EQT Completes Exit from Beijer Ref, Boosting Growth in HVAC Industry

EQT Completes Exit from Beijer Ref

EQT has successfully concluded its final sale of shares in Beijer Ref, a prominent global wholesaler and distributor specializing in refrigeration, heating, ventilation, and air conditioning (HVAC) technology. This exit marks a significant transition for both EQT and Beijer Ref, highlighting the remarkable growth and achievements of the company during EQT's ownership.

Since EQT's initial investment in December 2020, Beijer Ref has experienced exceptional growth, with revenues more than doubling from SEK 14.1 billion in 2020 to SEK 37.1 billion in 2025. The impressive ascension in earnings before interest, taxes, depreciation, and amortization (EBITDA) is even more noteworthy, having tripled from SEK 1.5 billion in 2020 to SEK 4.8 billion in 2025. This accomplishment attests to the successful strategies implemented by EQT to enhance operational performance, scale efficiencies, and expand market reach.

The final sale involved approximately 30.7 million class B shares of Beijer Ref, which generated around EUR 370 million for the main shareholder, Breeze TopCo S.à r.l., with EQT IX alone receiving approximately EUR 275 million from this transaction. The settlement of the shares was finalized on June 18, 2026, with several global coordinators, including Citigroup Global Markets Europe AG, DNB Carnegie Investment Bank AB, Jefferies GmbH, and Mizuho Bank Europe N.V., facilitating the placement.

Beijer Ref's headquarters in Malmö, Sweden, has allowed the firm to establish an extensive network, serving installers through over 500 branches across 45 countries. This extensive coverage combines broad product availability with technical expertise and localized customer support, effectively positioning Beijer Ref as a key player in the HVAC market.

Under EQT’s stewardship, Beijer Ref has not only expanded its product offerings but has also significantly increased its environmental stewardship, with eco-friendly products growing from 32% to 56% of its OEM sales during EQT’s ownership. The company has cemented a notable presence in the US market, aiming for substantial growth opportunities in the upcoming years.

EQT's disciplined mergers and acquisitions approach and commitment to sustainable practices have played critical roles in this journey, enabling Beijer Ref to not just grow organically, but also enhance its market share effectively. With a robust digital investment strategy and operational excellence, Beijer Ref stands poised to continue its upward trajectory.

In conclusion, with EQT’s exit from Beijer Ref, which happened as of June 18, 2026, both firms can advance toward their future goals. While EQT shifts focus to other investments, Beijer Ref braces itself for further growth and innovation in the HVAC landscape, driven by its expanding footprint and commitment to sustainability and innovation. Investors and stakeholders will be eagerly watching the next steps of Beijer Ref as it aims to further solidify its position as a leading distributor in the HVAC sector.