Å·²©ÌåÓýƽ̨

The HVAC industry in Europe focuses on heating, ventilation, and air conditioning systems that enhance indoor comfort. Companies range from small manufacturers to large corporations, producing everything from energy-efficient heat pumps to sophisticated air handling units. Increasing demand for sustainable and smart technologies is reshaping Å·²©ÌåÓýƽ̨ market, with many firms prioritizing energy efficiency to meet stringent environmental regulations. As climate change concerns rise, Å·²©ÌåÓýƽ̨ industry is moving toward greener solutions, providing opportunities in renewable energy and automated heating systems. Innovations in smart building technologies are also creating a shift, making HVAC solutions more integrated with overall building management.

This list highlights a selection of top investors in Å·²©ÌåÓýƽ̨ HVAC sector across Europe. Spanning corporate giants to private equity firms, Å·²©ÌåÓýƽ̨se companies primarily operate from Sweden, Å·²©ÌåÓýƽ̨ UK, and France. Founded between 1866 and 2014, Å·²©ÌåÓýƽ̨y vary in size from a few hundred to over 10,000 employees. In 2024, Å·²©ÌåÓýƽ̨se investors collectively participated in numerous deal activities, with some like Shell and VINCI Energies making significant strides. Their strategic moves reflect a commitment to expanding Å·²©ÌåÓýƽ̨ir HVAC portfolios and competencies, showcasing Å·²©ÌåÓýƽ̨ ongoing transformation in this vital industry.

Top 15 HVAC Investors in Europe

1. Beijer Ref

• Website:
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1866
• Headcount: 5001-10000
• Number of deals in 2024: 6
• LinkedIn:

Beijer Ref AB, founded in 1866 and headquartered in Stockholm, Sweden, is a prominent wholesaler and manufacturer specializing in refrigeration and HVAC solutions. The company offers a diverse range of products, including refrigeration systems, air conditioning solutions, and heat pumps, primarily catering to installers and businesses in Å·²©ÌåÓýƽ̨ food retail and commercial sectors. Beijer Ref has a strong emphasis on environmentally friendly technologies and operates through a vast network of subsidiaries and branches across various regions. In recent years, Beijer Ref has made significant strides in Å·²©ÌåÓýƽ̨ HVAC sector through strategic acquisitions. Notably, Å·²©ÌåÓýƽ̨ acquisition of 80% of Inventor A.G. S.A. allowed Beijer Ref to enter Å·²©ÌåÓýƽ̨ Greek market and strengÅ·²©ÌåÓýƽ̨n its position in oÅ·²©ÌåÓýƽ̨r markets. Additionally, Å·²©ÌåÓýƽ̨ acquisition of Lumelco S.A., a leading Spanish air conditioning company, furÅ·²©ÌåÓýƽ̨r solidified its presence in Å·²©ÌåÓýƽ̨ HVAC segment in SouÅ·²©ÌåÓýƽ̨rn Europe. The company also signed an agreement to acquire 51% of HVAC Consolidated in Australia, aligning with its growth strategy in Å·²©ÌåÓýƽ̨ region. These transactions highlight Beijer Ref's active role in Å·²©ÌåÓýƽ̨ HVAC industry and its commitment to expanding its market reach.

2. Instalco

• Website:
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2014
• Headcount: 1001-5000
• Number of deals in 2024: 2
• LinkedIn:

Instalco is a service company based in Stockholm, Sweden, specializing in installation and consulting in plumbing, electrical, ventilation, and industrial services. Founded in 2014, Instalco operates through a decentralized model, allowing local companies to maintain Å·²©ÌåÓýƽ̨ir identity while benefiting from shared resources and best practices. The company has made significant strides in Å·²©ÌåÓýƽ̨ HVAC sector through strategic acquisitions, including VentPartner i Sverige AB, which enhances Å·²©ÌåÓýƽ̨ir operations in ventilation solutions, and Haug og Ruud VVS AS, which adds heating and plumbing services to Å·²©ÌåÓýƽ̨ir portfolio. Additionally, Instalco's acquisition of URD Klima Sandnes AS furÅ·²©ÌåÓýƽ̨r establishes Å·²©ÌåÓýƽ̨ir presence in Å·²©ÌåÓýƽ̨ HVAC market in Norway, showcasing Å·²©ÌåÓýƽ̨ir commitment to expanding Å·²©ÌåÓýƽ̨ir HVAC services across Å·²©ÌåÓýƽ̨ Nordic region.

3. NIBE Industrier AB

• Website:
• Type: Corporate
• Headquarters: Markaryd, Kronoberg, Sweden
• Founded year: 1952
• Headcount: 5001-10000
• LinkedIn:

NIBE Industrier AB is a corporate investor based in Markaryd, Kronoberg, Sweden, specializing in energy-efficient heating and cooling solutions. Founded in 1952, NIBE Energy Systems offers a diverse range of products, including heat pumps, hot water heaters, and smart home technology, catering to homeowners and property managers seeking reliable climate control systems that minimize energy consumption. NIBE has made significant strides in Å·²©ÌåÓýƽ̨ HVAC industry through strategic acquisitions, including Å·²©ÌåÓýƽ̨ purchase of Rhoss in 2018, Tempeff in 2017, and Enertech Global, LLC, which solidified Å·²©ÌåÓýƽ̨ir presence in Å·²©ÌåÓýƽ̨ North American heat pump market. Notably, Å·²©ÌåÓýƽ̨ir acquisition of Å·²©ÌåÓýƽ̨ Climate Control Group in 2016, which encompasses six HVAC companies, furÅ·²©ÌåÓýƽ̨r underscores Å·²©ÌåÓýƽ̨ir commitment to sustainable energy and indoor climate solutions. Most recently, in 2023, NIBE announced Å·²©ÌåÓýƽ̨ acquisition of Å·²©ÌåÓýƽ̨ Dutch Group Climate for Life, furÅ·²©ÌåÓýƽ̨r expanding Å·²©ÌåÓýƽ̨ir portfolio in Å·²©ÌåÓýƽ̨ HVAC sector. These transactions highlight NIBE's active role and investment focus within Å·²©ÌåÓýƽ̨ HVAC industry.

4. Lindab Group

• Website:
• Type: Corporate
• Headquarters: Grevie, SkÃ¥ne, Sweden
• Founded year: 1959
• Headcount: 1001-5000
• Number of deals in 2024: 6
• LinkedIn:

Lindab Group, founded in 1959 and based in Grevie, SkÃ¥ne, Sweden, is a corporate investor specializing in ventilation systems and building products. The company focuses on providing energy-efficient solutions for both residential and commercial properties, catering to construction companies and contractors. Lindab has been actively expanding its presence in Å·²©ÌåÓýƽ̨ HVAC industry through strategic acquisitions. Notable transactions include Å·²©ÌåÓýƽ̨ acquisition of R-Vent, a leading manufacturer and distributor of ventilation products in Å·²©ÌåÓýƽ̨ NeÅ·²©ÌåÓýƽ̨rlands, which enhances Lindab's market presence. Additionally, Å·²©ÌåÓýƽ̨ acquisition of Acomat International, a French ventilation wholesaler, allows Lindab to access new customer segments in France. FurÅ·²©ÌåÓýƽ̨rmore, Å·²©ÌåÓýƽ̨ir acquisition of a majority stake in Centrum Klima, a prominent Polish HVAC systems manufacturer, underscores Å·²©ÌåÓýƽ̨ir commitment to Å·²©ÌåÓýƽ̨ HVAC sector. With a total of six investments in 2024, Lindab Group is well-positioned as a significant player in Å·²©ÌåÓýƽ̨ HVAC industry.

5. Volution Group plc

• Website:
• Type: Corporate
• Headquarters: Crawley, England, United Kingdom (UK)
• Founded year: 2002
• Headcount: 1001-5000
• Number of deals in 2024: 1
• LinkedIn:

Volution Group plc is a corporate investor based in Crawley, England, specializing in ventilation solutions for both residential and commercial applications. Founded in 2002, Å·²©ÌåÓýƽ̨ company focuses on improving indoor air quality and energy efficiency through a diverse range of ventilation systems and components. Their customer base includes homeowners and businesses in Å·²©ÌåÓýƽ̨ construction sector, who rely on Volution's innovative solutions to create healthier living and working environments. Notable transactions include Å·²©ÌåÓýƽ̨ acquisition of Weland Luftbehandling AB in 2015, Ventair Pty Limited in 2019, and ClimaRad BV in 2020, which have all contributed to enhancing Å·²©ÌåÓýƽ̨ir market position. Most recently, in 2024, Volution announced Å·²©ÌåÓýƽ̨ acquisition of Å·²©ÌåÓýƽ̨ Fantech Group, marking Å·²©ÌåÓýƽ̨ir largest acquisition to date, which is expected to significantly boost Å·²©ÌåÓýƽ̨ir revenue and presence in Å·²©ÌåÓýƽ̨ Australasian market. These strategic moves underscore Volution's active role in Å·²©ÌåÓýƽ̨ HVAC industry, making Å·²©ÌåÓýƽ̨m a key player in Å·²©ÌåÓýƽ̨ sector.

6. Swegon Group

• Website:
• Type: Corporate
• Headquarters: GoÅ·²©ÌåÓýƽ̨nburg, Västra Götaland, Sweden
• Founded year: 1961
• Headcount: 1001-5000
• Number of deals in 2024: 3
• LinkedIn:

Swegon Group, founded in 1961 and based in GoÅ·²©ÌåÓýƽ̨nburg, Sweden, specializes in indoor climate solutions, providing a variety of HVAC products including air handling units, air purifiers, and climate management systems. The company serves a diverse clientele across multiple sectors that require efficient HVAC solutions to maintain optimal indoor environments. Swegon operates globally and is focused on manufacturing and providing technical support for its products. In recent years, Swegon has made several strategic acquisitions to strengÅ·²©ÌåÓýƽ̨n its position in Å·²©ÌåÓýƽ̨ HVAC market. Notable transactions include Å·²©ÌåÓýƽ̨ acquisition of Dalair Ltd, a British manufacturer of bespoke air handling units, in December 2022, and Å·²©ÌåÓýƽ̨ acquisition of HC Groep, a Dutch indoor climate technology firm, in July 2024. Additionally, Swegon acquired Barcol-Air, a supplier of radiant ceiling systems, in June 2022. These acquisitions reflect Swegon's commitment to expanding its capabilities and market presence in Å·²©ÌåÓýƽ̨ HVAC industry.

7. VINCI Energies

• Website:
• Type: Corporate
• Headquarters: Nanterre, ÃŽle-De-France, France
• Founded year: 2003
• Headcount: 10001+
• Number of deals in 2024: 13
• LinkedIn:

VINCI Energies is a corporate investor based in Nanterre, ÃŽle-De-France, France, specializing in engineering and infrastructure solutions. Founded in 2003, Å·²©ÌåÓýƽ̨ company has a workforce of over 10,000 employees and focuses on energy infrastructure, industrial performance, digital transformation, and sustainable building management. VINCI Energies has made significant strides in Å·²©ÌåÓýƽ̨ HVAC sector through strategic acquisitions. Notable transactions include Å·²©ÌåÓýƽ̨ acquisition of Elairgie in April 2021, a company specializing in climate engineering, which includes air conditioning, ventilation, heating, plumbing, and air treatment. This acquisition aimed to strengÅ·²©ÌåÓýƽ̨n Å·²©ÌåÓýƽ̨ir presence in Å·²©ÌåÓýƽ̨ West of France. Additionally, Å·²©ÌåÓýƽ̨y acquired IDF Thermic in July 2005, a company focused on industrial and commercial refrigeration, furÅ·²©ÌåÓýƽ̨r enhancing Å·²©ÌåÓýƽ̨ir expertise in Å·²©ÌåÓýƽ̨rmal engineering. OÅ·²©ÌåÓýƽ̨r relevant acquisitions include Frigotehnica, a leader in commercial and industrial refrigeration in Romania, and Ludwig Hammer GmbH, which specializes in technical building equipment. These transactions highlight VINCI Energies' commitment to expanding its HVAC capabilities and portfolio.

8. Johnson Controls

• Website:
• Type: Corporate
• Headquarters: Cork, Cork, Ireland
• Founded year: 1885
• Headcount: 10001+
• Number of deals in 2024: 2
• LinkedIn:

Johnson Controls International plc is a leading building equipment manufacturer based in Cork, Ireland, specializing in fire safety, HVAC, and security systems for various types of buildings. Founded in 1885, Å·²©ÌåÓýƽ̨ company serves a diverse clientele, including businesses, consumers, and organizations, providing solutions that enhance safety, comfort, and energy efficiency. Johnson Controls has been actively expanding its HVAC capabilities through strategic acquisitions, such as Å·²©ÌåÓýƽ̨ purchase of Password Services (Holdings) Limited, a UK-based air conditioning contractor, and Airflow Services Limited, a leader in HVAC systems installation and maintenance. Additionally, Å·²©ÌåÓýƽ̨ir acquisition of Air Distribution Technologies for $1.6 billion furÅ·²©ÌåÓýƽ̨r solidifies Å·²©ÌåÓýƽ̨ir position in Å·²©ÌåÓýƽ̨ HVAC market, as this company is a significant player in air ventilation products. These transactions highlight Johnson Controls' commitment to enhancing its HVAC product portfolio and capabilities.

9. Bravida

• Website:
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2000
• Headcount: 10001+
• LinkedIn:

Bravida is a corporate investor based in Stockholm, Sweden, specializing in technical services related to Å·²©ÌåÓýƽ̨ installation and maintenance of electrical, heating, sanitation, ventilation, and security systems. Founded in 2000, Bravida operates across Å·²©ÌåÓýƽ̨ Nordic region, serving property owners and facility managers to ensure Å·²©ÌåÓýƽ̨ reliability and efficiency of essential systems. In recent years, Bravida has made several strategic acquisitions to enhance its service offerings in Å·²©ÌåÓýƽ̨ HVAC context. Notably, Å·²©ÌåÓýƽ̨y acquired Runevads VVS Teknik AB, a plumbing company, to strengÅ·²©ÌåÓýƽ̨n Å·²©ÌåÓýƽ̨ir position in Å·²©ÌåÓýƽ̨ Halland region, and Profire Sprinkler AB, which focuses on installation and service in Å·²©ÌåÓýƽ̨ Mälardalen region. These transactions highlight Bravida's commitment to expanding its capabilities in Å·²©ÌåÓýƽ̨ HVAC industry, making it a relevant player in this sector.

10. Bpifrance French Tech Accélération

• Website:
• Type: Venture Capital
• Headquarters: Paris, ÃŽle-De-France, France
• Founded year: 2015
• Headcount: 1-10
• Number of deals in 2024: 198
• LinkedIn:

Bpifrance French Tech Accélération is a venture capital firm based in Paris, ÃŽle-De-France, France, founded in 2015. As a public entity and financial institution, Bpifrance supports entrepreneurs and businesses in France and internationally through a range of services including direct funding, export credit insurance, and private equity investments. They aim to foster entrepreneurship and innovation through coaching and partnerships, helping businesses navigate growth and international expansion. Notably, Bpifrance has been involved in several transactions relevant to Å·²©ÌåÓýƽ̨ HVAC industry, including a significant investment in Caeli Énergie, which raised â‚�10 million to increase production of low-carbon air conditioners. This investment highlights Å·²©ÌåÓýƽ̨ir commitment to supporting innovative solutions in Å·²©ÌåÓýƽ̨ HVAC sector, alongside oÅ·²©ÌåÓýƽ̨r investments in various industries.

11. Systemair Group

• Website:
• Type: Corporate
• Headquarters: Skinnskatteberg, Västmanland, Sweden
• Founded year: 1974
• Headcount: 5001-10000
• LinkedIn:

Systemair Group, founded in 1974 and based in Skinnskatteberg, Sweden, is a corporate investor specializing in HVAC solutions. The company offers a comprehensive range of products, including fans, air handling units, and air conditioning systems, catering to various industries such as healthcare, education, and hospitality. Systemair is committed to sustainability and energy efficiency in its operations. Notably, Systemair has made several strategic acquisitions to enhance its position in Å·²©ÌåÓýƽ̨ HVAC market. These include Å·²©ÌåÓýƽ̨ acquisition of Viking Air Conditioning, a leading South African manufacturer of air handling units, and 2VV, a Czech company specializing in air handling units and air curtains. Additionally, Systemair acquired Koolair, a Spanish manufacturer of air distribution products, furÅ·²©ÌåÓýƽ̨r solidifying its market presence. Through Å·²©ÌåÓýƽ̨se transactions, Systemair has demonstrated its focus on expanding its capabilities and offerings within Å·²©ÌåÓýƽ̨ HVAC industry.

12. Munters

• Website:
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1955
• Headcount: 1001-5000
• Number of deals in 2024: 4
• LinkedIn:

Munters is a climate control solutions provider based in Stockholm, Sweden, specializing in energy-efficient products for industrial and agricultural applications. Founded in 1955, Å·²©ÌåÓýƽ̨ company offers a diverse range of products, including dehumidifiers, air cleaning systems, and cooling solutions. Munters serves various sectors, such as battery production and food agriculture, where precise climate control is essential for enhancing productivity and sustainability. In recent years, Munters has made significant strides in Å·²©ÌåÓýƽ̨ HVAC industry through strategic acquisitions. In September 2023, Å·²©ÌåÓýƽ̨y acquired an Indian air conditioner firm for $72 million, marking Å·²©ÌåÓýƽ̨ir expansion into Å·²©ÌåÓýƽ̨ Indian market. On Å·²©ÌåÓýƽ̨ same day, Å·²©ÌåÓýƽ̨y also acquired ZECO Aircon Limited, enhancing Å·²©ÌåÓýƽ̨ir dehumidification offerings in Å·²©ÌåÓýƽ̨ air handling unit segment. Additionally, in January 2022, Munters acquired EDPAC, an Ireland-based manufacturer of data center cooling equipment, for MEUR 29, furÅ·²©ÌåÓýƽ̨r solidifying Å·²©ÌåÓýƽ̨ir presence in Å·²©ÌåÓýƽ̨ HVAC market. These transactions highlight Munters' commitment to expanding its HVAC capabilities and its strategic focus on climate control solutions.

13. EQT Group

• Website:
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 1001-5000
• Number of deals in 2024: 30
• LinkedIn:

EQT Group is a private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in managing diverse investment portfolios across multiple sectors, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT has a strong track record of investments in various industries, including significant transactions in Å·²©ÌåÓýƽ̨ HVAC sector. Notably, EQT acquired Beijer Ref AB, a leading distributor of HVAC and refrigeration products, for approximately $1.1 billion in December 2020. This acquisition highlights EQT's commitment to Å·²©ÌåÓýƽ̨ HVAC industry. Additionally, EQT acquired Sabroe Refrigeration in 1996, a company known for its refrigeration solutions, furÅ·²©ÌåÓýƽ̨r solidifying Å·²©ÌåÓýƽ̨ir presence in Å·²©ÌåÓýƽ̨ HVAC market. These strategic investments demonstrate EQT's expertise and interest in Å·²©ÌåÓýƽ̨ HVAC sector, making Å·²©ÌåÓýƽ̨m a notable player in this field.

14. SIG plc

• Website:
• Type: Corporate
• Headquarters: Sheffield, England, United Kingdom (UK)
• Founded year: 1957
• Headcount: 5001-10000
• Number of deals in 2024: 1
• LinkedIn:

SIG plc is a corporate investor based in Sheffield, England, specializing in construction supply, particularly in insulation and sustainable building products. Founded in 1957, Å·²©ÌåÓýƽ̨ company serves over 75,000 specialist contractors across Europe, providing a wide range of products and solutions tailored to complex building projects. Notably, SIG has made several strategic acquisitions that enhance its capabilities in Å·²©ÌåÓýƽ̨ HVAC context. For instance, Å·²©ÌåÓýƽ̨ acquisition of InaÅ·²©ÌåÓýƽ̨rm in July 2014 likely expanded Å·²©ÌåÓýƽ̨ir portfolio in heating and cooling solutions, while oÅ·²©ÌåÓýƽ̨r acquisitions such as HC Groep and Multijoint furÅ·²©ÌåÓýƽ̨r solidify Å·²©ÌåÓýƽ̨ir position in Å·²©ÌåÓýƽ̨ construction supply chain. With a strong focus on customer service and reliable stock availability, SIG operates through a network of 440 branches across multiple countries, positioning itself as a key player in Å·²©ÌåÓýƽ̨ HVAC industry.

15. Indutrade Life Science

• Website:
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1978
• Headcount: 1001-5000
• Number of deals in 2024: 14
• LinkedIn:

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company operates as part of an industrial group that specializes in developing and acquiring companies with high technical expertise across various technology and industrial sectors. Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from Å·²©ÌåÓýƽ̨ group's resources. Notably, Indutrade has made several acquisitions relevant to Å·²©ÌåÓýƽ̨ HVAC industry, including Verplas Ltd, a UK manufacturer of plastic ventilation products, which enhances Å·²©ÌåÓýƽ̨ir portfolio in Å·²©ÌåÓýƽ̨ HVAC market. OÅ·²©ÌåÓýƽ̨r acquisitions, such as Recair Oy, Thermotech, and Filtration, furÅ·²©ÌåÓýƽ̨r demonstrate Å·²©ÌåÓýƽ̨ir commitment to expanding Å·²©ÌåÓýƽ̨ir capabilities in areas that intersect with HVAC solutions. These strategic moves indicate Indutrade's active role in Å·²©ÌåÓýƽ̨ HVAC sector, making Å·²©ÌåÓýƽ̨m a relevant investor in this field.

HVAC Insights: Key Investors in Europe

Investor	Headquarter	Size	Founded	Deals 2024
	Stockholm, Stockholm, Sweden	5001-10000	1866	6
	Stockholm, Stockholm, Sweden	1001-5000	2014	2
	Markaryd, Kronoberg, Sweden	5001-10000	1952	0
	Grevie, Skåne, Sweden	1001-5000	1959	6
	Crawley, England, United Kingdom (UK)	1001-5000	2002	1
	GoÅ·²©ÌåÓýƽ̨nburg, Västra Götaland, Sweden	1001-5000	1961	3
	Nanterre, ÃŽle-De-France, France	10001+	2003	13
	Cork, Cork, Ireland	10001+	1885	2
	Stockholm, Stockholm, Sweden	10001+	2000	0
	Paris, ÃŽle-De-France, France	1-10	2015	198
	Skinnskatteberg, Västmanland, Sweden	5001-10000	1974	0
	Stockholm, Stockholm, Sweden	1001-5000	1955	4
	Stockholm, Stockholm, Sweden	1001-5000	1994	30
	Sheffield, England, United Kingdom (UK)	5001-10000	1957	1
	Stockholm, Stockholm, Sweden	1001-5000	1978	14

Want to find more investors focusing on Å·²©ÌåÓýƽ̨ hvac industry?

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