We advised Livonia Partners and its portfolio company Thermory AS on the acquisition of a majority shareholding in Siparila Oy. Siparila is a Finnish wood-processing company specialising in exterior and interior panels and cladding. Thermory is an Estonian wood-processing company which produces solid wood floors and terraces, lining boards and sauna materials using thermal processing technology. Thermory is the world’s largest producer of thermally processed wood and sauna materials.

This new add-on investment creates a group with more than EUR 100 million in revenues, and with manufacturing and sales capability in key regions internationally.

Expanding the Thermory offering

According to the CEO of Thermory, Johann Sulling, both Thermory and Siparila are producers of high quality value-add wood materials, so this acquisition takes place primarily considering the future potential of taking innovative solutions developed by the Nordic wood industry to global customers. “Siparila has long-term experience in the development and production of innovative wooden materials as well as history in cooperating with architects and developers in the Finnish and Scandinavian markets. We see a lot of potential to widen the customer base internationally and continue this success story,” said Sulling.

Our services and project team

We advised Livonia Partners on all legal aspects of the transaction, including conducting the legal due diligence with the assistance of a Finnish counsel, drafting and negotiating the terms of the share purchase agreement and the shareholders’ agreement, also supporting the client in refinancing transactions and overseeing a smooth closing process.

The client was advised by our partner Toomas Prangli, senior associate Juulika Aavik and associate Robin Teever.