Hogan Lovells guides Swedish HVAC group Beijer Ref in US$1.275bn first U.S. acquisition

Press releases | 22 December 2022

Denver, 22 December 2022 —  Global law firm Hogan Lovells has advised Beijer Ref AB (publ), a publicly traded Swedish company and one of the largest heating, ventilation, air conditioning, and refrigeration (“HVACR”) distributors in the world, in its first U.S. acquisition transaction. The company has  agreed to acquire Heritage Distribution Holdings ("Heritage Distribution") from Gryphon Investors for a purchase price of US$1.275 billion on a cash and debt free basis (approximately SEK13 billion).

Heritage Distribution, headquartered in Atlanta, GA, and with approximately 800 employees in ten states, is a leading distribution company for HVACR equipment, parts and supplies. The acquisition will be Beijer Ref's entry into the North American market and will establish the company as a leading HVACR distributor in the U.S. south and south east.

More details about the transaction can be found here

The Hogan Lovells team was led by Denver partners Mark Kurtenbach, Head of the Colorado Corporate & Finance practice, and Russell Hedman and Philadelphia associate Spenser Karr. They were supported by partner Mark Weinstein (New York), counsel Christopher Weigand (Denver), associates Christiana Fell and Hanna Wynn (both Denver).