Thermasol acquired by Harvia

UNITED STATES Consumer Products / Personal & Household EV $20–50M

Context

Harvia acquired 100% of ThermaSol in an all-cash, debt-free transaction. The acquisition addresses a recognised strategic gap in Harvia's product portfolio — the company had historically held a strong position in traditional sauna heaters but a significantly weaker position in steam and infrared saunas, segments identified as difficult to enter organically as communicated at Harvia's Capital Markets Day in spring 2024. The US was already Harvia's largest market prior to the transaction, and ThermaSol's established brand and distribution presence in the steam segment provides Harvia with an immediate and meaningful platform to accelerate its growth in this category. Harvia expects to leverage its historical track record of improving acquired companies' profitability and growth trajectory to enhance ThermaSol's margins toward group levels over time.

Thermasol, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average observed in the Retail & Consumer sector (11.9x in 2024).

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Target

ThermaSol is a US-based designer and manufacturer of steam shower and steam room systems, serving both residential and commercial customers in the North American market. The company is a specialist player in the steam wellness segment, offering a range of steam generators, steam shower enclosures, and related accessories and control systems. ThermaSol has established a strong brand positioning in the premium steam and wellness category in the United States, operating in a segment characterised by high barriers to entry for organic newcomers due to established distribution relationships, brand recognition, and technical expertise.

Ent. Value

$20–50M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2023

2022

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REFERENCES

Valuation range: EV $20–50M

Revenue range: $5–25M

EBITDA range: $0–5M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Thermasol by Harvia are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: harvia

FAQ

What transaction does this page cover?

This page covers Harvia’s acquisition of 100% of Thermasol, an American company specialised in Personal & Household, in 2024.

How was the acquisition of Thermasol by Harvia valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $20–50M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Thermasol’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Thermasol generated annual revenue estimated in the $5–25M range and EBITDA in the $0–5M bracket (FY 2023). Detailed financial figures are available to members.

How does the valuation of Thermasol compare to benchmarks in the Retail & Consumer sector?

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the Retail & Consumer sector (11.9x in 2024).

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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