Onvest to become the largest owner of Harvia

Onvest, a family-owned company specialized in investments and real estate, acquires CapMan’s entire ownership in Harvia. After the transaction Onvest will be the largest owner of Harvia.

Onvest acquires a significant minority in Harvia, the world’s leading sauna and spa company, which was listed on Nasdaq Helsinki in 2018, from private equity company CapMan’s funds under management. Through the acquisition, Onvest receives a 12.3% ownership with a purchase price of EUR 9.25 per share and a total purchase price of around EUR 21.3 million. Onvest has no previous ownership in Harvia.

Onvest’s investment activities are focused on creating prerequisites for the success of Finnish small and midcap companies. Listed companies are one target group in Onvest’s investment strategy.

”Harvia is a solid and very profitable company, whose strong Finnish roots and great brand fit exceptionally well with Onvest’s values and investment strategy. We are extremely pleased to be taking a committed role in Harvia’s development. Recently we have seen many buyouts by international investors and we feel it is important that Finnish capital is also active in developing and owning listed companies,” says Kalle Kekkonen, Onvest Managing Director.

The global sauna and spa market has expanded steadily through economic cycles. Harvia is the world’s leading sauna and spa company, and its products are sold all over the world by distributors. In 2018 Harvia’s turnover was EUR 61.9 million and adjusted operating profit EUR 10.9 million.

”Harvia has been a great investment for us. We believe Onvest will be a strong long-term anchor investor for the company. Harvia is positioned to continue to perform well in the future”, says Pia Kåll, Managing Partner, CapMan Buyout

”We believe Harvia’s strategic direction is correct. The company management has our full support and, as an active owner, we are very excited to start cooperation in executing the strategy and developing the company further,” Kekkonen continues.

Additional info:

Kalle Kekkonen
Managing Director, Onvest Oy
tel. +358 20 111 5101