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.

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.