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Seale & Associates advises Beijer Ref on announced $1.275 Billion acquisition of Heritage Distribution

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Seale & Associates (“Seale”) announced that it acted as an exclusive financial advisor to Beijer Ref AB (publ) (OM:BEIJ B) (“Beijer Ref”) on its agreement to acquire Heritage Distribution Holdings (“Heritage Distribution”) from Gryphon Investors for US$1.275 billion. The acquisition is conditional upon regulatory approvals and customary closing conditions and is expected to close early in Q1 2023. The acquisition represents Beijer Ref’s entry into the North American market and will establish the company as a leading HVACR distributor in the U.S. South/South East region, one of the most attractive regions for HVACR in North America.

"The acquisition of Heritage Distribution constitutes an important strategic step for Beijer Ref," said Christopher Norbye, CEO. "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. Furthermore, the North American market is highly fragmented, and Heritage Distribution offers an excellent platform from which we can continue to drive consolidation. 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."

"We appreciate the opportunity to assist Beijer Ref on this transformative acquisition and their entry into the North American market," said Rob Whitney, Managing Director, Seale & Associates. "We also wish the Heritage Distribution team the best and future success on the next stage of their journey."

Heritage Distribution is a leading distribution company for Heating, Ventilation Air Conditioning, and Refrigeration (“HVACR”) equipment, parts, and supplies in North America with a strong track record of high and consistent organic growth and a high share of recurring revenues derived from repair and replacement. For more information, please visit

Beijer Ref AB is a technology-oriented 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 42 countries in Europe, Africa, Asia, and Oceania. For more information, please visit

Gryphon Investors is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. With approximately $2.5 billion of cumulative equity commitments, the firm has an extensive track record of leading equity investments of approximately $35 million to $150 million per portfolio company with sales ranging from approximately $50 million to $500 million. For more information, please visit

Seale & Associates Inc. is a global investment banking firm with extensive experience in mergers and acquisitions, corporate finance advisory, and enterprise level strategy consulting. Our professionals are trusted advisors maintaining a high level of quality and integrity while presenting innovative ideas and solutions to address our clients’ most complex dealings. For more information, please visit


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