Harvia Plc, Press release, 31 August 2021 at 02:00 p.m. EET
Harvia Plc has signed and closed an agreement to acquire Sauna-Eurox Oy. Together, the parties will continue to develop and expand the sauna stone business. Concurrently, Harvia also acquires Sauna-Eurox Oy’s sister company Parhaat Löylyt Oy.
Sauna-Eurox, founded in 1991 and based in Luvia, Western Finland, is one of the world’s largest suppliers of safe and durable sauna stones. The company has over 30 years of experience of different stone varieties, their thermal durability, and their use as sauna stones. The company’s stones are purchased from responsible sources in Finland, raw materials stemming often from valuable side streams of larger stone materials used in the construction industry. Consolidated revenue of the acquired companies totaled approximately EUR 3.2 million in 2020.
The offering of Sauna-Eurox caters broadly to the needs of both consumers and spa professionals: the product selection includes safe and high-quality, ready-to-use, pre-washed and hand-selected olivine diabase and vulcanite sauna stones in all sizes. In addition, the offering includes round sauna stones, decorative stones and heat-tempered olivine diabase sauna stones designed for demanding professional use.
“Sauna-Eurox and Harvia have been partners for a long time globally, and the acquisition expands the potential of this collaboration,” says Harvia CEO Tapio Pajuharju. “Sauna-Eurox has also operated under its own brands and delivered tailored sauna stone solutions to several suppliers of saunas and sauna stoves. These brands and partnerships are also very important for Harvia, and the aim is to foster and strengthen these partnerships further.”
“As the global leader in its field, Harvia has the best opportunity to develop and expand Sauna-Eurox’s business, and I am very happy that our brands will continue as independent member of the Harvia family,” says Vesa Rintala, CEO of Sauna-Eurox. “This deal gives us a strong owner and partner with whom we have the opportunity to make more extensive investments and product development, which will also help other collaboration partners.”
The acquired companies will continue operating at their current premises in Luvia with the current personnel. CEO Vesa Rintala will continue to lead the companies.
The acquisition allows Harvia and Sauna-Eurox to strengthen the availability of sauna stones and increase production capacity. It also offers Harvia the necessary expertise in stones for business expansion and quality assurance in a product category that is essential for sauna heaters and an enjoyable sauna experience. The companies aim to develop the market for safe and durable sauna stones together and create relaxing sauna moments around the world, in line with Harvia’s Healing with Heat philosophy.
Tapio Pajuharju, CEO
tel. +358 50 577 4200
Ari Vesterinen, CFO
tel. +358 40 505 0440
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.
Harvia’s revenue totaled EUR 109.1 million in 2020. Harvia Group employs more than 800 professionals in Finland, China and Hong Kong, Romania, Austria, United States, Germany, Estonia, Sweden and Russia. The company is headquartered in Muurame, Finland, adjacent to its largest sauna and sauna component manufacturing facility.
Read more: https://harviagroup.com/
Sauna-Eurox manufactures pre-washed, ready-to-use natural sauna stones and is one of the world’s largest manufacturers of sauna stones. Sauna-Eurox employs approximately 20 professionals. Sauna-Eurox Oy manufactures sauna stones under brands such as Parhaat Löylyt, Sauna Vulcanite and Sauna Granit. In addition, the industry’s largest sauna stove manufacturers use products manufactured by Sauna-Eurox. Sauna-Eurox manufactures sauna stones in collaboration with the Geological Survey Institute of Finland. Sauna-Eurox natural sauna stones are fit for all and every sauna heater and sauna stove.
Read more: http://www.saunagranit.com/en/home.html