Beijer Ref AB (OM:BEIJ B) and the management of Heritage Distribution Holdings completed the acquisition of Heritage Distribution Holdings from Gryphon Heritage Partners, L.P. managed by Gryphon Investors Inc and the management of Heritage Distribution.
January 19, 2023
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Beijer Ref AB (publ) (OM:BEIJ B) and the management of Heritage Distribution Holdings signed a binding agreement to acquire Heritage Distribution Holdings from Gryphon Heritage Partners, L.P. managed by Gryphon Investors Inc and the management of Heritage Distribution for $1.3 billion on December 15, 2022. Beijer Ref and the management will acquire Heritage Distribution for a purchase price in cash of $1.275 billion on a cash and debt free basis. As part of the transaction, the management of Heritage Distribution have invested a large part of their equity back, in such a way, that, the management will own about 2% of Heritage Distribution and Beijer Ref will own 98% of Heritage Distribution. The acquisition is fully financed through a bridge facility provided by Handelsbanken and Nordea. For the twelve months ended September 30, 2022, Heritage Distribution had a turnover of $640 million and an adjusted EBITDA of $95 million. The acquisition is conditional upon regulatory approvals and customary closing conditions and is expected to close early in Q1 2023. As of January 18, 2023, the transaction is expected to close on January 20, 2023. The acquisition is financially compelling and Beijer Ref expects it to be EPS accretive in 2023 and accretive to Beijer Ref's organic sales growth and EBITDA margin.
Seale & Associates and Handelsbanken Capital Markets acted as financial advisors and Hogan Lovells as legal advisor in relation to the acquisition and Mannheimer Swartling acted as legal advisor in relation to the debt financing to Beijer Ref. Baird acted as financial advisor and Benjamin P. Clinger, P.C. and Matthew Baker of Kirkland & Ellis as legal advisors to Gryphon Investors. Mark Kurtenbach, Russell Hedman, Spenser Karr, Christiana Fell, Hanna Wynn, Elizabeth Adams, Mark Weinstein and Christopher Weigand of Hogan Lovells acted as legal advisor for Beijer Ref AB (publ).
Beijer Ref AB (publ) (OM:BEIJ B) and the management of Heritage Distribution Holdings completed the acquisition of Heritage Distribution Holdings from Gryphon Heritage Partners, L.P. managed by Gryphon Investors Inc and the management of Heritage Distribution on January 20, 2023.
Beijer Ref publ AB, formerly G & L Beijer AB, is a Sweden-based technology company active in the fields of refrigeration and air conditioning. The Company operates one business area, Beijer Ref, which carries out operations in over 20 countries in Europe, South Africa, Australia, New Zealand, India, Namibia, Botswana, Mozambique and Thailand. Its product portfolio also includes comfort cooling products and related operations, such as heat pumps, aside from the standard offering. The Company offers commercial refrigeration products, which are installed in supermarkets, restaurants and food retail outlets; comfort cooling products, which include a range of heating and cooling air conditioning products for commercial and domestic use, as well as products for the industrial refrigeration sector for large refrigerated distribution centers, such as ice rinks. The Company operates Real Cold and DX Por as subsidiaries.
Beijer Ref AB (OM: BEIJ B) and the management of Heritage Distribution Holdings completed the acquisition of Heritage Distribution Holdings from Gryphon Heritage Partners, L.P. managed by Gryphon Investors Inc and the management of Heritage Distribution.
BEIJER REF AB 
