GREECE; SWEDEN —Sweden-based HVAC and refrigeration wholesaler Beijer Ref AB has entered into a binding agreement to acquire a 75 percent majority stake in Greek heating, ventilation, and air conditioning distributor FG Europe, with a contractual option to purchase the remaining 25 percent stake at a later stage. The deal, which remains subject to regulatory approval by relevant antitrust authorities, will see FG Europe maintain its operational independence and continue trading under its existing brand identity while integrating into the broader group structure.
Headquartered in Athens, Greece, FG Europe was established in 1958 and specializes in providing climate control and HVAC systems for both residential and commercial projects. The distributor generates an annual turnover of approximately SEK 1.4 billion ($135 million) and maintains sales operations across the Balkans, the United Kingdom, Ireland, and Turkey. The acquirer, Beijer Ref AB, operates as a global technology-oriented trading group present in 45 countries across Europe, North America, Africa, Asia, and Oceania, delivering specialized refrigeration and climate control equipment.
This strategic move significantly enhances Beijer Ref’s distribution coverage in Southeastern Europe and entry into the Greek climate control sector, consolidating its presence in regional markets. By leveraging FG Europe’s established distribution networks, the transaction enables operational synergies, product portfolio expansion, and cross-border knowledge sharing. Financial metrics indicate the transaction will yield a modest positive contribution to Beijer Ref's consolidated earnings performance.
The consolidation highlights ongoing M&A momentum within the European building services and industrial wholesale distribution sector. As demand for energy-efficient climate control systems accelerates across European commercial and residential properties, global trading networks are increasingly acquiring regional distributors to scale operations, optimize logistics, and secure market share across key geographic corridors.
