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Estonian sauna manufacturer Ha Serve, producer of thermally modified wood Thermory merge

BC, Tallinn, 29.10.2018.Print version
Ha Serv, an Estonia-based sauna materials manufacturer belonging to private equity investment firm Livonia Partners led by investment banker Rain Lohmus, has merged with Thermory AS, manufacturer of thermally modified sauna materials, reported LETA/BNS.

The largest shareholder of the merged company, Thermory AS, will be Livonia Partners with two thirds of the shares. The second largest is Thermory founder Meelis Kajandu. Estonian politician and businessman Juri Mois has also been a partner at Thermory for the last decade, the company announced on Monday. 


Thermory now owns production units in Harju and Tartu counties in Estonia, as well as in Teuva in Western Finland. The company also owns sawmills in Estonia and Belarus and a subsidiary in the United States. The combined entity employs more than 500 people.

Thermory is the largest manufacturer of thermally modified wood containing no chemicals. Globally, the general market of decking a cladding amounts to four to five billion euros of which the market share of thermally modified wood is growing.

The turnover of the merged company will reach 70 mln euros by the end of the year. The board of Thermory proceeds with two members, Johann Sulling and Marko Kevvai.

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