Livonia Partners acquires Ha Serv as first investment

12 February 2016

Livonia Partners, a pan-Baltic private equity firm, has acquired a majority stake in Ha Serv, a leading manufacturer of wooden sauna components, ready-made saunas and thermal wood products. The investment strengthens Ha Serv’s ability to continue supporting its global customer base.

Family-owned Ha Serv was established in 1996. Today with almost 200 employees working out of the manufacturing facility in Reola, Estonia, the company serves over 240 customers in more than 25 countries worldwide. The company has demonstrated consistent growth throughout its history with revenue exceeding €20 million.

This is the first investment by Livonia Partners, who recently announced the launch of its first fund to invest in successful, well-managed medium-sized enterprises in the Baltic region. Founding partner, Kaido Veske says “Ha Serv exactly fits our investment strategy. The company has a long- standing history of manufacturing high-quality wood components and has consistently grown its customer base year on year. We see many opportunities for growth for Ha Serv, including further developing its product range and expanding its geographic reach. We are excited to be working with the management team and its employees to realize the company’s next phase of growth.”

Ha Serv is one of the leading companies in the sauna components industry and has successfully invested in thermo-treated wood production. “We have experienced significant growth in recent years and have expanded from being a local player to a market leader with wide geographical presence. Our products are of the highest quality and we offer a diverse range to our customers” says Marko Kevvai, CEO of Ha Serv. „Livonia Partners’ involvement will enable Ha Serv to access greater resources and further develop its capabilities to continue delivering on its future growth.“

The management team of Ha Serv will continue to hold a significant minority share of the company going forward.

For further information please contact:

Kaido Veske, Partner, Livonia Partners +372 520 2088 &
Marko Kevvai, CEO, Ha Serv +372 513 0523 &

Livonia Partners

Livonia Partners is private equity investment firm based in the Baltics, currently managing €70 million as part of Livonia Partners Fund I. Founded and run by Kaido Veske, Kristine Berzina, Rain Lõhmus, and Mindaugas Utkevičius, the fund’s investors are domestic and international institutional investors. Livonia was part originated through the Baltic Innovation Fund (BIF) initiative created by cooperation between Estonia, Latvia, Lithuania and the European Investment Fund.

Ha Serv

Ha Serv is a leading manufacturer of wooden sauna components, ready-made saunas, and thermo-treated wood materials. Previously majority owned by a successful entrepreneur Aivar Kokk, the company has since 1996 grown into a strong regional manufacturer serving customers in 25 countries. Annual sales for Ha Serv today exceed €20 million.

Photo: Ha Serv

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