Thermory Ownership Changes Hands as Estonian Holding Group Takes Majority Stake
By Sofia Mäkelä
European Correspondent & Sauna Industry Analyst
- Published
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- 6 min
SaunaNews is published by SaunaShare, Inc., which also runs SaunaShare.com and SaunaMarketplace.com, where we sell many of the products we write about. Assume that experience shapes what we cover and what we don't. Who owns SaunaNews · The ownership announcement
UG Investeeringud acquired the majority stake from Livonia Partners in mid-2020, betting on organic growth at a global leader in thermowood production.
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Thermory, the Estonian manufacturer 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 announced in mid-2020. The sale required approval from the Estonian competition authority.
The company
Founded in 1997 (originally as Brenstol), Thermory says it 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 manufacturing facilities in three countries, including Estonia and Finland.
The thermal modification process heats wood to extreme temperatures in a controlled environment. Thermory’s 2018 merger with Ha Serv, which the companies described as Europe’s largest manufacturer of sauna materials and ready-made saunas, added a large sauna business to the group. Sauna-grade thermowood (interior paneling, bench materials, exterior cladding for outdoor structures) is one of its main product lines.
Why it matters
The ownership change signals confidence in Thermory’s growth trajectory. Founder Meelis Kajandu said at the sale that Thermory would shift from acquisitions to organic growth, adding production capacity in Estonia and Finland, developing its sawmills and international sales offices, and cutting its carbon footprint. Sauna is one market for that wood. UG Investeeringud, which had been a minority investor, is now positioned to drive that expansion.
Competitive context
Another major producer is Finnish thermowood maker Lunawood, which described itself in December 2019 as the global leader in thermally modified Nordic softwood, with sales to 50 countries. US-based Bingaman & Son Lumber also produces thermally modified products, though primarily as part of a broader Appalachian hardwood operation.
