Beijer Ref to buy Gree’s Hungarian distributor
19th June 2024
SWEDEN/HUNGARY: Beijer Ref has signed an agreement to acquire 80% of the shares in Cool4U, a leading HVAC distributor and Hungarian representative of Chinese manufacturer Gree.
The Swedish wholesaler also has an option to acquire the remaining shares in the company, which is headquartered in Szarvas. Founded in 2001, the company boasts an annual turnover of approximately €45m.
The acquisition includes the residential business Cool4U Home and Cool4U Systems, its commercial projects company. The Cool4U Automotive vehicle air conditioning business is not included in the deal.
Cool4U Kft began importing and selling Gree air conditioners in 2002, the business now operating as Gree Magyarország (Gree Hungary). A leader in the Hungarian market, the Gree product line up includes residential and commercial air conditioners, liquid coolers, VRF systems, fan coils and heat pumps.
In addition to Gree commercial products, the Cool4u Systems business also offers Maxa liquid coolers and Thermokey dry coolers, as well as Mandik air conditioners from Czechia.
Beijer Ref insists that Cool4U will continue to operate under its own brand in both distribution and marketing.
The parties have signed a binding agreement but the transaction still needs to be approved by the competition authority in Hungary and an FDI – Foreign Direct Investment – screening will also be carried out as conditions of closing.
