref acquires leading HVAC distributor in Croatia
As of today, Beijer Ref has acquired 80% of the shares in Deltron, with an option to acquire the remaining shares. The company is headquartered in Split (Croatia) and has an annual turnover of approximately SEK 400 million, with a good profitability.
Deltron was founded in 1995 and their main business consists of air conditioning equipment for commercial and private use. In 2014, Deltron established a subsidiary in Sarajevo (Bosnia and Herzegovina) that in recent years has experienced strong and profitable sales growth. Beijer Ref already has a minor presence in Croatia and will, through this acquisition, also establish presence in Bosnia and Herzegovina, which is a new market for the group.
This acquisition aligns with Beijer Ref's strategic ambition to become a world-leading wholesaler of cooling technology and HVAC. Deltron will operate under its own brand and the founders will continue to lead the company.
Today, Deltron has 110 employees and the acquisition is expected to have a minor positive impact on the group's results and position. The company will be included in Beijer Ref’s accounts from 1 Januari 2022.
Christopher Norbye, CEO of Beijer Ref, comments:
"Through this acquisition, Beijer Ref adds a well-managed company with a good profitability that gives us a market-leading position within HVAC in Croatia. In Bosnia and Herzegovina, where we have not previously been established, we have also identified great growth potentials. We are excited to continue to grow and expand the company together with Deltron’s management.”
Mladen Drnasin, founder and MD of Deltron, comments:
"We are pleased to carry on our journey together with Beijer Ref. They have had an impressive growth and we are convinced that they will bring both knowledge and expertise to our organization. We look forward to all the new and valuable synergies that can benefit both existing and future customers."
Malmö 11 January 2022
Beijer Ref AB (publ)
BEIJER REF AB is a technology-oriented trading Group which, through added-value products, offers its customers competitive solutions within refrigeration and climate control. Beijer Ref is one of the largest refrigeration wholesalers in the world, and is represented in 39 countries in Europe, Africa, Asia and Oceania.