Restamax Plc and Rukakeskus Group to co-operate - The

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Jun 18, 2014 at 5:15 AM

Restamax Plc and Rukakeskus Group to co-operate - The restaurant operations of Rukakeskus and Pyhätunturi under joint-venture ownership

Restamax Plc STOCK EXCHANGE RELEASE 18 June 2014 at 12:00 noon Restamax Plc and Rukakeskus Group to co-operate - The restaurant operations of Rukakeskus and Pyhätunturi under joint-venture ownership Restaurant company Restamax Plc and Rukakeskus Group have concluded a preliminary agreement for a joint venture company, which will be owned 65% by Restamax and 35% by Rukakeskus. The agreement covers the restaurant operations of Rukakeskus Oy and its subsidiary Pyhätunturi Oy in Kuusamo and Pyhätunturi. The preliminary agreement for the transaction was made on 18 June 2014. As a result of the deal, the restaurant businesses of Ravintola Piste, Hillside Grill and the Hotelli Pyhätunturi located in Pyhä will be transferred to the ownership of the new company. In Ruka, the company will also open a Ski Bistro and Stefan's Steakhouse restaurant for the coming winter season, the latter of which can also be found in Tampere, Turku and Helsinki. In summer 2014, there will also be one in Jyväskylä. Restamax will pay about MEUR 1.3 for its 65% share in the joint venture. The final price of the transaction will be set by 31 December 2014. The estimated annual turnover of the acquired businesses once all units are open in 2015 will total about MEUR 6 and the operating margin will be about EUR 600,000. The joint venture company will become part of the Restamax Group on 1 October 2014. - This transaction strongly supports Restamax Plc's growth targets of expanding its operations to the northern ski centres. We see enormous potential in the tourism business. Ruka has just been chosen as Ski Centre of the Year 2014, which also demonstrates very well that we have chosen the right partner, says Markku Virtanen, CEO of Restamax. - In our opinion, we have found the best possible partner to develop the restaurant business in the fells. Through co-operation with Restamax, we want to raise the supply of restaurant services in Ruka and Pyhä to a new level, which will make both tourism areas even more attractive. At the same time, we will be better able to focus on the ski business and strengthen our position among the country's most enticing ski destinations, says Ville Aho, Managing Director of Rukakeskus Oy. Rukakeskus Oy is a family business, which has been operating in Ruka since 1973 and in Pyhätunturi since 1987. The employees of Rukakeskus Oy and Pyhätunturi Oy will be transferred to the new company as old employees. - Rukakeskus will be a significant minority shareholder in the new company, so Restamax will have at its disposal the strong expertise and experience of the family business in the area's tourism business. The partnership will significantly benefit not only both parties but also naturally the customers. Both our present regular customers and new tourists travelling to the north will get many additional services and significant customer benefits, says Virtanen. The Board of Directors of Restamax has set as its objective turnover of MEUR100 by the end of 2015. Additional information: CEO Markku Virtanen, Restamax Plc, tel. +358 400 836 477 Managing Director Ville Aho, Rukakeskus Oy, tel. +358 400 895 987 Distribution: NASDAQ OMX Helsinki Key media www.restamax.fi Restamax Plc is a Finnish restaurant business group established in 1996. The company has continued to grow steadily throughout its history. The Group companies comprise approximately 80 restaurants, cafés, pubs and nightclubs all over Finland. Well-known restaurant concepts of the group include, among others, 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 employs approximately 900 people, proforma turnover in 2013 was approximately MEUR 87.0 and EBITDA about MEUR 13.3. www.restamax.fi. Rukakeskus Group has been responsible for the ski business in Ruka since 1973, and in Pyhä since 1987. We are one of Finland's leading tourism companies and market leader in the ski centre sector with about a 20% share of ski pass sales. We operate in the rapidly internationalising, year-round tourism centres of Ruka and Pyhä. Our core expertise is the ski business, but in Ruka and Pyhä we also conduct business in accommodation, ski-centre restaurants, equipment rental and retail. Our turnover is about MEUR 26 and we employ more than 200 people. Rukakeskus Oy is a family business of which siblings Kari Jussi Aho, Miia Porkkala, Annakaija Lappalainen, Antti Aho and Ville Aho own equal shares of 20%. The Aho Group of Companies owned by the same Aho family also includes the Aava Medical Centre Group, whose turnover is about MEUR 48 and it employs about 500 people. ski.ruka.fi, ski.pyha.fi. [HUG#1794917]

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