Beijer Ref acquires leading Baltic HVAC distributor Airwave

Ellex in Estonia advised Beijer Ref AB (publ), a global leader in refrigeration and HVAC distribution, on signing a binding agreement to acquire 80% of the shares in Airwave, a market-leading HVAC distributor operating across Estonia, Latvia, and Lithuania. The transaction includes an option to acquire the remaining shares and is subject to approval by the Estonian competition authority.

Airwave has grown steadily over the past two decades, offering HVAC solutions for both residential and commercial sectors. With sales offices in Riga and Vilnius, the company has an annual turnover of approximately SEK 600 million and is known for its customer-focused approach and technical expertise.

This strategic acquisition supports Beijer Ref’s long-term growth ambitions in Northern Europe and strengthens its position in the fast-evolving HVAC distribution.

Beijer Ref AB was advised by Martin Mäesalu, Alla Kuznetsova and Miikael Tuus.