Harvia closes EOS Group acquisition

Stock Exchange Release | 30 April 2020

Harvia Oyj, Stock exchange release, April 30, 2020 at 3.00 pm EET

Harvia Plc (“Harvia”) has today, April 30, 2020, completed the acquisition of the majority of the German EOS Group, a technology leader for professional and premium sauna & spa products.

On March 18, 2020, Harvia announced that it had signed an agreement to acquire the majority of EOS Group. The transaction was subject to customary closing conditions, which have now been fulfilled and the transaction has been successfully closed.

“I’m very satisfied that we were able to close the transaction as both parties are eager to start working together as soon as possible. Together, we are stronger. This acquisition is also perfectly in line with our strategy and supports our aim of increasing the value of average purchase, geographical expansion and improving our productivity,” says Tapio Pajuharju, CEO of Harvia Plc. “By joining forces with EOS Group, we can strengthen especially our premium and professional offering and take an important step in becoming the leading one-stop-shop in global sauna heater and equipment markets,” Pajuharju concludes.

“We look forward to working with our new Harvia colleagues. The transaction creates clear synergy benefits as the product portfolios of EOS Group and Harvia complement each other well. Together with Harvia, we are able to serve our customers even better,” says Rainer Kunz, Managing Director of EOS Group.

A leading brand in the premium and professional channel

EOS is a leading brand in the premium and professional channel and the company has more than 75 years of experience in the sauna industry. The company’s broad product portfolio consists of professional and premium sauna heaters, gas-powered heaters, control units, steam generators, infrared hardware and accessories related to all of these products. In 2019, EOS had a revenue of EUR 17.3 million, adjusted EBITDA of EUR 3.2 million and adjusted EBIT of EUR 2.8 million. The company employs approximately 150 persons.

Read Harvia’s stock exchange release about the signing of the transaction here.

Further information:

Tapio Pajuharju, CEO
tel: +358 50 577 4200

Ari Vesterinen, CFO
tel: +358 40 505 0440

About Harvia

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 74.1 million in 2019, its operating profit was EUR 13.3 million and adjusted operating profit EUR 13.9 million during the same period. The company employs some 400 professionals in Finland, China and Hong Kong, Romania, Austria, United States, Germany and Estonia. The company is headquartered in Muurame, Finland, adjacent to its largest sauna and sauna component manufacturing facility.