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 the market, with many firms prioritizing energy efficiency to meet stringent environmental regulations. As climate change concerns rise, the 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 the HVAC sector across Europe. Spanning corporate giants to private equity firms, these companies primarily operate from Sweden, the UK, and France. Founded between 1866 and 2014, they vary in size from a few hundred to over 10,000 employees. In 2024, these 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 their HVAC portfolios and competencies, showcasing the ongoing transformation in this vital industry.


Top 15 HVAC Investors in Europe


1. Beijer Ref

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

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 the 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 the HVAC sector through strategic acquisitions. Notably, the acquisition of 80% of Inventor A.G. S.A. allowed Beijer Ref to enter the Greek market and strengthen its position in other markets. Additionally, the acquisition of Lumelco S.A., a leading Spanish air conditioning company, further solidified its presence in the HVAC segment in Southern Europe. The company also signed an agreement to acquire 51% of HVAC Consolidated in Australia, aligning with its growth strategy in the region. These transactions highlight Beijer Ref's active role in the HVAC industry and its commitment to expanding its market reach.


2. Instalco

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

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 their identity while benefiting from shared resources and best practices. The company has made significant strides in the HVAC sector through strategic acquisitions, including VentPartner i Sverige AB, which enhances their operations in ventilation solutions, and Haug og Ruud VVS AS, which adds heating and plumbing services to their portfolio. Additionally, Instalco's acquisition of URD Klima Sandnes AS further establishes their presence in the HVAC market in Norway, showcasing their commitment to expanding their HVAC services across the Nordic region.


3. NIBE Industrier AB

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

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 the HVAC industry through strategic acquisitions, including the purchase of Rhoss in 2018, Tempeff in 2017, and Enertech Global, LLC, which solidified their presence in the North American heat pump market. Notably, their acquisition of the Climate Control Group in 2016, which encompasses six HVAC companies, further underscores their commitment to sustainable energy and indoor climate solutions. Most recently, in 2023, NIBE announced the acquisition of the Dutch Group Climate for Life, further expanding their portfolio in the HVAC sector. These transactions highlight NIBE's active role and investment focus within the HVAC industry.


4. Lindab Group

  • Website: lindab.com
  • Type: Corporate
  • Headquarters: Grevie, Skåne, Sweden
  • Founded year: 1959
  • Headcount: 1001-5000
  • Number of deals in 2024: 6
  • LinkedIn: lindab

Lindab Group, founded in 1959 and based in Grevie, Skåne, 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 the HVAC industry through strategic acquisitions. Notable transactions include the acquisition of R-Vent, a leading manufacturer and distributor of ventilation products in the Netherlands, which enhances Lindab's market presence. Additionally, the acquisition of Acomat International, a French ventilation wholesaler, allows Lindab to access new customer segments in France. Furthermore, their acquisition of a majority stake in Centrum Klima, a prominent Polish HVAC systems manufacturer, underscores their commitment to the HVAC sector. With a total of six investments in 2024, Lindab Group is well-positioned as a significant player in the HVAC industry.


5. Volution Group plc

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

Volution Group plc is a corporate investor based in Crawley, England, specializing in ventilation solutions for both residential and commercial applications. Founded in 2002, the 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 the construction sector, who rely on Volution's innovative solutions to create healthier living and working environments. Notable transactions include the acquisition of Weland Luftbehandling AB in 2015, Ventair Pty Limited in 2019, and ClimaRad BV in 2020, which have all contributed to enhancing their market position. Most recently, in 2024, Volution announced the acquisition of the Fantech Group, marking their largest acquisition to date, which is expected to significantly boost their revenue and presence in the Australasian market. These strategic moves underscore Volution's active role in the HVAC industry, making them a key player in the sector.


6. Swegon Group

  • Website: swegon.com
  • Type: Corporate
  • Headquarters: Gothenburg, Västra Götaland, Sweden
  • Founded year: 1961
  • Headcount: 1001-5000
  • Number of deals in 2024: 3
  • LinkedIn: swegon-ab

Swegon Group, founded in 1961 and based in Gothenburg, 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 strengthen its position in the HVAC market. Notable transactions include the acquisition of Dalair Ltd, a British manufacturer of bespoke air handling units, in December 2022, and the 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 the HVAC industry.


7. VINCI Energies

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

VINCI Energies is a corporate investor based in Nanterre, Île-De-France, France, specializing in engineering and infrastructure solutions. Founded in 2003, the 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 the HVAC sector through strategic acquisitions. Notable transactions include the 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 strengthen their presence in the West of France. Additionally, they acquired IDF Thermic in July 2005, a company focused on industrial and commercial refrigeration, further enhancing their expertise in thermal engineering. Other 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


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, the 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 the 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, their acquisition of Air Distribution Technologies for $1.6 billion further solidifies their position in the 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: bravida.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2000
  • Headcount: 10001+
  • LinkedIn: bravida

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


10. Bpifrance French Tech Accélération


Bpifrance French Tech Accélération is a venture capital firm based in Paris, Île-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 the HVAC industry, including a significant investment in Caeli Énergie, which raised €10 million to increase production of low-carbon air conditioners. This investment highlights their commitment to supporting innovative solutions in the HVAC sector, alongside other investments in various industries.


11. Systemair Group

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

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 the HVAC market. These include the 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, further solidifying its market presence. Through these transactions, Systemair has demonstrated its focus on expanding its capabilities and offerings within the HVAC industry.


12. Munters

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

Munters is a climate control solutions provider based in Stockholm, Sweden, specializing in energy-efficient products for industrial and agricultural applications. Founded in 1955, the 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 the HVAC industry through strategic acquisitions. In September 2023, they acquired an Indian air conditioner firm for $72 million, marking their expansion into the Indian market. On the same day, they also acquired ZECO Aircon Limited, enhancing their dehumidification offerings in the air handling unit segment. Additionally, in January 2022, Munters acquired EDPAC, an Ireland-based manufacturer of data center cooling equipment, for MEUR 29, further solidifying their presence in the HVAC market. These transactions highlight Munters' commitment to expanding its HVAC capabilities and its strategic focus on climate control solutions.


13. EQT Group

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

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 the 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 the HVAC industry. Additionally, EQT acquired Sabroe Refrigeration in 1996, a company known for its refrigeration solutions, further solidifying their presence in the HVAC market. These strategic investments demonstrate EQT's expertise and interest in the HVAC sector, making them a notable player in this field.


14. SIG plc

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

SIG plc is a corporate investor based in Sheffield, England, specializing in construction supply, particularly in insulation and sustainable building products. Founded in 1957, the 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 the HVAC context. For instance, the acquisition of Inatherm in July 2014 likely expanded their portfolio in heating and cooling solutions, while other acquisitions such as HC Groep and Multijoint further solidify their position in the 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 the HVAC industry.


15. Indutrade Life Science

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

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 the group's resources. Notably, Indutrade has made several acquisitions relevant to the HVAC industry, including Verplas Ltd, a UK manufacturer of plastic ventilation products, which enhances their portfolio in the HVAC market. Other acquisitions, such as Recair Oy, Thermotech, and Filtration, further demonstrate their commitment to expanding their capabilities in areas that intersect with HVAC solutions. These strategic moves indicate Indutrade's active role in the HVAC sector, making them a relevant investor in this field.



HVAC Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
Beijer RefStockholm, Stockholm, Sweden5001-1000018666
InstalcoStockholm, Stockholm, Sweden1001-500020142
NIBE Industrier ABMarkaryd, Kronoberg, Sweden5001-1000019520
Lindab GroupGrevie, Skåne, Sweden1001-500019596
Volution Group plcCrawley, England, United Kingdom (UK)1001-500020021
Swegon GroupGothenburg, Västra Götaland, Sweden1001-500019613
VINCI EnergiesNanterre, Île-De-France, France10001+200313
Johnson ControlsCork, Cork, Ireland10001+18852
BravidaStockholm, Stockholm, Sweden10001+20000
Bpifrance French Tech AccélérationParis, Île-De-France, France1-102015198
Systemair GroupSkinnskatteberg, Västmanland, Sweden5001-1000019740
MuntersStockholm, Stockholm, Sweden1001-500019554
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
SIG plcSheffield, England, United Kingdom (UK)5001-1000019571
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814


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