Beijer Ref buys majority stake in Greek AC manufacturer14th July 2021
SWEDEN: Wholesaler Beijer Ref has entered the Greek market with the acquisition of a majority stake in Athens-based air conditioning manufacturer Inventor AG SA.
Under the agreement, Beijer Ref will acquire 80% of the shares in Inventor, with an option to acquire the remaining share.
Tracing its history back to 1966, Inventor previously acted as distributor for such companies as Trane and Goodman, before launching its own brand products in 2007. The current product range includes domestic and commercial splits and multi splits, heat pumps, dehumidifiers and air cleaners, as well as a range of domestic electrical appliances.
In addition to its head office in the Attica district of Athens, Inventor also operates a sales office in Bucharest. Its primary sales channels are retailers and installers, but Amazon’s e-trading is also an important platform.
Over the last four years, the company has seen an annual sales growth of 19% and EBIT growth of 40%. Current sales are just over SEK600m (€59m).
The parties have signed a binding agreement, after which the competition authority in Romania will now review the transaction.
The takeover is expected to take place this autumn, but Inventor will continue to operate under its own brand, in both distribution and marketing.
“Inventor adds both value and competence to our group. Greece is also a completely new market for Beijer Ref, which is in line with our growth strategy,” commented Beijer Ref CEO Per Bertland.