Beijer Ref has moved into the Greek market acquiring 80 per cent of shares in air conditioning company, Inventor.
Beijer Ref has the option to acquire the remaining shares.
Inventor has had good profitability over the past four years, with annual sales growth of 19 per cent and EBIT growth of 40 per cent over the last four year period.
Inventor’s head office is located in Athens (Greece), with a second sales office in Bucharest (Romania). Its primary sales channels are retailers and installers, but Amazon’s e-trading is also an important platform – which is a new distribution channel for Beijer Ref.
The takeover is expected to take place during the autumn of 2021. Inventor’s annual sales amount to just over SEK 600 million ($A93.3 million) and the company has approximately 80 employees.
Inventor will continue to operate under its own brand, in both distribution and marketing.
Beijer Ref CEO, Per Bertland, said Inventor adds both value and competence to the group.
“Greece is also a completely new market for Beijer Ref, which is in line with our growth strategy,” he said.
“Inventor has strong potential and we look forward to continuing to develop the company together with customers and management.”