CEE M&A Monitor
Industrial manufacturing · refrigeration equipment Lithuania · Sweden Regulatory clearance — acquisition of 90% 2 Oct 2026

Beijer Ref cleared to acquire 90% of Lithuanian refrigeration equipment maker Refra

On 2 October 2026 the Lithuanian Competition Council cleared Swedish Beijer Ref to acquire 90% of the shares of UAB Refra and take sole control of the company. The notification was filed on 14 September 2026; the Council found that the deal would not create or strengthen a dominant position. Beijer Ref, listed on the Stockholm stock exchange, is one of the world's largest wholesalers of refrigeration equipment and operates in 45 countries. In Lithuania its companies Beijer Ref Lithuania and Airwave Lietuva buy refrigeration, ventilation and air-conditioning equipment from manufacturers and sell it to installers and contractors, and also offer solar energy systems. Refra, based in Vievis, manufactures industrial and commercial refrigeration units, heat pumps, air heat exchangers and air-conditioning systems, and sells most of its output to foreign customers. The price and the holder of the remaining 10% were not disclosed. Clearance is not completion.

Our take Beijer Ref's Lithuanian companies distribute HVAC equipment made by others; Refra manufactures refrigeration equipment and sells most of it abroad. The deal adds local manufacturing and an export customer base, not just more share in the domestic market. The 90% structure leaves a minority stake outside the deal; whether it stays with the founders or management is not stated.
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