M&A Deal Summary

Beijer Ref Acquires Heritage Distribution

On December 15, 2022, Beijer Ref acquired distribution company Heritage Distribution from Gryphon Investors

Acquisition Highlights
  • This is Beijer Ref’s 2nd transaction in the Distribution sector.
  • This is Beijer Ref’s 1st transaction in the United States.
  • This is Beijer Ref’s 1st transaction in Alabama.

M&A Deal Summary
Date 2022-12-15
Target Heritage Distribution
Sector Distribution
Buyer(s) Beijer Ref
Sellers(s) Gryphon Investors
Deal Type Add-on Acquisition

Target

Heritage Distribution

Birmingham, Alabama, United States
Heritage Distribution is a distributor of heating, ventilating, air conditioning, and refrigeration (HVAC/R) parts, equipment, and supplies to HVAC/R contractors in the Southeastern and Midwestern US. Heritage Distribution is based in Birmingham, Alabama.

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Buyer(S) 1

Buyer

Beijer Ref

Malmö, Sweden
Category Company
Founded 1866
Sector Distribution
Employees6,418
Revenue 32.2B USD (2023)
DESCRIPTION

Beijer Ref is a distributor of products within commercial refrigeration, industrial refrigeration, air conditioning, and heating with a strong local and global market presence across 425 branches through which it serves more than 100,000 customerses. Beijer Ref was founded in 1866 and is based in Malmö, Sweden.

DEAL STATS #
Overall 2 of 6
Sector (Distribution) 2 of 4
Type (Add-on Acquisition) 2 of 6
State (Alabama) 1 of 1
Country (United States) 1 of 2
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-09 Lumelco SA

Madrid, Spain

Lumelco SA is an independent air conditioning distributor, focused primarily on AC for domestic and professional use. Lumelco SA was founded in 1963 and is based in Madrid, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-29 Quality Air Equipment

Prestons, Australia

Quality Air Equipment (QAE) is a manufacturer and wholesaler of custom-made and universal (standard) air distribution product systems for the commercial and residential heating, ventilation, and air conditioning industries. Quality Air Equipment was formed in 2000 and is based in Prestons, Australia.

Buy -

Seller(S) 1

SELLER

Gryphon Investors

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 8.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Gryphon Investors is a private equity firm focused on making $50 to $300 million of equity or equity-linked investments in middle-market companies. Target transaction situations include traditional buyouts, leveraged build-ups, and growth financings. Gryphon will consider both control and shared-control positions. Sectors of interest include business services, consumer, retail, automotive, chemicals, general manufacturing, healthcare, and hotels. Gryphon Investors was formed in 1997 and is based in San Francisco, California.

DEAL STATS #
Overall 31 of 35
Sector (Distribution) 1 of 1
Type (Add-on Acquisition) 16 of 16
State (Alabama) 1 of 1
Country (United States) 31 of 35
Year (2022) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-15 Caylent

Irvine, California, United States

Caylent is a cloud native services company focused on helping companies optimize their use of Amazon Web Services. Caylent works with customers to build, scale and optimize sophisticated cloud solutions using deep subject matter expertise to deliver world class outcomes through an agile co-delivery model. Caylent was founded in 2015 and is based in Irvine, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-20 Vetnique Labs

Naperville, Illinois, United States

Vetnique Labs is a pet health and wellness platform on a mission to help pets thrive. Its product portfolio now consists of a holistic 'nose-to-tail' range of unique, multi-modal pet health products that are vet-formulated and recommended by vets worldwide. Vetnique Labs was formed in 2012 and is based in Naperville, Illinois.

Buy -
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