Harvia’s €7 Million Acquisition of Kirami Oy

Borenius advised Harvia on the deal. Magnusson Finland advised the shareholders of Kirami Oy.

Harvia Plc has acquired Kirami Oy, a leading Finnish still water hot tub manufacturer and pioneer in wood-heated hot tubs globally.

The purchase price is EUR 7 million at closing and on top of this, a delayed purchase price of EUR 0–4 million after a three years’ period based on Kirami’s EBITDA development. Harvia will finance the acquisition with cash funds.

Kirami also owns 50% of an Estonian production company Metagroupp OÜ and 51% of a sales company Kirami Sweden AB.

The acquisition of Kirami increases Harvia’s market share especially in the residential sauna and spa solutions. Combining Harvia’s electrical and water technology expertise with Kirami’s hot tub products and unique expertise provides an additional competitive advantage to Harvia.

Kirami is a family business that was established in 2001 by its current owners and has grown to be one of the largest makers of still water hot tubs globally. The company’s main product is wood-heated still water hot tub. Kirami’s offering also includes hot tub accessories, water sanitation products, and outdoor saunas, as well as other products for outdoor living. Kirami is the biggest wood-heated still water hot tub producer in the world and a market leader in Finland.

Harvia is one of the leading companies operating in the sauna and spa 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 and spa market of both private and professional customers.

The Borenius team included Johannes Piha (Picture), Markus Vanhanen, Heta Hovi, Heikki Wahlroos, Esa-Pekka Saari and Tuomas Tuominen.

The Magnusson team comprised Partner Ville Salonen and Associate Emilia Alakurtti from Magnusson Finland and Partner Toomas Mälberg from Magnusson Estonia.

Involved fees earner: Heta Hovi – Borenius Attorneys Ltd; Johannes Piha – Borenius Attorneys Ltd; Esa-Pekka Saari – Borenius Attorneys Ltd; Tuomas Tuominen – Borenius Attorneys Ltd; Markus Vanhanen – Borenius Attorneys Ltd; Heikki Wahlroos – Borenius Attorneys Ltd; Emilia Alakurtti – Magnusson; Toomas Mälberg – Magnusson; Ville Salonen – Magnusson;

Law Firms: Borenius Attorneys Ltd; Magnusson;

Clients: Harvia Group; Kirami Oy ;

Author: Federica Tiefenthaler