Page 1

HARVIA Sauna & Spa Harvia strengthens its position in the sauna and spa market by acquiring still water hot tub manufacturer Kirami Your publication date and time will appear here . | Source : Harvia Oyj f Harvia Plc , Stock exchange release , 28 May 2021 at 9:00 a.m. EET in < ☑ Harvia Plc ( " Harvia " ) has on 28 May 2021 signed and closed an agreement to acquire Kirami Oy ( “ Kirami ” ) , a leading Finnish still water hot tub manufacturer and pioneer in wood - heated hot tubs globally . The acquisition complements Harvia's sauna and spa offering well and strengthens Harvia's leading position as a global sauna and spa experience brand . Kirami also owns 50 % of an Estonian production company Metagroupp OÜ and 51 % of a sales company Kirami Sweden AB , the shares of which are included in the transaction as well . Kirami is a family business that was established in 2001 by its current owners and has grown to be one of the largest makers of still water hot tubs globally . The company's main product is wood - heated still water hot tub . Kirami's offering also includes hot tub accessories , water sanitation products , and outdoor saunas , as well as other products for outdoor living . Kirami has grown rapidly in recent years , its revenue totaling EUR 16 million in fiscal year ended September 2020 , with approximately 42 % of the sales coming from exports to Central Europe and Scandinavia . The company has in Finland a production facility in Sastamala and a sales office in Turku , employing approximately 40 persons in total . In addition , Kirami employs seasonal workforce in production and logistics in April - August . In 2020 , the total number of employees during the high season was approximately 60 . The purchase price is EUR 7 million at closing and on top of this , a delayed purchase price of EUR 0-4 million after a three years ' period based on Kirami's EBITDA development . Harvia will finance the acquisition with cash funds . → English ✓