Livonia sells Thermory to UG Investeeringud

The parties are expected to sign a deal with no formal auction process in place, Livonia's co-founder Kaido Veske told Unquote.

UG Investeeringud had been a minority shareholder of the company since the end of last year, according to Veske.

In October 2019, Thermory acquired a majority stake in Finland-based wood-processing company Siparila. The combination of Thermory and Siparila created a group with expected revenues of more than €100m.

The company plans to increase production capacities in Estonia and Finland, develop sawmills and international sales offices, and focus on reducing its carbon footprint, acording to the founder of Thermory, Meelis Kajandu.

Previous funding
Latvian private equity firm Livonia acquired a majority stake in Thermory, investing via its first fund, Livonia Partners Fund I, which closed on €70m in August 2015, according to Unquote Data. This was the first investment from the fund.

Company
Founded in 1997 and headquartered in Tallinn, Thermory is a manufacturer of thermally modified woods, sauna materials, and coated decking and cladding products. It has €100m in estimated annual revenues, and manufacturing facilities in three countries. The company generates a double-digit EBITDA, according to Veske. It employs 700 people and exports to 50 countries worldwide, the company claims.

People
Thermory – Meelis Kajandu (founder).
UG Investeeringud – Kristjan Rahu (CEO).
Livonia Partners – Kaido Veske (co-founder).

Advisers
Acquirer – Triniti (legal).
Vendor – Sorainen (legal).

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