Harvia Oyj acquired Kirami Oy from Mika Rantanen, Eero Rantanen and other minority holders for €11 million.
May 27, 2021
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Harvia Oyj (HLSE:HARVIA) signed an agreement to acquire Kirami Oy from Mika Rantanen, Eero Rantanen and other minority holders for €11 million on May 28, 2021. The consideration comprises of €7 million paid at closing and a delayed purchase price of €0-4 million after a 3 years period based on Kirami’s EBITDA development. The transaction will be financed through cash on hand. Mika Rantanen, Chief Executive Officer and Eero Rantanen, Chief Financial Officer/ Chief Information Officer of Kirami, own 80% stake and the minority shareholders, owning 12% of the company. As a result of the transaction, Kirami will continue as an independent brand. Kirami reported Net Sales of €22.1 million, adjusted EBITDA and EBIT of €3.3 and €3.1 million respectively for the period ended April 30, 2021. The total assets of Kirami amounted to €6.7 million at the end of fiscal year 2020 and Net debt totaled €-0.9 million. The acquisition is expected to create annual synergies of approximately one million euros, which are expected to be realized in full by the end of 2023. One-off integration and post-closing costs are estimated to total €0.4 million over the years 2021 and 2022. Harvia is advised by Ernst&Young as the financial advisor, Borenius Attorneys Ltd as the legal advisor as well as Hill+Knowlton Strategies as the communications advisor.
Harvia Oyj (HLSE:HARVIA) completed the acquisition of Kirami Oy from Mika Rantanen, Eero Rantanen and other minority holders on May 28, 2021.
Harvia Oyj is a Finland-based sauna and spa company. Its product and service offering is divided into five groups: sauna heaters, sauna rooms, control units, steam generators and spare parts, services and other products. Heaters comprise products for small, family and commercial saunas. Sauna rooms include infrared and steam rooms. Other products are comprised of spa modules, digital control units and various sauna accessories suitable for different sauna and spa cultures. Additionally, the Company offers a range of interior solutions from panelling boards to speakers and lighting. Harvia Oyj operates in China, Estonia, Finland and Russia. Its primary markets consist of Finland, Germany, Russia, Sweden and the United States. Clients mainly consist of retailers and wholesale customers, who sell products to builders and end customers.
HARVIA OYJ 
