Restamax Plc: SMILE HENKILÖSTÖPALVELUT GROWS, BUYS BANSSI HENKILÖSTÖPALVELUT
Restamax Plc
STOCK EXCHANGE RELEASE 5 APRIL 2017 at 10:00am
Smile Henkilöstöpalvelut grows, buys Banssi Henkilöstöpalvelut
Smile Henkilöstöpalvelut, a subsidiary of Restamax Plc engaging in the labour hire business, has bought the entire shareholding of Pasianssi Oy (Banssi Henkilöstöpalvelut) with a deed of sale dated 5 April 2017. The operations and ownership of the entity bought will transfer on 5 April 2017, and the operations will from then on be included in Smile Henkilöstöpalvelut Oy.
Founded in 2013, Banssi Henkilöstöpalvelut is a recruitment and labour hire service company operating in 14 cities throughout Finland. Pasianssi Oy's subsidiaries are Banssi etelä Oy, Banssi pohjoinen Oy, Banssi häme Oy, Banssi uusimaa Oy, Banssi itä Oy, Banssi länsi Oy, Banssi keski Oy, Banssi kaakko Oy, Banssi lappi Oy, Banssi Helsinki Oy, Banssi Safety Oy, Banssi Hoiva Oy and Talous Bandora Oy. The company's staff bank has some 2,000 employees.
"The corporate acquisition supports our successful growth path, and we see significant synergy benefits in this cooperation. With the transaction, two companies merge which share the same spirit, are customer-oriented, grow extremely strongly and complement each other's strengths in their fields of expertise. Especially, Banssi has a strong foothold in industry and construction, which strengthens our position in these sectors throughout the country," says Smile Henkilöstöpalvelut Oy Managing Director Sami Asikainen.
The transaction introduces no changes to the service Banssi Henkilöstöpalvelut offers its customers, and the company continues operating under its current name and brand. The minority shareholders of Banssi's subsidiaries continue as shareholders in key roles. Pasianssi Oy is owned by Pasi Eteläaho (70%) and his partner (30%). The Eteläahos will continue to run Banssi Henkilöstöpalvelut and become shareholders of Smile Henkilöstöpalvelut Oy. Pasi Eteläaho will become a member of the Board of Directors of Smile Henkilöstöpalvelut Oy.
"It has been interesting to follow Smile Henkilöstöpalvelut's growth story. Our open corporate culture and values are very similar. It is fantastic to be able to together develop our operations and the future of the entire labour hire segment in Finland. Together we can be a pioneer in the sector," says Pasi Eteläaho.
"The labour hire sector is a significant employer and a field of future growth in Finland. The Eteläahos, the subsidiaries' minority shareholders and the skilled staff bring their valuable experience and sector knowledge to our operations, helping us further boost our growth, which is stronger than the general development in the sector," says Asikainen.
The total purchase price of the corporate acquisition is MEUR 5.0 in cash and, entitling to a 10 per cent share, in Smile Henkilöstöpalvelut Oy's new shares. To pay the share of the purchase price to be paid in the company's shares, a special issue to Pasianssi Oy's shareholders will be arranged. In addition, the sellers will be paid a conditional additional purchase price of MEUR 1.0, if the result in the 2017 financial period of the entity acquired reaches the targets set.
Pasianssi Group's turnover in 2016 was MEUR 19.5. It is the objective of the entity acquired to continue strong growth in the 2017 financial period.
Additional information:
Jarno Suominen, CFO, Restamax Plc, tel. +358 40 721 5655
Sami Asikainen, Managing Director, Smile Henkilöstöpalvelut Oy, tel. + 358 40 700 9915
Pasi Eteläaho, Chairman of the Board of Directors, Pasianssi Oy, tel. +358 50 555 5422
Distribution:
NASDAQ OMX Helsinki
Major media
www.restamax.fi
Restamax Plc is a Finnish restaurant business and labour hire services group established in 1996. The company, which listed on NASDAQ OMX Helsinki in 2013 and became the first Finnish listed restaurant company, has continued to grow strongly throughout its history. The Group companies include some 120 restaurants, nightclubs and entertainment centres all over Finland. Well-known restaurant concepts of the Group include Stefan's Steakhouse, Viihdemaailma Ilona, Classic American Diner and Colorado Bar & Grill. In 2016, Restamax Plc's turnover was MEUR 130.1 and EBITDA MEUR 19.4. Depending on the season, some 1,100 persons converted into full-time employees work at the Group. The workforce of Restamax subsidiary Smile Henkilöstöpalvelut Oy is about 4,500.
Restamax company website: www.restamax.fi, Restamax consumer website: www.ravintola.fi, Smile Henkilöstöpalvelut: www.smilepalvelut.fi