Beijer Ref purchase of Refspecs cleared
4th June 2026
NEW ZEALAND: The acquisition of Auckland-based HVACR wholesaler Refrigeration Specialities Limited (Refspecs) by Swedish group Beijer Ref has been cleared by the New Zealand Commerce Commission.
The commission had earlier raised competition concerns on the proposed deal, announced in December, for 100% of the shares of the New Zealand wholesaler.
In reaching its decision, the Commission said it considered the potential impact of the proposed acquisition on competition in multiple markets including those for the wholesale supply of refrigeration and air-conditioning equipment and componentry, and HFC refrigerants.
Following investigations, the commission said it was satisfied that the acquisition was unlikely to substantially lessen competition in any New Zealand market.
“Our investigation indicated that, while Beijer Ref and Refspecs would otherwise continue to compete in each of the relevant markets, the merged entity will face material competitive constraint from other existing wholesalers. The focus of our investigation was on the supply of HFC refrigerants because the merging parties currently hold a large proportion of the permits that enable suppliers to import HFC Refrigerants into New Zealand. However, industry regulation is forcing end-users to move away from these gases and in the meantime, there will still be other suppliers with the necessary permits to compete with the merged entity to supply HFC refrigerants.”
A family-owned business, founded in 2010, Refspecs has an annual turnover of approximately US$10.6m.
Beijer Ref earlier indicated that Refspecs would continue to operate under its own brand as part of Beijer Ref New Zealand, its subsidiary formed in 2015 with the acquisition of Patton and Realcold.
