CapMan sells down Harvia stake

The subscription price was set at €6 per share and the gross sales proceeds amounted to approximately €13.8m. CapMan has retained 12.3% of the shares in the company. At the time of writing, Harvia shares were trading at €6.32.

The shares were sold by CapMan Buyout X Fund A and CapMan Buyout X Fund B. CapMan has entered a lock-up agreement under which they have agreed not to sell further shares in the company until 7 May 2019.

Harvia listed on the Nasdaq Helsinki in March 2018 with a share price of €5, valuing the company at around €93.5m. Selling shareholders received gross proceeds of around €13.9m.

Danske Bank acted as sole lead manager for this share sale.

Previous funding
CapMan acquired a majority stake in Harvia in 2014 in a deal estimated to be valued at between €25-50m, according to Unquote Data. The Harvia family retained a significant minority stake and continued to manage the company.

Company
Founded in 1950 and headquartered in Muurame, Harvia employs 365 people in China, Estonia, Finland and Russia. The company offers sauna rooms, infrared and steam rooms, and various sauna accessories.

The company's revenues grew from €50m to €61.9m between 2016 and 2018. It reported EBITDA of €11.5m for 2018.

People
CapMan – Pia Kåll (managing partner).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Nordics
• Consumer
• CapMan
• Sell-down
• Finland
• Danske Bank