Livonia-backed Thermory buys Siparila

The deal was supported with debt from SEB bank, a spokeperson from Livonia confirmed.

The owner of Siparila, Juha Sojakka, will remain closely involved in the company and continue as the CEO. The company will continue its activities in Finland based on the current brand and operational model.

The combination of Thermory and Siparila will create a group with expected revenues of more than €100m. This transaction will help Thermory to expand its product portfolio and to increase its production capacity with further four production units of Siparila in Finland. The acquired company is expected to develop faster to the next level and expand internationally.

Previous funding
Latvian private equity firm Livonia acquired a majority stake in Thermory in 2016, according to Kaido Veske, co-founder of Livonia. The PE house backed the Thermory via its first fund, Livonia Partners Fund I, which closed on €70m in August 2015, according to Unquote Data. This was the first investment out of the fund, the GP disclosed.

Company
Founded in 2003 and headquartered in Vaajakoski, Siparila is a wood processing company with interior and exterior solutions. The company has four production units in Finland with a total of 130 people. The annual turnover of Siparila accounts for €35m, with around 30% coming from export.

People
Livonia Partners – Kaido Veske (founding partner).
Siparila – Juha Sojakka (CEO).
Thermory – Johann Sulling (CEO).

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• Topics
• Expansion
• CEE
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• Livonia Partners
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• Finland