MinnesotaOne of the most innovative and stylish manufacturers of rock basket sauna heaters is for sale with a sale pending – according to Estonian news outlets. While the details are not finalized or complete, HUUM is currently preparing for the sale by going through consolidation and leaving the investment platform ‘Funderbeam’.
And the buyer is not what you might expect, and we can all stop wondering if Harvia is buying HUUM. While the buyer will not become public until the sale is closed, Siim has confirmed that they are an Estonian company that does not currently manufacture heaters.
Funderbeam is an investment platform that combines public and private investment using blockchain technology. The sale will force a ‘Drag-Along Transaction’ that will force its smaller investors to sell at the valuation of $13 million Euros for the company.
No changes to the team and operations are planned.
HUUM was founded in 2011 by Siim Nellis, and their original product remains their best seller – inspired by a DROP of water. Siim is actually the 3rd generation of sauna heater producers in his family.
HUUM is known for their modern and minimalist sauna heaters, most notably the wall-mounted HUUM DROP and the floor-mounted HUUM HIVE. Their wood burning stoves are also popular with the same design as the HIVE electric. HUUM has always operated as a ‘start-up’ that does things their own way. For instance, instead of listing to UL standards in North America and being limited to 194°F, they listed to SGS standards which allows their heaters to reach 230°F.
Last week at the investor conference for Harvia, the biggest sauna heater company in the world, they alluded to more acquisitions and consolidation in the space. We are sure they would have been interested in such a sale, and suprised they didn’t make an offer themselves. Instead, Harvia released the Harvia Spirit, in similar style to the HUUM DROP.