Diana Capital exits Lumelco

In addition to Diana Capital's holding, Beijer Ref also acquired the majority stake controlled by the company's founders, the Lumbreras family.

The company will continue to operate under the brand Lumelco.

According to a statement, the acquisition will strengthen Beijer Ref's position within the heating, ventilation and air-conditioning segment in southern Europe, and is expected to produce long-term positive effects on both sales and earnings.

Diana Capital bought a 23% stake in Lumelco for €10.5m in 2006, deploying capital from its Diana Capital I fund, a €70.2m vehicle closed in 2002. Pedro Cabrera, CEO of the company since 1997, also acquired a 5% holding, while the Lumbreras family retained the remaining majority stake.

Company
Established in 1963 and headquartered in Madrid, Lumelco specialises in distributing air conditioning systems in Spain and Portugal. The company sells products from several brands, including Stibel Eltron, LMF Clima and Dantherm, and has exclusive rights to distribute Mitsubishi Heavy Industries' air conditioners and heat pumps in Iberia. Lumelco employs 65 staff and generated revenues of around €38.5m in in 2017.

People
Beijer Ref – Per Bertland (CEO).

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• Topics
• Exits
• Southern Europe
• Industrials
• Spain
• Trade sale