COBALT advised on the merger between Ha Serv and Thermory

COBALT advised the founders and management of a leading sauna manufacturer Ha Serv on the merger with Thermory, the leading producer of thermally modified wood. The merger has led to the creation of the world’s largest producer of thermally modified wood and sauna materials.

Ha Serv is one of Europe’s leading manufacturers of sauna materials, ready-made saunas and thermally modified wood. The company exports to 34 countries and has 220 employees.

Thermory is the largest producer of thermally modified hardwood in the world that exports to more than 50 countries worldwide. The company employs 280 people.

The clients were advised by partner Kristel Raidla-Talur and senior associate Greete-Kristiine Kuru.