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Sorainen Advises Livonia Partners on Merger with Thermory

Sorainen Advises Livonia Partners on Merger with Thermory

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Sorainen has advised Livonia Partners and its portfolio company Ha Serv on its merger with wood manufacturing company Thermory.

The merger agreement was signed on July 27, 2018 and the transaction closed at the end of October.

According to Sorainen, “the merger of Thermory, the leading producer of thermally modified wood, and Ha Serv, Europe’s largest manufacturer of sauna materials and ready-made saunas, has led to the creation of a global market leader in these segments. The merged company’s multifaceted production capacity provides an excellent opportunity to reap the benefits of global trends.”

The company has two production units located in Estonia and one located in Finland. The company also has sawmills in Estonia and Belarus and a subsidiary in the United States. Thermory employs more than 500 people.

Thermory founder Meelis Kajandu commented: “Two equally successful wood production companies that were once rivals now work towards a common goal. It was difficult choosing a name to continue under and we had to use outside advice. We have been competitors for over 20 years. Together we can think bigger and faster develop our various business lines.”

The Sorainen team was led by Partner Toomas Prangli and included Senior Associates Juulika Aavik and Piret Lappert and Associate Nele Suurmets.

Sorainen did not reply to our inquiries on the matter. 

Editor's Note: After this article was published, Cobalt announced that it had advised the founders and management of Ha Serv on the merger with Thermory. The firm's team was led by Partner Kristel Raidla-Talur and Senior Associate Greete-Kristiine Kuru.