We advised investment funds led by Livonia Partners on selling the majority stake in Thermory, a producer of thermally modified wood and sauna materials. As a result of the transaction, the Estonian capital-based UG Investeeringud, previously a minority shareholder in the company, became the majority owner. The transaction was approved by the Estonian Competition Authority.
Realising global potential
“Thermory is very grateful to Livonia Partners, with whom it has had exciting years of growth. After rapid growth through mergers and acquisitions and expansion in export markets, Thermory plans to move forward and focus on the company’s organic growth. The plan is to increase production capacities in Estonia and Finland, develop sawmills and international sales offices, and focus on reducing the carbon footprint. UG Investments is a long-term stable investor that can raise new capital if necessary,” Meelis Kajandu, founder of Thermory said.
“We are forever grateful to Thermory’s founder Meelis Kajandu, management and everyone who contributed to building the success that is Thermory. It was the first investment for Livonia and exactly the type we promise our investors in terms of ambition and outcome. We are confident Kristjan Rahu is the best supporter for Thermory to reach its global potential,” Kaido Veske, one of the founders of Livonia Partners said.
Founded in 1997, Thermory’s annual turnover now exceeds EUR 100 million. The company has production units in three countries, employs 700 people and exports to over 50 countries.
Our client team and services
Our project team was led by Partner Toomas Prangli, together with Associate Robin Teever and Of Counsel Isabella Barbara Aavik who advise Livonia Partners during all the phases of the transaction.