Harvia to Acquire ThermaSol for USD 30.4 Million, Bolting On US Steam

Harvia Plc announced on 23 July 2024 (07:30 EEST) that it has signed an agreement the prior day (22 July US Central Time) to acquire 100% of the shares of ThermaSol Steam Bath LLC, a Round Rock, Texas-based manufacturer of residential steam products and smart-shower controls. The purchase price is USD 30.4 million (EUR 27.9 million at the USD 1.09/EUR exchange rate), subject to customary closing adjustments. The transaction is expected to close by the end of July 2024. (Full Harvia M&A history, stock chart, and earnings calendar in our Harvia News hub.)

What ThermaSol is

ThermaSol was established in 1958 by the Altman family. Harvia describes it as a leading manufacturer of high-end steam showers and steam rooms in the United States and one of the largest players in the US residential steam solutions market. The company has been family-owned since founding. Head office and design and assembly facilities are in Round Rock, Texas, in the Austin area. ThermaSol has approximately 40 employees. Net sales totaled USD 14.4 million in 2023.

The ThermaSol product line includes steam generators, steam and shower heads, digital control units, smart shower components, and accessories. The company also distributes indoor and outdoor saunas as well as traditional sauna heaters through its dealer network. In these distributed product categories, ThermaSol was already a Harvia Group customer before the acquisition, so the two companies had a pre-existing commercial relationship.

ThermaSol has built a nationwide distribution network of plumbing wholesalers and kitchen and bath showrooms, plus online marketing that reaches residential customers directly. It has more than 65 years of operating history in steam and, per Harvia, has led the smart steam shower category in the US.

ThermaSol key financials

Post-acquisition, illustrative combined Harvia 2023 pro forma revenue was EUR 163.7 million with adjusted EBIT of EUR 35.9 million (21.9% margin). Harvia’s net debt will rise from EUR 37.6 million at the end of 2023 to EUR 64.9 million, and interest-bearing debt from EUR 75.4 million to EUR 95.4 million. Equity ratio adjusts to 43.9% (51.0% at end of 2023), and leverage rises to 1.5x (0.9x). All metrics remain well within Harvia’s long-term targets.

Harvia’s three reasons for the deal

Harvia gave three reasons at the July 2024 announcement. Steam was the kind of adjacency its CMD 2024 M&A thesis called for.

Growth potential in steam. Harvia called steam an attractive growing market; at the time of the deal over 90% of Harvia Group revenue came from traditional sauna solutions. The acquisition addressed Harvia’s strategic aim to deliver the full sauna experience across sauna types. The US steam market is forecast to grow 5% per year through 2028.

Complementary offering and capabilities. Harvia said ThermaSol’s steam expertise fit its traditional sauna offering. ThermaSol’s nationwide plumbing wholesaler and kitchen-and-bath showroom distribution network expanded and complemented Harvia’s existing US distribution footprint. Location near Austin, Texas serves as an additional hub for Harvia’s North American operations, now covering both the Southeastern US (Lewisburg, West Virginia) and the Texas-Central corridor.

Market consolidation. The US steam market was already consolidated at the time of the deal, making organic entry without an existing presence challenging. ThermaSol, as one of the largest players in the residential steam market, was the cleanest available acquisition target.

The North American sauna market context

The North American sauna market size is approximately USD 800 million (2023). Growth has averaged ~15% per year from 2019 through 2023. The installed base of 1 to 1.5 million saunas means only about 1% of US households have a sauna. By application: ~65% residential, ~35% commercial. By type: traditional 40 to 45%, infrared 35 to 40%, steam ~20%. ThermaSol has strong capabilities in steam, a category where Harvia’s pre-deal business was small. Harvia’s current stronghold is traditional residential, but infrared (~35-40% of the market) and steam (~20%) were both flagged as organic and inorganic growth priorities.

Management and integration

As part of her role as Harvia’s Head of Region North America and President of Harvia US Inc., Jennifer Thayer became CEO of ThermaSol on closing. (Thayer left Harvia at the end of May 2025; after an interim period under Nick Larrick, Nathan Hagemeier took the North America role on 1 November 2025.) The seller in the transaction, ThermaSol’s then-CEO and owner Mitch Altman, moved to a Strategic Adviser role with Harvia to support transition of the business and management of customer relations.

Harvia is very happy to announce the acquisition of ThermaSol. ThermaSol’s high-end residential steam offering is an excellent fit to our full sauna experience portfolio. The acquisition supports our strategic focus areas of delivering the full sauna experience, winning in strategically important markets, and taking an active consolidator role in the industry through M&A. In addition, the warm, family company culture combined with the ambition to provide leading solutions to the market, resonate well with our own.

The above is Matias Jarnefelt, CEO of Harvia. ThermaSol’s Mitch Altman added: “Harvia’s acquisition of ThermaSol marks a transformative milestone, creating the world’s foremost health and wellness company in the sauna market. United, we will promote relaxation, vitality, and well-being on a global scale.”

Financing

Harvia financed the acquisition with a EUR 20 million bullet loan and cash on hand. The price was approximately 2.1x ThermaSol’s trailing revenue. Harvia’s balance sheet remained conservative, with net debt to EBITDA staying well below the 2.5x long-term target even after closing. The company reaffirmed its long-term financial targets: 10% average annual revenue growth, adjusted operating margin above 20%, net debt to adjusted EBITDA below 2.5x.

What happened next

The deal closed 31 July 2024 as planned. ThermaSol began consolidating in Harvia’s Q3 2024 financial results on 7 November 2024. Q1 2025 North American revenue grew 58.8% year over year to EUR 21.8 million, driven by organic growth and the ThermaSol consolidation. With its Q3 2025 results in November 2025, Harvia announced the ThermaSol Solaris solar-powered sauna was named one of TIME Magazine’s Best Inventions of 2025, and presented the ThermaSol Astra/Fortis/Ombra premium sauna collection.

By the time Harvia reported full-year 2025 results on 12 February 2026, Järnefelt said ThermaSol’s integration was working as planned.

“We are pleased with ThermaSol. It’s providing us a solid base.” Matias Järnefelt, CEO, Harvia Q4 2025 earnings call, 12 February 2026

On the same call, he named the next US category Harvia is targeting, making clear ThermaSol was not the final US bolt-on: “One of the prime candidates, of course, for us is infrared sauna business in the United States.”