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EQT Private Equity becomes largest shareholder in Beijer Ref

EQT Private Equity is to acquire 2,152,260 A-shares and 35,631,616 B-shares in Beijer Ref AB (Beijer Ref), for a total value of approximately USD1.1 billion, representing 29.6 per cent of the shares and 26.4 per cent of the votes, from Carrier Global Corporation (Carrier). The Company is listed on Nasdaq Stockholm, Large Cap segment.

Founded in Sweden in 1866, Beijer Ref is a global leader within refrigeration, air conditioning and heating wholesale with strong local and global market presence across 425 branches through which it serves more than 100,000 customers. Beijer Ref is headquartered in Malmö, Sweden and has approximately 3,700 employees.

EQT will support Beijer Ref’s growth journey, which will include acquisitions and organic expansion, as well as investments in digitalisation and automation initiatives. Moreover, the Company is expected to benefit from EQT’s strong commitment towards sustainability and shares a clear ambition of becoming a sustainability leader, by leveraging its local Beijer Ref academies and promoting green technologies to both suppliers and customers.

Albert Gustafsson, Partner at EQT Partners, says: “We have followed Beijer Ref for many years and have been very impressed by their consistently strong performance. Beijer Ref represents a truly thematic investment for us. We are excited by the opportunity to now work together with the Company, the Board and its management team, and we have a strong conviction around Beijer Ref’s ability to drive change in its industry. In particular, we look forward to supporting Beijer Ref in its efforts to promote the phase-out of F-gas dependent solutions in favour of sustainable greentech technologies”.

The transaction is expected to close by the end of December 2020, subject to the receipt of a required regulatory approval.

EQT was advised by White & Case (legal), EY (tax), KPMG (financial) and The Footprint Firm (ESG).

With this transaction, EQT IX is expected to be 20-25 per cent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.

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