July 16 (SeeNews) - Swedish refrigeration wholesaler Beijer Ref said it has agreed to acquire a stake of 80% in Greek air conditioning company Inventor in a drive to set foot on the local market.
The terms of the investment agreement grant Beijer Ref an option to acquire the rest of the business in the future, the buyer said in a press release published earlier this week.
You can subscribe to our M&A newsletter here
The price tag of the deal was not disclosed.
Inventor offers air conditioners, dehumidifiers, air purifiers, freezers, mini bars, vacuum cleaners and heat pumps, among others. The firm is based in Athens, Greece and also operates a second sales office in Bucharest, Romania. The business, which employs about 80 people, is associated with annual sales of just above 600 million krona ($69.1 million/58.5 million euro).
The Greek company’s primary sales channels are retailers and installers. Its products are also available on Amazon’s e-trading platform, which is a new distribution channel for Beijer Ref.
The transaction hinges on regulatory clearances and it is set to close in the autumn of 2021.
Greece is a completely new market for Beijer Ref and the deal is in line with the company’s growth strategy, the Swedish firm's CEO Beijer Ref noted in the statement. The chief executive also expressed commitment to continuing to develop Inventor together with customers and management.
($=0.8474 euro)