Beijer Ref acquires Australian manufacturer Airstream
SWEDEN/AUSTRALIA: Refrigeration wholesaler Beijer Ref has signed an agreement to acquire all the shares in the Australian distribution company Airstream.
Airstream is an important manufacturer and distributor of ducting and associated fittings in Australia. The majority of Airstream’s sales are made locally to its headquarters in Bibra Lake, Perth. The company was established in 2011 and has 14 employees. Annual sales are approximately SEK40m (US$4.7m).
Airstream has been operating as part of the iZone business, forming an integral part of their home solutions offering. The iZone Smart Air Conditioning System is a plug-and-play solution to transforms any ducted air conditioner into a smart home, at a fraction of the cost.
This acquisition strengthens Beijer Ref’s overall presence in Western Australia and will be integrated into Beijer Ref’s subsidiary, ACD Trade.
“Australia is an important market for Beijer Ref, and it is pleasing that we have found an opportunity to grow even further in this region,” said Beijer Ref CEO Christopher Norbye. “Airstream, which is a well-managed and fast-growing company with a good profitability, will add value to our group. They offer several new products, such as patented zoning and connection systems. This acquisition greatly enhances our position in the residential ducted market and, more broadly, into the commercial segment of our industry.”
