Harvia closes ThermaSol acquisition

Harvia Plc, Press release, 31 July 2024 at 4:00 p.m. EEST

Harvia closes ThermaSol acquisition

Harvia Plc ("Harvia”) has completed the acquisition of ThermaSol Steam Bath LLC ("ThermaSol”), a leading manufacturer of high-end steam showers and steam rooms in the United States.

Harvia announced on 23 July 2024 that it had signed an agreement to acquire 100% of the shares of ThermaSol. The transaction was subject to customary closing conditions, which have now been fulfilled and the transaction has been successfully closed. The purchase price was USD 30.4 million. Harvia financed the acquisition with a bullet loan of 20 million euros and cash funds.

Read Harvia’s stock exchange release about the signing of the transaction here.

HARVIA PLC

For more information, please contact:

Matias Järnefelt, CEO, tel. +358 40 5056 080
Ari Vesterinen, CFO, tel. +358 40 5050 440

Harvia is one of the leading companies operating in the sauna market globally, as measured by revenue. Harvia’s brands and product portfolio are well known in the market, and the company’s comprehensive product portfolio strives to meet the needs of the international sauna market of both private and professional customers.

Harvia’s revenue totaled EUR 150.5 million in 2023. Harvia Group employs approximately 600 professionals in Finland, Germany, United States, Romania, China and Hong Kong, Austria, Italy, Estonia, and Sweden. The company is headquartered in Muurame, Finland, adjacent to its largest sauna and sauna component manufacturing facility.

Read more: https://harviagroup.com

Information about ThermaSol: https://thermasol.com