Each fact links to the public source it comes from. Last updated Oct 1, 2026.
The record08
Ownership
Privately held. Estonian holding company UG Investeeringud (led by Kristjan Rahu), previously a minority shareholder, agreed in June 2020 to acquire the majority stake from private-equity firm Livonia Partners.
Thermory AS and Ha Serv, a maker of thermally modified sauna materials and ready-made saunas, announce a planned merger of their business operations; Thermory USA says the combined company becomes the world's largest producer of thermally modified wood and that Thermory AS employs more than 500 people.
UG Investeeringud agrees to acquire the majority stake in Thermory from Livonia Partners; at the time the group reported revenue over €100 million, about 700 employees, and exports to 50+ countries.
Thermory announces it is building a €7.5 million, 32,000-square-foot thermal complex at its Loo factory in Estonia, with four new heating chambers it says will double production capacity.
Thermory acquires the remaining 50% of Latvian sawmill VMS Timber SIA, taking its stake to 100%, primarily to secure aspen supply for its Reola sauna-materials plant.
Mentions in Sauna-lehti, the Finnish Sauna Society's magazine, in 2025, quoted as extracted from the scanned page. A mention is not an endorsement.
4/2025 · p. 12Editorial
“…viiden yrityksen tuote-esittelyt. Puhujina ovat Hannes Tarn (Thermory, Viro), Corentin MacQueron (Ranska), Emma Reed (Oregonin yliopisto, USA) ja Wal…”
