MSAB becomes largest voting shareholder in Beijer Ref

Sweden-based investment fund EQT had been the lead shareholder in Beijer Ref since December 2020, during which time the company saw significant expansion of its share of the global wholesale refrigeration and HVAC market.

Investment in innovation was also undertaken, which saw the share of original equipment manufacturer sales comprising environmentally friendly products increase from 32% to 56% of OEM sales, according to an EQT news announcement about the deal.

The settlement of the shares was completed on June 18, 2026, with Citigroup Global Markets Europe AG, DNB Carnegie Investment Bank AB (publ), Jefferies GmbH and Mizuho Bank Europe N.V., acting as joint global coordinators for the placing.

In addition to the EQT shares, MSAB is also acquiring Peter Jessen Jürgensen’s outstanding A-shares in Beijer Ref. The two acquisitions give MSAB the largest share of the company in terms of voting rights, with 14.1% of votes and 2.1% of share capital.

MSAB states that it intends to gradually increase its stake in Beijer Ref, focusing on continued industrial development and long-term value creation.

As an investor, MSAB has focused on industrial investments, with long-term stakes in global companies including Hexagon and ASSA ABLOY. Its existing holdings in industrial technology, robotics, climate solutions and agriculture are now being joined by stakes in energy transition and supply chain assets.

Per Bertland, chairperson of the Beijer Ref Board, says the company welcomes MSAB as the new majority shareholder.

“MSAB represents a long-term, industrial ownership approach that is fully in line with Beijer Ref’s strategy and ambitions for the future. We look forward to a close and constructive partnership,” Bertland says.

“We would also like to thank Peter Jessen Jürgensen for his valuable contribution to the company’s development and are delighted that Peter is simultaneously reinvesting in Beijer Ref by increasing his holding of B-shares.”

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