Beijer Ref has signed an agreement to acquire 90 per cent of the shares in Refra, with an option to acquire the remaining shares.
Refra is a well-known European manufacturer of natural refrigerant HVACR systems, based in Lithuania. The company has an annual turnover of approximately $US52.6 million with good profitability.
Established in 1994, Refra is headquartered in Vilnius, Lithuania. The company specialises in custom-engineered cooling and heating solutions using natural refrigerants such as CO₂ (R744) and propane (R290).
Building on its heritage in CO₂ refrigeration, the company has evolved into a leading European provider of high-efficiency propane chillers and heat pumps.
Refra will continue to operate under its own brand.
Beijer Ref COO EMEA, Jonas Steen, said this is a strategically important acquisition for Beijer Ref.
“It will strengthen our OEM portfolio with proprietary technology for indirect cooling and heating systems using natural refrigerants, with particular expertise in hydrocarbon-based solutions, while also expanding our customer base in CO₂-based refrigeration,” Steen said.
Beijer Ref acting CEO & CFO, Joel Davidsson, said that as demand for natural refrigerant solutions continues to grow, this acquisition enhances their offering and creates opportunities to leverage their global sales network.
“We look forward to working closely with the existing management team to build on the company’s strong market position,” he said.
The transcritical CO2 market is projected to grow at a CAGR of 18 per cent from 2026 to the year 2031.
According to analyst firm, Research and Markets, quota cuts under the EU’s 2024 F-Gas revision raised HFC prices by up to 400% and forced faster equipment replacement.
As a result Europe commanded 77.3 per cent of the 2025 volume, supported by the EU HFC phase-down and a mature component ecosystem, the report said.
The Asia Pacific shows mixed progress, with Japan’s subsidy programs driving thousands of convenience-store installations and China trialling 1-2 MW CO2 skids for export cold chains.