Beijer Ref enters the North American market through the transformative acquisition of Heritage Distribution

ATLANTA, Jan. 31, 2023 /PRNewswire/ -- Heritage Distribution Holdings ("HDH" or "the Company"), a leading multi-regional HVAC/R parts and equipment distribution platform serving the Southeastern and Midwestern United States, has been acquired by Beijer Ref (OM: BEIJ B), a world-leading distributor and wholesaler of cooling technology and HVAC products, headquartered in Malmö, Sweden. HDH provides Beijer Ref with a North American platform from which they can continue to drive consolidation. The transaction closed on January 20, 2023.

The Company was formed by Gryphon Investors in July 2021 from the merger of four strong regional brands, Wittichen Supply (founded in 1914), Benoist Brothers Supply (founded in 1928), Ed's Supply (founded in 1957), and Coastal Supply Company (founded in 1978). Heritage Distribution Holdings is headquartered in Atlanta, Georgia, with 64 branches in 10 states.

Beijer Ref CEO Christopher Norbye said, "The acquisition of Heritage Distribution constitutes an important strategic step for Beijer Ref. The North American market is currently undergoing a shift towards electrification and energy efficiency, accelerated by regulatory changes. Also, the growing recognition of indoor air quality and climate change impacts has increased the demand for environmentally friendly and innovative HVAC technologies, which creates a great opportunity for our combined product offering. With our collective industry awareness and proficiency, there are many significant and valuable synergies to be unlocked. We are pleased to welcome Heritage Distribution to the Beijer Ref group and look forward to continuing their successful journey."

Heritage Distribution Holdings CEO Alex Averitt added, "We are really excited to be joining the Beijer Ref family. Personally, I am looking forward to working with Christopher and the whole Beijer Ref team to unlock the many growth opportunities that we will have. Beijer Ref has an impressive history of successful acquisitions and strong organic growth. This agreement enhances our current position in the U.S. and is expected to generate many positive outcomes for our customers and employees, who will benefit from our expanded product portfolio and value-creating synergies. Heritage Distribution Holdings and Beijer Ref share the same decentralized business model where entrepreneurial thinking and freedom with responsibility permeate the organization. Joining forces will enable us to accelerate growth and explore new development opportunities."

For more information, please contact: info@heritagedistribution.com

About Heritage Distribution Holdings

Based in Atlanta, Georgia, Heritage Distribution Holdings is the fastest-growing HVAC/R distributor in the US. With a focus on being the market leader in each local geography, HDH is expanding its footprint by partnering with businesses that share a tenacious commitment to customers, employees, and suppliers. From after-hours emergency service, to stocking our customers' warehouses, the HDH family is fully invested in being the critical link in the supply chain that enables people to live healthier and more comfortable lives.

https://www.heritagedistribution.com/

https://www.linkedin.com/company/heritagedistribution/

About Beijer Ref

BEIJER REF AB (publ) is a trading Group which, through added-value products, offers its customers competitive solutions within refrigeration and climate control. Beijer Ref is one of the largest refrigeration wholesalers in the world, and is represented in 43 countries in Europe, Africa, Asia, Oceania, and North America.

https://www.beijerref.com/

https://www.linkedin.com/company/beijerref/

This press release contains forward-looking statements that reflect Beijer Ref AB (publ)'s current view of future events as well as financial and operational development. Words such as "intend", "assess", "expect", "may", "plan", "estimate" and other expressions involving indications or predictions regarding future development or trends, not based on historical facts, identify forward-looking statements and reflect Beijer Ref AB (publ)'s beliefs and expectations and involve a number of risks, uncertainties and assumptions which could cause actual events and performance to differ materially from any expected future events or performance expressed or implied by the forward-looking statement. The information contained in this press release is subject to change without notice and, except as required by applicable law, Beijer Ref AB (publ) does not assume any responsibility or obligation to update publicly or review any of the forward-looking statements contained in it and nor does it intend to. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. As a result of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actual future events or otherwise.

View original content to download multimedia:https://www.prnewswire.com/news-releases/beijer-ref-enters-the-north-american-market-through-the-transformative-acquisition-of-heritage-distribution-301735365.html

SOURCE Heritage Distribution Holdings