Add-on Acquisition • Distribution

Beijer Ref Acquires Heritage Distribution

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

Acquisition Context
  • 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.

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M&A Deal Summary

Date December 15, 2022
Target Heritage Distribution
Sector Distribution
Buyer(s) Beijer Ref
Sellers(s) Gryphon Investors
Deal Type Add-on Acquisition

Target Company

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 Overview 1

Buyer

Beijer Ref

Malmö, Sweden

Category Company
Founded 1866
Sector Distribution
Employees6,733
Revenue 35.7B USD (2024)
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 customers. Beijer Ref was founded in 1866 and is based in Malmö, Sweden.


Deal Context for Buyer #
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 Profile 1

SELLER

Gryphon Investors

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 9.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Gryphon Investors is a private equity firm focused on making $50 to $500 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 1995 and is based in San Francisco, California.


Deal Context for Seller #
Overall 36 of 43
Sector: Distribution 1 of 1
Type: Add-on Acquisition 18 of 19
State: Alabama 1 of 1
Country: United States 36 of 43
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 developer of pet health and wellness products, with a portfolio of clinically proven supplements and topical solutions. In addition to the iconic Glandex brand, Vetnique has vet-formulated and vet recommended solutions for digestive health, allergy, and dermatological support, ear care, active lifestyle, and calming support. Vetnique Labs was formed in 2012 and is based in Naperville, Illinois.

Buy -