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CapMan invests in Harvia – one of the world’s leading companies in the sauna industry


CapMan Press Release – 26 March 2014 at 2.00 p.m. EET


CapMan invests in Harvia – one of the world’s leading companies in the sauna industry

CapMan Buyout X fund has made an agreement to acquire a majority holding in the Finnish Harvia Oy, one of the world’s leading companies in the sauna industry. CapMan’s investment enables a generation shift in the company and further development of its business both in Finland and in Harvia’s most important export markets.

Established in 1950, Harvia is a family company owned by the Harvia family and the leader in the sauna heater market both in Finland and globally. In addition to sauna heaters, Harvia has expanded its production to include steam rooms, bathroom saunas and sauna accessories, among others. Harvia’s turnover for 2013 was EUR 47 million, of which around 40% derived from Finland and around 60% from export to over 60 countries. The company employs around 300 people, of whom about 200 work in Finland and about 100 in China and Hong Kong.

CapMan Buyout’s strategy is to invest in unlisted medium-sized companies in the Nordic countries. “Harvia fits our investment strategy very well. The company is a market leader in its industry and it is exceptionally well managed. It also has a strong corporate culture, a respected brand and loyal customers,” says Anders Björkell, Partner at CapMan Buyout, responsible for the investment. “Harvia’s success is based on its competent staff, efficient production and excellent R&D. We are happy about the opportunity to support Harvia’s growth and to further develop the company together with Harvia family,” Björkell adds.

CapMan’s investment in Harvia is also supported by general market trends. The health and well-being market is growing, and consumer studies show that saunas are perceived to promote well-being and relaxation. In addition, the growing quality consciousness and the desire to invest in high-quality saunas further strengthen Harvia’s market position.

“CapMan’s involvement will enable Harvia to execute a partial generation shift, develop the business and make the necessary investments at the same time. We are happy to have CapMan as an owner of our company, as it has a long experience in assisting Finnish family companies in generation shift processes,” says Harvia’s Managing Director Pertti Harvia. “From the very beginning, Harvia has given due respect to age-old Finnish sauna traditions in its operations. Together with CapMan, we can develop and expand the company with Finnish resources also in the future,” Pertti Harvia adds.

The current owners of the Harvia will remain important minority owners of the company and will continue in their current management positions. In connection with the transaction, also other Harvia family representatives and the company’s key employees will be offered the opportunity to invest in the company. The transaction is subject to approval from the relevant competition authorities and is expected to be completed by the end of May 2014.

Further information:

Anders Björkell, Partner, CapMan Buyout, tel. +358 40 5377 566

Pertti Harvia, Managing Director, Harvia Oy, tel. +358 500 345 057



CapMan Buyout is the largest mid-market private equity team in the Nordic region, with 20 investment professionals in Finland, Norway and Sweden and 24 years of experience. The team has made a total of 77 investments and 55 exits and its tenth fund CapMan Buyout X is currently in active investment phase.

CapMan Buyout is part of CapMan Group, a leading private equity firm in the Nordic countries and Russia, with assets under management of EUR 3.1 billion. CapMan has five key investment partnerships – CapMan Buyout, CapMan Russia, CapMan Credit, CapMan Public Market and CapMan Real Estate – each of which has its own dedicated investment team and funds. Altogether, CapMan employs around 100 people in Helsinki, Stockholm, Oslo, Moscow and Luxembourg.



Harvia is a solid family company operating in Muurame, central Finland. Harvia is one of the world’s leading companies in the sauna industry and its products are exported to over 60 countries. It is rated in the top AAA category in Dun & Bradstreet Finland’s credit classification. Harvia companies employ some 300 people its turnover for 2013 was EUR 47 million.