Beijer Ref buys Spanish MHI distributor

SWEDEN: Refrigeration wholesaler Beijer Ref has acquired Lumelco SA, the Madrid-based distributor of Mitsubishi Heavy Industries air conditioners.

Lumelco was founded in 1963 and is today one of the leading companies in the sale of air conditioning products with operations in Spain and Portugal. The company has a total of 65 employees and achieved sales in 2017 of SEK400m (€38.5m).

In a partnership established over 35 years, Lumelco has exclusive rights to the distribution of Mitsubishi Heavy Industries (MHI) air conditioners. The company also has other leading brands in its portfolio, including Stibel Eltron heat pumps, LMF Clima heat recovery units, Dantherm dehumidifiers, Kingspan solar panels and Broad chillers.

Lumelco was acquired mainly from the founding Lumbreras family and Diana Capital, a Spanish private equity fund. Diana Capital acquired 23% of the business in 2006 for €10.5m

Beijer Ref says that Lumelco has good profitability and confirms that it will continue to operate in its existing form under the Lumelco brand.

The move further strengthens Beijer Ref’s tie up with Mitsubishi Heavy Industries. It already distributes MHI air conditioners and heat pump products in the UK, Ireland, Holland, the Nordics, Hungary, Australia and New Zealand.

Describing the acquisition as being in line with its plans to grow its HVAC business, Beijer ref CEO Per Bertland said: “The need for air conditioning is increasing, especially in southern Europe. 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.”

Related stories:

Beijer Ref and MHI form UK joint venture – 12 March 2018
UK: Swedish refrigeration wholesale group Beijer Ref AB has formed a joint venture with Mitsubishi Heavy Industries to market MHI air conditioners in the UK and Ireland. Read more…