Fredericks Michael & Co. ("FM&Co.") acted as exclusive financial advisor to Harvia Ovj (HSLE:HARVIA) ("Harvia"), a global leader in the sauna and spa market, on its acquisitions of 100% of the shares of Thermasol Steam Bath LLC ("ThermaSol"), a family-owned leading manufacturer of premium residential steam showers and steam rooms in the United States.
This strategic acquisition complements Harvia's sauna offering in the attractive steam segment, supporting the company's growth in the United States and its leading position as a global sauna solutions provider. Prior to the acquisition, over 90% of Harvia's revenue came from products and solutions for the traditional sauna.
"Harvia is very happy to announce the acquisition of ThermaSol. ThermaSol's high-end residential steam offering is an excellent fit to our full sauna experience portfolio. The acquisition supports our strategic focus areas of delivering the full sauna experience, winning in strategically important markets, and taking an active consolidator role in the industry through M&A. In addition, the warm, family company culture combined with the ambition to provide leading solutions to the market, resonate well with our own," says Matias Jarnefelt, CEO of Harvia.
FM&Co. acted as exclusive financial advisor to Harvia in the bi-lateral negotiations with the private owner of ThermaSol. FM&Co. provided acquisition advice including valuation, transaction structuring, management of commercial, financial, and legal due diligence, as well as recommendation on negotiating strategies and tactics through closing of the transaction.
About Harvia
Harvia is one of the leading companies operating in the sauna market globally. Harvia's brands and product portfolio are well known in the market, and the company's comprehensive product portfolio strives to meet the needs of the international sauna market of both private and professional customers. Harvia's revenue totaled EUR 150.5 million in 2023. Harvia employs approximately 600 professionals in Finland, Germany, United States, Romania, China and Hong Kong, Austria, Italy, Estonia, and Sweden. The company is headquartered in Muurame, Finland, adjacent to its largest sauna and sauna component manufacturing facility. Harvia's shares are listed on the Nasdaq Helsinki Ltd. For more information, visit https://harviagroup.com
Link to press release: https://harviagroup.com/inside-information-harvia-strengthens-its-position-in-the-u-s-sauna-market-by-acquiring-steam-solutions-manufacturer-thermasol-5031/
