Livonia's Ha Serv buys Suomen Lämpöpuu

No new equity was used to finance the deal. Ha Serv used cash and  debt for the bolt-on. In addition, some Suomen owners converted their ownership into the new joint company.

Ha Serv stated it was aiming to expand faster in the eco-friendly, thermally modified timber market, adding that the bolt-on would boost its geographic reach, customer base and product portfolio.

Livonia acquired Ha Serv in February 2016. The transaction saw Livonia commit an equity ticket within its €3-15m mandate for a 90% stake in the company, with management retaining 10%. Livonia drew down capital from its maiden fund, Livonia Partners Fund I. It was the first of the fund's four investments to date.

Ha Serv is a manufacturer of wooden sauna components, custom ready-made saunas and thermo-treated wood materials. With a manufacturing facility in Reola, Estonia, it employs 200 workers.

Company
Suomen Lämpöpuu is an export-focused manufacturer of thermo-treated wood products used in cladding and decking. The company was founded in 1999 and generates €6m in sales. Its manufacturing facility is based in Teuva, Finland, and has a staff of 30.

People
Livonia Partners – Kaido Veske (founding partner).

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