Sorainen advised Estonian wood manufacturing company Ha Serv and its majority owner Livonia Partners’ EuVECA in the acquisition of Suomen Lämpöpuu, a manufacturer of thermo-treated wood products based in Finland.
Suomen Lämpöpuu is one of the world’s first manufacturers of ecological thermo-treated wood products, generating over EUR 6 million in sales annually. Its manufacturing facility with over 30 employees is based in Teuva, Finland. The company exports 90% of its production to more than 20 countries worldwide.
“With this add-on investment, Ha Serv is entering a new phase of expansion,” Livonia founding partner Kaido Veske said. Marko Kevvai, Ha Serv’s CEO added that the acquisition boosts the company’s geographic reach, customer base and product portfolio in the thermowood industry.
Livonia Partners is a private equity investment firm investing in growing and well-managed medium-sized companies in the Baltics and currently managing EUR 83 million. It acquired Ha Serv in February 2016.
Ha Serv is a leading manufacturer of wooden sauna components, custom ready-made saunas, and thermo-treated wood materials. Ha Serv serves customers in more than 25 countries. Its annual sales are more than €20 million.
The client was advised by Sorainen partner Pekka Puolakka and senior associate Juulika Aavik.