We are pleased to announce that Beijer Ref has acquired a majority stake in GIA Group, consolidating its position as a leader in the Spanish HVAC market and reinforcing its international expansion strategy. As part of this transaction, the founding shareholders of GIA Group will retain a significant stake in the company.

This acquisition marks a major step forward in GIA Group’s growth strategy, which will continue to be led by its current management team. Beijer Ref operates with a decentralized organizational model, a key factor in its global success, allowing GIA to continue operating independently, maintaining its current brands and benefiting from the operational synergies created by the new partnership.

About Beijer Ref

With more than 150 years of history and headquartered in Malmö, Beijer Ref is a European leader in the distribution and manufacturing of industrial and commercial refrigeration products, as well as air conditioning systems and components. The company is listed on the Stockholm Stock Exchange – NASDAQ/OMX (BEIJB) – and operates in 45 countries across Europe, North America, Africa, Asia, and Oceania. In 2023, Beijer Ref reached nearly €3 billion in revenue and employs over 6,000 people. www.beijerref.com

About GIA Group

Founded in 2000, GIA Group began manufacturing HVAC, heating, and domestic hot water equipment under its own brands in 2010. Over the past 15 years, the company has experienced significant growth, becoming one of the leading HVAC companies in the Spanish market. Its brands, such as HTW and Giatsu, are widely recognized in the industry. With a strong presence in Portugal, Italy, France, and other countries, GIA Group closed 2023 with revenues exceeding €100 million, ranking fifth among Spain’s top HVAC firms and leading in unit sales with over 300,000 compressors sold that year. https://groupgia.com/

 

Francisco Sanz, CEO of GIA Group, stated:
“We are proud that the hard work of our team has caught the attention of Beijer Ref, our new strategic partner. With their support, we are confident we will gain strength, knowledge, experience, and competitiveness to continue our sustained growth in the years to come.”