Beijer Ref acquires majority stake in FG Europe

SWEDEN/GREECE: Wholesaler Beijer Ref has signed an agreement to acquire 75% of the shares in FG Europe, with an option to acquire the remaining shares. 

Founded in 1958, FG Europe is a well-known HVAC distributor in Greece with a long-established history as a Fujitsu air conditioning distributor and an established presence across the Balkans, the UK, Ireland and Turkey. 

The company formed FG Europe UK in 2017 to sell Midea air conditioners, expanding this business to create FG Europe HVAC Ireland in 2021.

Headquartered in Glyfada, Athens, FG Europe has an annual turnover of around €125m. According to Beijer Ref, it will continue to operate under its own brand. 

Joel Davidsson, Beijer Ref’s acting CEO and CFO hailed the acquisition as a “valuable addition” to the company’s HVAC offering: “The acquisition supports our ambition to further strengthen our product offering and market presence, while creating opportunities for collaboration and knowledge sharing across the group. We look forward to continuing to build on FG Europe’s strong foundation and to further develop the business in close cooperation with its existing management team.”