EQT has completed the final selldown of its remaining stake in Beijer Ref, a wholesaler and distributor of refrigeration, heating, ventilation and air conditioning technology. The transaction covered approximately 30.7 million class B shares in Beijer Ref.
Breeze TopCo S.à r.l, an affiliate of the EQT IX fund, completed the placing for aggregate proceeds of approximately EUR 370 million. EQT IX will receive gross proceeds of approximately EUR 275 million from the placing.
Settlement of the shares was completed on 18 June 2026. Citigroup Global Markets Europe AG, DNB Carnegie Investment Bank AB (publ), Jefferies GmbH and Mizuho Bank Europe N.V. acted as joint global coordinators for the placing.
Beijer Ref is headquartered in Malmö, Sweden, and serves installers through a network of more than 500 branches across 45 countries. The company combines product availability with technical expertise and local customer support.
EQT had been the lead shareholder in Beijer Ref since its initial investment in December 2020. During this period, Beijer Ref expanded its sustainable OEM and private-label offering, invested in digital capabilities, pursued M&A and realized cost benefits of scale.
Since EQT’s investment, Beijer Ref’s revenues increased from SEK 14.1 billion in 2020 to SEK 37.1 billion in 2025. EBITDA rose from SEK 1.5 billion to SEK 4.8 billion, while environmentally friendly products increased from 32% to 56% of OEM sales.
