Who Owns Harvia Company?

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Who Really Owns Harvia?

Understanding the ownership structure of a company is paramount for investors and stakeholders alike. From its humble beginnings as a Finnish art workshop, Harvia has transformed into a global leader in the sauna and spa industry. This journey, marked by strategic shifts and financial milestones, has significantly impacted its ownership landscape.

This exploration into Harvia SWOT Analysis will reveal the key players and pivotal moments that have shaped the company's ownership, from its founding family to its current status as a publicly traded entity. We'll examine the influence of private equity, the impact of its IPO, and the individuals and institutions that currently hold the reins of this Harvia company powerhouse. Discover Harvia ownership details and learn who owns Harvia today.

The story of the Harvia company begins in 1950, with Tapani Harvia at the helm. He established 'Art Workshop Harvia' in Jyväskylä, Finland, which marked the genesis of what would become a leading name in the sauna industry. Initially, the focus was on crafting decorative items, but the direction soon shifted.

The mid-1950s saw the introduction of the first Harvia wood-burning stove, a pivotal moment. By the close of the 1950s, sauna heaters had become the core product, with sales reaching around 500 units annually. The company evolved, changing its name to Takomo T Harvia Ky in 1958 and then to Harvia Ky in 1961, reflecting its growing specialization in sauna products.

Throughout the 1960s, Harvia's production expanded significantly, culminating in approximately a thousand heaters sold each year by the decade's end. The family's involvement deepened further in the mid-1970s when Tapani Harvia's children joined the business, ensuring a family-oriented approach for years to come.

Ownership Transition

The Harvia family's ownership structure underwent a significant change in 2014. This transition was prompted by the need for generational change and the ambition to secure resources for further business development. The sale of an 80% stake to the investment fund CapMan marked the end of an era of complete family ownership. CapMan's strategic goals included strengthening management, investing in international expansion through both organic growth and acquisitions, and developing processes to align with the standards of a public company.

• The initial focus of the company was on decorative items.
• By the end of the 1950s, sauna heaters became the primary product.
• The company's name changed to Takomo T Harvia Ky in 1958 and then to Harvia Ky in 1961.
• In 2014, the Harvia family sold 80% of their business to CapMan.

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The ownership of the [Company Name] has seen considerable changes, particularly after its Initial Public Offering (IPO) in March 2018. Before the IPO, CapMan was the major shareholder, holding a significant 69.5% of all shares. The IPO, which began trading on the Pre-list of Nasdaq Helsinki on March 22, 2018, and officially listed on March 26, 2018, involved issuing new shares and the sale of existing shares by CapMan and other shareholders. The IPO was oversubscribed, with a final subscription price of EUR 5.00 per share, leading to a market capitalization of approximately EUR 93.5 million immediately after listing. This process increased the number of shareholders to roughly 2,000.

Following the IPO, CapMan remained a key shareholder, but eventually divested its remaining shares by November 2019. The family-owned investment company Onvest acquired a 12.3% stake from CapMan in November 2019, becoming the largest domestic owner. However, Onvest later sold the majority of its holding in September 2021 and currently holds 4.4% of [Company Name]. As of May 14, 2025, the company's ownership structure is fragmented, with a substantial portion of shares held by international investors. In May 2025, Alecta Tjänstepension Ömsesidigt reported exceeding a 5% holding in [Company Name] Plc, reaching 5.08% of shares and voting rights.

These shifts in the Harvia ownership have supported the company's strategy of international growth, with acquisitions playing a key role. For instance, the acquisition of ThermaSol in the summer of 2024 strengthened [Company Name]'s position in the US market, particularly in steam showers and saunas. The Harvia company has also acquired EOS Group and Kirami, expanding its product offerings and market reach. Further details about the Who owns Harvia can be found in the company's financial reports and public filings.

Key Takeaways

The ownership structure of [Company Name] has evolved significantly, moving from a primarily private equity-backed model to a more diversified shareholder base.

• The IPO in 2018 was a pivotal moment, leading to increased public ownership.
• Institutional investors now hold a significant portion of the shares.
• Strategic acquisitions have been a key part of [Company Name]'s growth strategy.
• The company's history shows a clear path toward international expansion.

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As of the Annual General Meeting (AGM) on April 8, 2025, the Board of Directors of the Harvia company consists of seven members, an increase from the previous maximum of six. The re-elected board members include Heiner Olbrich, Catharina Stackelberg-Hammarén, Anders Holmén, Hille Korhonen, Markus Lengauer, and Olli Liitola, with Petri Castrén elected as a new member. Heiner Olbrich was elected as the Chair of the Board, and Catharina Stackelberg-Hammarén as the Vice Chair. All current members of the Board of Directors are considered independent of the company and its major shareholders, adhering to the Finnish Corporate Governance Code 2025.

The Board has established an Audit Committee and a Personnel and Remuneration Committee. In 2025, Petri Castrén chairs the Audit Committee, with Anders Holmén, Hille Korhonen, and Markus Lengauer as members. Heiner Olbrich chairs the Personnel and Remuneration Committee, with Olli Liitola and Catharina Stackelberg-Hammarén as members. The Personnel and Remuneration Committee is responsible for preparing remuneration and appointment matters for the CEO and senior management, ensuring alignment with shareholder interests.

Harvia operates with a one-share-one-vote structure, where each share entitles the holder to one vote at the General Meeting of shareholders. There are no voting restrictions attached to the shares. The company's Annual General Meeting on April 8, 2025, resolved that 40% of the total monthly remuneration for Board members will be paid in company shares, purchased at a price determined in public trading or via a share issue, with the remainder in cash to cover taxes. This policy directly links the financial outcomes of the leadership to shareholder returns and promotes long-term value creation. The Board transferred 1,555 of its own shares to the members of the Board of Directors as part of this remuneration on May 23, 2025. Additionally, in March 2025, the Board transferred 9,852 shares to key employees under a 2022–2024 incentive program. For more insights, consider reading about the Marketing Strategy of Harvia.

Shareholders' Nomination Board

The Shareholders' Nomination Board prepares proposals for the election and remuneration of Board members. As of September 9, 2024, the members appointed to this board were Juho Lipsanen (Onvest Oy), Minna Laaksonen (WestStar Oy), Janne Kujala (Evli Finnish Small Cap Fund), and Josefin Degerholm (Nordea Funds Oy).

• Juho Lipsanen (Onvest Oy)
• Minna Laaksonen (WestStar Oy)
• Janne Kujala (Evli Finnish Small Cap Fund)
• Josefin Degerholm (Nordea Funds Oy)

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Over the past few years, the ownership structure of the Harvia company has evolved significantly, primarily due to an active acquisition strategy focused on international expansion. A key move was the acquisition of EOS Group, completed by July 2022, which made it fully owned by Harvia. This expansion continued with the acquisition of Kirami in May 2021 and Sauna-Eurox in August 2021. Most recently, the acquisition of ThermaSol in the summer of 2024 strengthened its position in the US market, with expected annual synergies of approximately EUR 1.7 million by the end of 2027.

Institutional ownership changes have also shaped the landscape. While CapMan exited its stake by November 2019, Onvest, which acquired a 12.3% stake, reduced its holding. In May 2025, Alecta Tjänstepension Ömsesidigt announced exceeding a 5% shareholding in Harvia Plc, reaching 5.08% as of April 30, 2025. These shifts highlight the dynamic nature of Harvia's ownership, reflecting its growth trajectory and strategic acquisitions.

The company's governance and financial performance also reflect these changes. The Annual General Meeting on April 8, 2025, approved an increase in the maximum number of Board members and resolved that 40% of the Board members' monthly remuneration would be paid in company shares. Harvia's revenue in the first quarter of 2025 increased by 22.7% to EUR 52.0 million, driven by growth in all regions, especially North America. The company forecasts comparable EPS growth of just over 10% in 2024, over 15% in 2025, and 12% in 2026. The long-term financial targets include an average annual revenue growth of 10% (including acquisitions) and an adjusted operating profit margin exceeding 20%.

Ownership Evolution

Harvia's ownership has changed due to acquisitions and shifts in institutional holdings.

Recent Acquisitions

Key acquisitions include EOS Group, Kirami, Sauna-Eurox, and ThermaSol, expanding product lines and market presence.

Financial Performance

Q1 2025 revenue increased by 22.7%, with a focus on achieving long-term growth targets.

Governance Updates

The AGM approved changes to the Board and implemented a performance share plan for key employees.

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