CapMan exits Finland-listed Harvia

The shares were held by CapMan Buyout X  (A and B), which sold a total of 2,305,679 shares at a price of 925 cents per share. The fund raised €245m in 2014 and targets primarily majority equity investments in mid-market companies based in the Nordic region.  

CapMan had already reduced its holding in the company last February, when it sold a 12.3% stake at 600 cents for a total of approximately €13.8m. Following the deal, it entered a lock-up agreement, under which they agreed not to sell further shares in the company until 7 May 2019.

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

The company was subsequently listed on the Nasdaq Helsinki stock market in March 2018 with a share price of 500 cents, in an IPO that valued the company at around €93.5m. Selling shareholders received gross proceeds of around €13.9m. CapMan remained invested in the share capital after the listing.

At the time of writing, Harvia shares are trading at 888 cents.

Company
Founded in 1950 and headquartered in Muurame, Harvia manufactures sauna rooms, infrared and steam rooms, and various sauna accessories. The company employs 365 people across China, Estonia, Finland and Russia. It generated EBITDA of €11.5m from revenues of €61.9m in 2018.

People
CapMan – Pia Kåll (managing partner).
Onvest – Kalle Kekkonen (managing director).

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