G & L Beijer AB is acquiring United Refrigeration’s refrigeration wholesale operations in France and the United Kingdom. United Refrigeration, which is one of the largest distributors of refrigeration products and comfort cooling systems in the USA, has decided to concentrate its operations on the North American market.

The acquisition refers to two companies. The French company – Cofriset – reports sales equivalent to SEK 520M and has 125 employees. The British company – United Refrigeration (UK) Ltd – reports sales equivalent to SEK 90M and employs 44. In total, the two companies report sales equivalent to SEK 610M and have 169 employees. The total consideration for both companies amounts to approximately SEK 240M on a debt-free basis.  

With the acquisitions, G & L Beijer strengthens its position still further in the French and British markets. The acquired companies sell products which correspond to G & L Beijer’s product range.

The synergy gains are primarily within purchasing and fixed costs.

G & L Beijer’s profit per share is deemed to be marginally positively affected. The acquisition is subject to approval by the French competition authorities. The acquired companies will be included in the consolidated accounts soon after the approval by the competition authorities.

The acquisition will be financed through own funds and increased borrowing.

Malmö, 1 September 2011
G & L Beijer AB (publ)
 

For further information, please contact:

Joen Magnusson, CEO
G & L Beijer AB
Telephone +46 40-35 89 00
Mobile +46 709-26 50 91

or
Jonas Lindqvist, CFO
Telephone +46 40-35 89 00
Mobile +46 705-90 89 04

G & L Beijer is a technology-oriented trading Group which, through a combination of added-value agency products and products of the company’s own development, offers competitive solutions for its customers within refrigeration and air conditioning.

In the previous year, operations were consolidated into comprising only products within refrigeration and air conditioning. The operational activities as a whole are carried out under the name of Beijer Ref.