Fund manager Richard Bråse of Protean believes that investment company Latour should assume control of refrigeration wholesaler Beijer Ref, whose share price is weighed down by private equity firm EQT being its largest shareholder.
In a monthly letter, Bråse writes that EQT acts as a “scarecrow,” given its repeated sales of Beijer Ref shares, reducing its ownership from 30% to the current 8%. The remaining stake is worth just over SEK 5 billion and is also expected to be sold at a discount, according to market expectations, Bråse points out.
“At these levels, there should be buyers for the entire package, and I maintain that the shares – which include high-voting A shares – would be a perfect fit for Latour,” Bråse writes, adding that Beijer Ref has the “attributes” Latour seeks in a long-term owner.
Beijer Ref is now the largest holding in the Protean Aktiesparfond Norden, which manages approximately SEK 1.7 billion.
Beijer Ref publ AB, formerly G & L Beijer AB, is a Sweden-based technology company active in the fields of refrigeration and air conditioning. The Company operates one business area, Beijer Ref, which carries out operations in over 20 countries in Europe, South Africa, Australia, New Zealand, India, Namibia, Botswana, Mozambique and Thailand. Its product portfolio also includes comfort cooling products and related operations, such as heat pumps, aside from the standard offering. The Company offers commercial refrigeration products, which are installed in supermarkets, restaurants and food retail outlets; comfort cooling products, which include a range of heating and cooling air conditioning products for commercial and domestic use, as well as products for the industrial refrigeration sector for large refrigerated distribution centers, such as ice rinks. The Company operates Real Cold and DX Por as subsidiaries.
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