OVERVIEW
Thermory is the world’s largest producer of thermally modified wood – an expanding market where an established brand, a global sales network, multifaceted production capacity, and a focus on sustainability position the company well for further growth. Livonia acquired Ha Serv, Europe’s largest maker of sauna materials, in 2016, with the management team keeping a minority stake. Add-on acquisitions, and a 2018 merger with industry peer Thermory, have created a global leader in naturally enhanced wood for decking, cladding, and related products, and for saunas and sauna materials. Livonia sold the company in 2020.
Sustainability & WHY WE INVESTED
Thermory’s thermally modified building materials provide fantastic durability, stability and insulation, while being an environmentally-friendly alternative to chemically-treated products. The raw materials are procured responsibly, and the company is committed to preserving nature’s resources and not abusing the privilege of having natural wood as a resource.
KEY FACTS
- Investment date: 2016
- Exit date: 2020
TEAM
- Kaido Veske
- Rain Lõhmus
- Mindaugas Rapolas
Why we invested in Thermory
Thermory’s journey was one with multiple twists and turns. We initially invested in Ha Serv in February 2016 when it was a single-entrepreneur company in the wood processing sector, an industry with long traditions and multiple successes in the Baltics. Our original conviction was to invest in market leadership, strong cash flow and management talent.
Thermory and Ha Serv merge to become the world’s largest producer of thermally modified wood and sauna materials
The merger of Thermory, the leading producer of thermally modified wood, and Ha Serv, Europe’s largest manufacturer of sauna materials and ready-made saunas, has led to the creation of a global market leader in these segments.