Houlihan Lokey Advises Egeria

Houlihan Lokey is pleased to announce that Egeria Group (Egeria) has sold KLAFS, a Germany-based market-leading manufacturer of saunas, steam rooms, and other hydrothermal features, to Kohler Co., one of America’s oldest and largest privately held companies and a global leader in the design, innovation, and manufacture of kitchen and bath products. The transaction was completed on 16 January 2024.

KLAFS, a portfolio company of European investment firm Egeria Group, develops, designs, manufactures, and sells innovative premium wellness products designed to enhance personal spa experiences, including saunas, sanariums, infrared cabins, steam baths, pools, and related wellness equipment and accessories. In addition, the company provides consultation and planning services. KLAFS sells its products through a vast direct-to-consumer showroom network that primarily spans Europe to both residential and commercial clients, including hotels, fitness centers, and day spas.

KLAFS employs 850 associates across locations in Germany, Switzerland, Austria, Poland, Netherlands, the U.K., Spain, and Mexico.

Founded in 1873 and headquartered in Kohler, Wisconsin, Kohler Co. is one of America’s oldest and largest privately held companies and comprises more than 40,000 associates. With more than 60 manufacturing locations worldwide, Kohler is a global leader in the design, innovation, and manufacture of kitchen and bath products, luxury cabinetry, tile, and lighting; engines, generators, and clean energy solutions; and owner/operator of two, five-star hospitality and golf resort destinations in Kohler, Wisconsin, and St. Andrews, Scotland.

KLAFS will join Kohler’s Luxury Brands division with other high-design brands, including ANN SACKS, KALLISTA, Robern, and Kast Concrete Basins.

“As a privately held, global company celebrating our 150th anniversary, Kohler has always embraced a relentless pursuit of providing exceptional products, services, and experiences for our customers,” said David Kohler, Chair and CEO of Kohler Co., who represents the fourth generation of Kohler family leadership. “KLAFS is an international market leader with a stellar reputation that shares our passion for innovation and delighting customers. We look forward to welcoming the KLAFS organization to Kohler and, together, driving continued growth in sauna and spa solutions.”

Hannes Rumer, Partner and Managing Director at EGERIA in Munich, said: “Over the past years we have worked with CEO Phillip Rock and the entire team at KLAFS on transforming the company from a strong player in Germany, Austria, and Switzerland to a pan-European market leader for premium sauna, spa, and wellness products. It has been a great entrepreneurial team-up and we are especially proud of the successful rollout of KLAFS’ exciting product portfolio in Northern and Western Europe, both organically and through several acquisitions. Kohler is the ideal partner to maintain the high-end positioning of the brand.”

Houlihan Lokey served as the sole sellside advisor to Egeria and its management.