Beijer Ref acquires Spanish firm Lumelco and France’s GH2C, expanding its air-conditioning distribution network in southern Europe and France.
In a bid to strengthen its air-conditioning distribution business in southern Europe amid growing demand for comfort cooling, Swedish technology-oriented trading group Beijer Ref – operating in refrigeration and air conditioning – has acquired Lumelco S.A., a leading company in the sale of air conditioning products with operations in Spain and Portugal.
Lumelco, headquartered in Madrid, employs 65 people and its 2017 sales amounted to approximately €38.5 million. The company has good profitability and operations will continue in their existing form under the Lumelco brand.
The company focuses on the distribution of leading brands in both the private and professional segments. Lumelco works closely with Mitsubishi Heavy Industries and has held exclusive rights to distribute the brand for over 35 years.
“With the acquisition of Lumelco, we grow within the HVAC segment, which is totally in line with our strategy. The need for air conditioning is increasing, especially in southern Europe.”
– Per Bertland, CEO, Beijer Ref
“With this acquisition, we further strengthen our business with a distributor who is closely linked to one of our major brands within HVAC – Mitsubishi Heavy Industries,” said Beijer Ref CEO Per Bertland.
“We already distribute MHI brand air conditioners and heat pump products in Great Britain, Ireland, Holland, the Nordics, Hungary, Australia and New Zealand. Now we are adding Spain and Portugal, which is very welcome," Bertland added.
The acquisition of Lumelco follows another recent acquisition by Beijer Ref. In May, the company announced the acquisition of French air conditioning distributor GH2C.
GH2C is based in Lyon and also has a sales office in Grenoble. The company is a distributor of the renowned air conditioning brands Daikin and Toshiba in France. GH2C delivers AC units within the professional as well as the residential segments. Its reported yearly turnover is approximately €5.8 million, achieved through a sales distribution network with two branches.
Both acquisitions have the potential to significantly strengthen Beijer Ref’s position in France and southern Europe. Comfort cooling is an area of continued growth. Through these strategic acquisitions, the company is able to complement their offer with full product ranges of leading brands, as well as an expanded distribution presence, generating further market opportunities for natural refrigerant portfolios.
The two acquisitions are expected to have only a minor impact on Beijer Ref’s financial position for 2018, however they are expected to produce long-term positive effects on both sales and earnings.