11.09.2014 09:00:00 CET
Restamax Plc
STOCK EXCHANGE RELEASE 11 SEPTEMBER 2014, 10:00 am
RESTAMAX SUBSIDIARY SMILE HENKILÖSTÖPALVELUT EXPANDS OPERATIONS AND BUYS MAJORITY SHAREHOLDING IN HUIPPU HENKILÖSTÖPALVELUT OY
Smile Henkilöstöpalvelut Oy, a subgroup of Restamax Group, buys 75% of Huippu Henkilöstöpalvelut Oy, which mainly operates in the Kuopio region. Ownership of the entity purchased will transfer on 15 September 2014. As a result of the transaction, 43,500 shares of the parent company will be transferred to Restamax Group. Huippu Henkilöstöpalvelut Oy CEO Marko Melamies will continue as the company CEO and minority shareholder.
"The corporate acquisition strongly supports Restamax's strategic expansion into the labour hire field. Huippu Henkilöstöpalvelut is a significant regional company in the Kuopio area. The transaction brings our Group valuable know-how in this field, helping us develop our labour hire business," says Restamax Plc Chairman of the Board Timo Laine.
The total purchase price of the corporate acquisition is MEUR 0.5 added with the shares to be bought and the total of the company's investments and current assets less borrowed funds on 31 August 2014. In addition, an additional purchase price of MEUR 0.1 is related to the corporate acquisition, to be paid on 31 December 2016 if certain conditions of the additional purchase price are met. The purchase price will be paid in cash. Some MEUR 0.5 of the purchase price will be paid on the date of transfer of the ownership of the entity purchased, 15 September 2014. The final purchase price will be determined based on the interim financial statements of 31 August 2014 no later than 31 December 2014, by which time the share of the difference between the assets and liabilities on the company's financial statements of 31 August 2014 will also be paid to the sellers.
The corporate acquisition is bank-funded within the framework of Restamax Plc's current funding limits.
Founded in 2010, Huippu Henkilöstöpalvelut Oy is a labour hire company specialising in restaurant, café, event and security staff, with customers mainly in the restaurant business. The company's turnover in the financial period which ended on 31 December 2013 was approximately MEUR 3.1, EBITDA some MEUR 0.2 and the income of the financial period some MEUR 0.2. Turnover for the current financial period between 1 January - 31 July 2014 was MEUR 1.9, and EBITDA was some MEUR 0.1. Restamax Group's share of the turnover for the current financial period is some 35 per cent.
The sellers in the share transaction are Mika Niemi, Tero Lahtinen and Mika Hämäläinen, each with a third's share. Some of the sellers are parties related to Restamax Plc, which makes the corporate acquisition a related party transaction.
The company's own shares transferred to Restamax as a result of the transaction
Huippu Henkilöstöpalvelut Oy owns 43,500 Restamax Plc shares, which are transferred to Restamax Group as a result of the share transaction.
Additional information:
Timo Laine, Restamax Plc, Chairman of the Board, tel. +358 400 626 064
Jarno Suominen, Restamax Plc, CFO, tel. +358 40 721 5655
Distribution:
NASDAQ OMX Helsinki
Key media
www.restamax.fi
Restamax Plc is a Finnish restaurant business group established in 1996, which also offers labour hire services. In 2013, Restamax became the first Finnish restaurant company to list on NASDAQ OMX Helsinki and has grown strongly throughout its history. The group companies include over 80 restaurants, cafés, pubs and nightclubs all over Finland. Well-known restaurant concepts of the Group include Gringos Locos, Bodega Salud, Viihdemaailma Ilona, American Diner, Daddy's Diner, Stefan's Steakhouse and Wayne's Coffee Suomi. Restamax Plc employs approximately 900 people, the Group's pro forma turnover in 2013 was MEUR 87.0 and EBITDA MEUR 13.3.
Restamax company website: www.restamax.fi, Restamax consumer website: www.ravintola.fi