Sweden’s Beijer Ref Buys Heritage Distribution for $1.28 Billion

Beijer Ref AB, a Swedish cooling and heating systems maker, is acquiring privately held Heritage Distribution Holdings LLC for $1.28 billion in cash to enter the North American market.

Beijer Ref signed a binding agreement with Gryphon Investors Inc. on the acquisition of 98% of shares in Heritage, on a cash and debt free basis, according to a statement on Thursday. The remaining 2% will be held by management.

Beijer Ref shares fell as much as 6.8% on the news, the most in more than two months.

Heritage is a distributor of heating, ventilation, air conditioning and refrigeration equipment, ...