CapMan prepares Harvia for IPO in Helsinki

The IPO is expected to consist of a primary offering by the company and a secondary share sale by its largest shareholder, CapMan Buyout X, in addition to other shareholders. CapMan will remain as significant shareholder after the listing.

Harvia intends to raise around €45m to strengthen its capital structure and support growth. The company and current shareholders selling their shares in the IPO will commit to the customary lock-up arrangements.

The Muurame-based sauna maker posted revenues of €60m in 2017, with an adjusted operating profit of €10.7m.

Danske Bank's Finland branch is acting as the global coordinator in the planned IPO. Handelsbanken Capital Markets is acting as bookrunner alongside Dankse. Borenius is acting as legal adviser to the company and Castrén & Snellman is acting as legal adviser to the bookrunners.

CapMan acquired a majority stake in the Finnish sauna company via its 10th buyout fund, CapMan Buyout X, in March 2014.

The company was owned by the Harvia family, who remain as substantial minority owners and continue in their current management positions following the transaction. Additional Harvia family representatives and key employees were offered the opportunity to invest in the company in connection with the deal, according to Unquote Data.

Capman said at the time it intended to support Harvia's development in Finland and in its export markets, as well as a partial generational shift in the company.

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