Ha Serv makes strategic add-on acquisition in Finland

July 2017

Estonian wood manufacturing company Ha Serv has acquired Suomen Lämpöpuu Oy (SLP), a specialised manufacturer of thermo-treated wood products. Ha Serv and SLP combination broadens the companies’ product portfolio and global reach.

“We aim to expand faster in the attractive market for eco-friendly thermally modified timber, and this combination is a perfect fit. It boosts our geographic reach, customer base, and product portfolio in the thermowood industry,” says Marko Kevvai, CEO of Ha Serv. “We have known SLP for many years and look forward to joining forces to offer new innovative products to our customers.”

Suomen Lämpöpuu is a Finnish export-focused manufacturer of thermo-treated wood products used in cladding and decking. The company was founded in 1999 and today generates over €6 million in sales. Its manufacturing facility with over 30 employees is based in Teuva, Finland.

“Our company has been a pioneer in the production of high-quality chemical-free thermo-treated wood products and we are very excited to team up with Ha Serv to accelerate our growth,” says Juha Palonen, CEO of Suomen Lämpöpuu.

Livonia Partners invests in growing and well-managed medium-sized companies in the Baltics. It acquired Ha Serv in February 2016. It was the first of the fund’s four investments to date. Ha Serv today serves customers in more than 25 countries. Its annual sales are more than €20 million.

“With this add-on investment, Ha Serv is entering a new phase of expansion,” says Livonia founding partner Kaido Veske. “Livonia continues its active work with the management team to support the company’s organic and acquisition-related growth.”

For further information contact:

Kaido Veske, Partner, Livonia Partners
+372 520 2088, kaido.veske@livoniapartners.com

Marko Kevvai, CEO, Ha Serv
+372 513 0523, marko@haserv.ee

Ha Serv is a leading manufacturer of wooden sauna components, custom ready-made saunas, and thermo-treated wood materials. With a manufacturing facility in Reola, Estonia and just under 200 workers, it serves customers across Europe and beyond.


Suomen Lämpöpuu Oy is one of the world’s first manufacturers of ecological thermo-treated wood products. The chemical-free process uses only water, steam and a high temperature to achieve durable products for ecological conscious customers worldwide. SLP is member of the International ThermoWood Association. The company exports 90% of its production to more than 20 countries worldwide.


Livonia Partners is a private equity investment firm based in the Baltics, currently managing €83 million as part of the Livonia Partners Fund I and the Livonia Partners EIF Co-Investment Fund. Run by founders Kaido Veske, Kristīne Bērziņa, Rain Lõhmus, and Mindaugas Utkevičius, its investors are domestic and international financial institutions. Livonia was partly originated through the Baltic Innovation Fund (BIF), a common initiative of the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and the European Investment Fund.