SWEDEN: Wholesaler Beijer Ref has signed an agreement to acquire 70% of the shares in Condex, a leading Bulgarian HVAC distributor.
Beijer Ref also has an an option to acquire the remaining shares in the company which operates from headquarters in Sofia.
Established in 1993, Condex has an annual turnover of approximately SEK350m (€31m). It is an official importer for Bulgaria of Mitsubishi Heavy Industries air conditioners and Stulz precision air conditioning equipment.
Condex is said to have experienced very good profitable sales growth in recent years. A family-owned business, it employs 41 people.
The parties have signed a binding agreement, after which the competition authority in Bulgaria will now review the transaction. The takeover is expected to be completed this summer.