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“Ha Serv has a long-standing history of manufacturing high-quality wood components and has consistently grown its customer base year on year. With this investment and our expertise we’ll help the company to continue developing its product range, to reach more customers and expand its geographic reach,” Mindaugas Utkevicius, a co-founder of Livonia Partners, said in a press release.

Ha Serv was established in 1996 as a family-owned business. Today, it employs a workforce of nearly 200 at its manufacturing facility in Reola, Estonia. The company manufactures wooden sauna components, ready-made saunas and thermo-treated wood materials. Ha Serv serves over 240 customers in more than 25 countries worldwide. Its annual sales exceed 20 million euros.

Following the deal, the management team of Ha Serv will keep a minority interest in the company.

The majority holding in Ha Serv is the first investment made by Livonia Partners in the Baltic countries.

Last year, Livonia Partners announced the establishment of Livonia Partners Fund I, its first investment fund, which, over the next five years, would invest at least 70 million euros in mid-sized Baltic companies with a growth potential.