Royal Ravintolat and Restamax to combine


On 11 April 2018, Restamax Plc (“Restamax”) and Intera Fund II Ky (“Intera”) and the other shareholders of RR Holding Oy have signed a share purchase agreement whereby Restamax purchases all the shares in RR Holding Oy (“Royal Ravintolat”); and at the same time, the shareholders and key personnel of Royal Ravintolat will make an investment in Restamax. The completion of the transaction is conditional upon a decision by Restamax’s General Meeting regarding a share issue and on the arranging of financing for the cash purchase price.

The enterprise value of Royal Ravintolat in the transaction is MEUR 90. MEUR 20 of the purchase price will be paid in new Restamax shares to be issued to the sellers of Royal Ravintolat in a directed share issue. In the share issue, the subscription price per share shall be EUR 8.80. A part of the sale price will be paid in cash. The transaction is expected to increase Restamax’s net debt by approximately MEUR 70.

Upon completion of the transaction, Intera would become the fourth-largest shareholder of Restamax with a shareholding of approximately 10 per cent. Intera would not be subject to a lock-up regarding the shares of Restamax to be issued to Intera. The other sellers’ combined shareholdings in Restamax would amount to a few per cent. Intera’s partner Tomi Terho, Saku Tuominen and Miki Kuusi, all currently members of Royal’s board, will join the board of directors of the combined company.

The transaction is expected to be completed during summer 2018. The aim is to carry out the integration in late 2018 and early 2019. The transaction will create one of the largest restaurant groups in the Nordic countries listed on the Helsinki Stock Exchange.

Upon the completion of the transaction, Restamax CEO Juha Helminen will take charge of the company’s international operations as the CEO of Restamax International, and Royal Ravintolat CEO Aku Vikström will be appointed as the CEO of the Group with responsibility for the company’s operations in Finland.

After the transaction, Restamax will release more information about its future goals and prospects.