Sorainen's Estonia office has advised Livonia Partners, a pan-Baltic private equity firm, on the acquisition of a majority stake in Ha Serv, a leading manufacturer of wooden sauna components, ready-made saunas, and thermal wood products, from A&K Holding OU. Tark Grunte Sutkiene advised A&K Holding, and Cobalt advised the Ha Serv management team, which retains a significant minority share of the company after the deal.
Family-owned Ha Serv, which was established in 1996, has almost 200 employees working out of the manufacturing facility in Reola, Estonia. The company serves over 240 customers in more than 25 countries worldwide, and has revenues exceeding EUR 20 million.
This is the first investment by Livonia Partners, which recently announced the launch of its first fund for investing EUR 70 million in successful, well-managed medium-sized enterprises in the Baltic region. The fund’s investors include the EBRD, the European Investment Fund, and finance development agencies of the Baltic countries. Founding Partner Kaido Veske says “Ha Serv exactly fits our investment strategy. The company has a long-standing history of manufacturing high-quality wood components and has consistently grown its customer base year on year. We see many opportunities for growth for Ha Serv, including further developing its product range and expanding its geographic reach. We are excited to be working with the management team and its employees to realize the company’s next phase of growth.”
The Sorainen team consisted of Partner Toomas Prangli, Specialist Counsel Kadri Kallas, and Associates Kai Vainola and Triin Tigane.
Cobalt Partner Kristel Raidla-Talur led that firm’s team, while the Tark Grunte Sutkiene team was led by Partner Margo Lemetti.
