Sorainen has advised Livonia Partners on the sale of a majority stake in Thermory, a producer of thermally modified wood and sauna materials to Estonian capital-based UG Investeeringud, which as a result transforms from a minority to a majority shareholder.
Thermory was founded in 1997 and has an annual turnover of more than EUR 100 million. The company has production units in three countries, employs 700 people, and exports to over 50 countries.
"After rapid growth through mergers and acquisitions and expansion in export markets, Thermory plans to move forward and focus on the company’s organic growth," says Thermory founder Meelis Kajandu. "The plan is to increase production capacities in Estonia and Finland, develop sawmills and international sales offices, and focus on reducing the carbon footprint. UG Investments is a long-term stable investor that can raise new capital if necessary."
Sorainen's team was led by Partner Toomas Prangli and included Associate Robin Teever and Of Counsel Isabella Barbara Aavik.
Sorainen did not reply to our inquiry on the matter.