SWEDEN – Beijer Ref is set to acquire Patton, the New Zealand refrigeration wholesaler.
In addition to Patton’s New Zealand head office and operations, the acquisition will also include the company’s interests in Australia, India and Thailand.
Beijer Ref is one of the largest refrigeration wholesalers in the world and the acquisition represents a significant step forward in the company’s ongoing strategy to develop its growth outside Europe.
“This is a key acquisition which gives us a foothold in the important markets New Zealand, Australia and India and, at the same time, strengthens our existing operation in Thailand,” stated Beijer Ref CEO Per Bertland.
“Patton is an established company with a long tradition and a strong growth potential in its markets. The company eminently fits our profile,” Bertland added.
Patton, which was founded in 1923, is the leading refrigeration wholesaler in New Zealand and boasts around 35% of the market, with total annual sales of approximately SEK400m (€45m).
Patton has a broad portfolio of products, including brands such as Mitsubishi Electric, Emerson, Embraco and Than. It also manufactures its own products which are sold under the Patton brand.
The company has nine branches in New Zealand, comprising 65 employees and has sales of SEK175m (€19m).
The company has also established an important operation base in Australia with 14 branches, 53 employees and sales of SEK190m (€21m).
Patton opened a manufacturing operation in Thailand in 2007 which has sales of SEK30m (€3.2m), 62 employees and is operated through the joint-venture company, Patton Aero. The products are principally sold in India and across the Middle East, South East Asia and Australia. In 2014, the company moved into its new 3,700m² premises, at a stroke gaining the capacity to triple its current production output.
In India, Patton has set up an operation with five branches, 22 employees and sales reaching SEK15m (€1.6m).
”Beijer Ref complements Patton’s current product supply with several strong international brands, which are currently missing in its product portfolio,” concluded Per Bertland. “It means that Beijer Ref, with its overall product offer, will become more competitive in these markets. In addition, we see synergies on the purchasing side as well as on the production side.”