Beijer Ref takes majority stake in Baltic distributor
20th October 2025
SWEDEN/ESTONIA: Beijer Ref has signed an agreement to acquire 80% of the shares in Airwave, a leading HVAC distributor in the Baltic markets.
The Swedish wholesaler has an option to acquire the remaining shares in Airwave, a company with an annual turnover of approximately €55m.
Established in 1999, Airwave is headquartered in Tallinn, Estonia with sales offices in Riga (Latvia) and Vilnius (Lithuania).
With a 1000m2 central warehouse, the Airwave product portfolio includes heat pumps, air conditioners, air handling units, humidifiers, dehumidifiers, installation materials and tools. It is an authorised distributor of Daikin, Thermia, Midea, Wolf, Emerson and several other manufacturers.
Airwave will continue to operate under its own brand, but the transaction needs to be approved by the competition authority in Estonia as conditions of closing.
“Airwave is a strong brand in the region and reinforces our capabilities in the HVAC sector,” commented Beijer Ref CEO Christopher Norbye.
“The company’s product portfolio and proven industry experience enhance our ability to deliver a wider range of solutions to customers. The acquisition aligns with our strategy to strengthen market presence and leverage synergies and knowledge sharing company wide. We look forward to continuing the company’s development in close collaboration with its current management team.”
