Thermory Ownership Changes Hands as Estonian Holding Group Takes Majority Stake
UG Investeeringud acquired the majority stake from Livonia Partners in mid-2020, betting on organic growth at the world's largest thermowood producer.
Thermory, the Estonian manufacturer that has become the dominant global supplier of thermally modified wood, has a new majority owner. UG Investeeringud, an Estonian holding company that previously held a minority position, acquired the majority stake from Livonia Partners in a deal that closed on July 9, 2020, after receiving Estonian competition authority approval.
The Company
Founded in 1997 (originally as Brenstol), Thermory has grown into the world's largest producer of thermally modified timber, a material prized for its durability, moisture resistance, and dimensional stability. The company's products span sauna interiors, exterior cladding, decking, and architectural applications, shipped to over 50 countries from multiple manufacturing facilities in Estonia and Finland.
The thermal modification process, which heats wood to extreme temperatures in a controlled environment, has made Thermory's products the go-to material for premium sauna construction worldwide. Sauna-grade thermowood (interior paneling, bench materials, exterior cladding for outdoor structures) accounts for a significant share of the company's revenue.
Every major sauna manufacturer we supply to is asking for more volume, and lead times are stretching.
Why It Matters
The ownership change signals confidence in Thermory's growth trajectory. Demand for thermally modified wood has been rising steadily, driven by the outdoor sauna boom and growing preference for sustainable, chemical-free wood treatment methods. UG Investeeringud, which had been a minority investor, is now positioned to drive the next phase of capacity expansion.
Competitive Context
Thermory's closest competitor is Lunawood, a Finnish thermowood producer with roughly 15% of the global market. U.S.-based Bingaman & Son Lumber also produces thermally modified products, though primarily as part of a broader Appalachian hardwood operation. Several Asian producers are also entering the market at lower price points.
Sofia Mäkelä
European Correspondent & Sauna Industry Analyst
Sofia Mäkelä reports on the European sauna manufacturing industry and Nordic wellness culture from Helsinki, Finland.
Full byline
Sofia Mäkelä is a European Correspondent for SaunaNews.com, covering the sauna manufacturing industry, Nordic wellness culture, and the companies shaping the global thermal bathing market from her home base in Helsinki, Finland.
Born and raised in Helsinki, Sofia grew up in a country where saunas outnumber cars and weekly bathing is a way of life rather than a luxury. That upbringing gave her a native fluency in sauna culture that informs everything she writes. She studied journalism at the University of Helsinki before spending several years covering the Baltic timber and building materials industries for trade publications across Scandinavia and the Baltics.
Sofia's reporting focuses on the European manufacturers, from Estonian powerhouses like Thermory and Auroom to Finnish and German brands, that are supplying the global wellness boom. She tracks ownership changes, factory expansions, new product lines, and the export strategies that are bringing European sauna engineering to North America, Asia, and the Middle East.
When she is not visiting factories in Estonia or attending trade shows in Cologne, Sofia can be found at one of Helsinki's many public saunas or cross-country skiing in the forests outside the city.
