STOCK EXCHANGE RELEASE 9 January 2014, 10:00
Restamax Plc and Hans Välimäki launch their co-operation
Restamax and Hans Välimäki Oy have launched a joint venture called Gastromax Oy.
Restamax owns 70 per cent and Hans Välimäki Oy 30 per cent of the new company.
The joint venture has purchased the Midhill restaurants located in Helsinki and
Tampere amusement parks, previously owned by Hans Välimäki through various
companies, and also the operations of two other restaurants.
The combined selling price of the businesses is EUR 1,200,000, EUR 570,000 of
which will be paid at the time of purchase, and the remaining EUR 630,000 in
instalments by 30 September 2015. The estimated annual turnover of the purchased
businesses is approximately EUR 4 million and the EBITDA is approximately 10 per
The businesses will be transferred to the ownership of the buyer during the
first quarter of 2014.
In connection with the business transaction, it has been agreed that Hans
Välimäki Oy will continue to act as a consultant to the purchased businesses and
contribute to Restamax's dining concept.
With this business transaction, Restamax gains excellent new business locations
and also broadens its operations with the Midhill concept located in two of the
largest amusement parks in Finland: Linnanmäki and Särkänniemi.
Markku Virtanen, CEO of Restamax Plc, comments on the transaction as
follows: "Our history with Hans Välimäki goes back years, and we are very
excited to launch our co-operation. Hans has the vision and expertise to come up
with new ideas and possibilities that will allow us to further develop
Restamax's dining concept."
For additional information, please contact:
Markku Virtanen, CEO, tel. +358-400 836 477
Timo Laine, Chairman of the Board, tel. +358-400 626 064
NASDAQ OMX Helsinki
Restamax Plc is a Finnish restaurant group established in 1996. The company has
grown rapidly throughout its operating history. The group operates circa 60
restaurants, bars and night clubs across Finland. The company's well-known
restaurant concepts include Ristorante Bella Roma, Gringos Locos, Viihdemaailma
Ilona, Daddy's Diner and Stefan's Steakhouse. Wayne's Coffee is also a part of
the company's portfolio. Restamax Plc has circa 700 employees and the turnover
for 2012 amounted to approximately EUR 60 million and EBITDA to approximately
EUR 10 million. www.restamax.fi.