Harvia Plc acquires majority stake in German-based EOS group

Harvia Plc (”Harvia”) has acquired the majority of the German EOS Group (“EOS”), a technology leader for professional and premium sauna & spa products. Aventum Partners acted as the adviser to Harvia on the acquisition.

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. In 2019, Harvia’s revenue totalled EUR 74.1 million and the company employed some 400 professionals in Finland, China and Hong Kong, Romania, Austria, United States, Germany and Estonia.

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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. Thanks to its own control unit manufacturer, Spatronic, EOS has strong expertise in electronics. 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.

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The acquisition complements Harvia’s professional and premium sauna offering well and strengthens Harvia’s leading position as a professional global sauna and spa experience brand. The acquisition is expected to create annual synergies of at least EUR 2.2 million.