SORAINEN Estonia advised Livonia Partners, a pan-Baltic private equity firm, on acquisition of a majority stake in Ha Serv, a leading manufacturer of wooden sauna components, ready-made saunas and thermal wood products. The investment strengthens Ha Serv’s ability to continue supporting its global customer base. The management team of Ha Serv will continue to hold a significant minority share of the company going forward.
Family-owned Ha Serv was established in 1996. Today with almost 200 employees working out of the manufacturing facility in Reola, Estonia, the company serves over 240 customers in more than 25 countries worldwide. The company has demonstrated consistent growth throughout its history with revenue exceeding EUR 20 million.
This is the first investment by Livonia Partners, who recently announced the launch of its first fund to invest in successful, well-managed medium-sized enterprises in the Baltic region. Founding partner, Kaido Veske says “Ha Serv exactly fits our investment strategy. The company has a long-standing history of manufacturing high-quality wood components and has consistently grown its customer base year on year. We see many opportunities for growth for Ha Serv, including further developing its product range and expanding its geographic reach. We are excited to be working with the management team and its employees to realize the company’s next phase of growth.”
SORAINEN team consisting of partner Toomas Prangli, specialist counsel Kadri Kallas, and associates Kai Vainola and Triin Tigane assisted the client throughout all the stages of the complex transaction.