Pitching Harvia to a Family Office
Long-term focused investors with a multi-million stake in Harvia
Yesterday, we were delighted to pitch Harvia’s investment case to a Belgian family office, currently holding a multi-million stake in the Finnish sauna and spa company. They were first-hour premium subscribers with whom we’ve had very insightful discussions since (and I’m sure many new will follow).
In this blog, we’d like to share the slide deck and the pitch’s key notes with all premium subscribers/Partners.
The pitch didn’t contain any major reveals, but was meant to concisely elaborate on this prime example of “Sustainable Quality Compounding” and recent trends, in particular relative to other consumer discretionary companies (e.g., home improvement retailers, pool installers et cetera).
One of the recent news items is the optimized alignment of interest/incentivization, which wasn’t explicitly mentioned in our previous recaps. Highlighted by the CFO during the Q1 2025 call:
And from more or less like from HR perspective, just to remind that a lot of our people are actually Harvia shareholders and we have also quite wide long-term incentive programs for our key personnel, they have parallel interests with our shareholders to increase the value of the company and they get their share of that value increase also after minimum three years.
Meanwhile, published on May 23, 2025:
The Annual General Meeting of Shareholders of Harvia Plc resolved on 8 April 2025 that 40 per cent of the total monthly remuneration of the members of the Board of Directors will be paid in company shares purchased at a price determined in public trading on Nasdaq Helsinki Ltd or via a share issue.
The rest of the total monthly remuneration is paid in cash to cover the taxes arising from the remuneration. Harvia Plc, has today transferred 1.555 own shares held by the company to the members of the Board of Directors without consideration as part of the remuneration of the members of the Board of Directors, in order to implement the decision of the Annual General Meeting of Shareholders.
Key Notes
During this pitch, we explored the compelling investment thesis surrounding Harvia, a Finnish company distinguished by its deep market roots, strategic adaptability, and significant growth potential.
Harvia's Foundation: A Legacy of Dominance and Evolving Market Focus
Harvia has historically commanded a formidable market position in its home country, where sauna is not merely a product but a cherished cultural institution. Since the turn of the 21st century (from 2000 onwards), the entire Harvia Group has achieved a healthy compound annual revenue growth rate of approximately 9.5%.