Restamax Plc: SMILE HENKILÖSTÖPALVELUT HAS BOUGHT A MAJORITY STAKE OF CONSTRUCTION-SECTOR HIRED LABOUR COMPANY ADICIO OY SPECIALISING IN FOREIGN MANPOWER

Restamax Plc

STOCK EXCHANGE RELEASE 22/03/2018, 9:00am

SMILE HENKILÖSTÖPALVELUT HAS BOUGHT A MAJORITY STAKE OF CONSTRUCTION-SECTOR HIRED LABOUR COMPANY ADICIO OY SPECIALISING IN FOREIGN MANPOWER

Restamax Plc's subsidiary Smile Henkilöstöpalvelut Oy has bought a majority (80%) stake of construction-sector hired labour company Adicio Oy. Adicio has commercialised the import of foreign labour into Finland, all the way from the work permit application procedure to accommodation and support services to facilitate living in Finland. Adicio operates throughout the country.

With this acquisition, 80% of Adicio Oy's shares transfer to Smile's ownership. The current owners, Jatke Oy and Gralt Oy, continue as a minority shareholder. The purchase price has been agreed at MEUR 6. Ownership of the entity purchased will transfer on 3 April 2018.

- I am very happy that this arrangement has been concluded. The availability of labour poses the greatest challenge to growth in our sector. For their own needs, Adicio and Jatke have created a first-class service concept to import labour into Finland. The service concept can be duplicated and, with the arrangement concluded now, we can produce to our customers nationwide a new service which can solve the manpower needs of several Finnish companies, says Smile Henkilöstöpalvelut Oy Managing Director Sami Asikainen.

- Adicio is an integral part of Jatke's business strategy. Thanks to the corporate acquisition concluded and Smile's sales organisation, in future we can even out the seasonal fluctuation typical of the construction sector more efficiently than before, and secure longer employment relationships to Adicio's employees. Skilled and committed personnel are especially important to us when building and renovating homes and workplaces where people feel good to live and spend time in even years from now, says Jatke Oy Chairman of the Board of Directors Esa Eloranta.

- In the last two years, Smile has trebled its turnover and maintained profitability which is among the best in the field. We have grown organically and through acquisitions. We want to be an active part of the change taking place in the labour market and a leading company in manpower availability. The corporate transaction concluded now is a key part of our growth strategy, supported by Adicio's duplicable concept and the 6-year cooperation agreement with Jatke Oy related to the agreement, says Sami Asikainen.

According to preliminary information, Adicio's turnover was MEUR 8.772 and operating result MEUR 1.692 at the end of 2017.

On 15 March 2018, Restamax has communicated that it will evaluate the listing of Smile Henkilöstöpalvelut Oy on the Nasdaq Helsinki Ltd Stock Exchange.

Additional information:
Jarno Suominen, CFO, Restamax Plc, tel. +358 40 721 5655
Sami Asikainen, CEO, Smile Henkilöstöpalvelut Oy, tel. +358 40 700 9915

Distribution:
NASDAQ Helsinki
Major media
www.restamax.fi

Restamax Plc is a Finnish Group established in 1996, specialising in restaurant services and labour hire. The company, which was listed on Nasdaq Helsinki in 2013 and became the first Finnish listed restaurant company, has continued to grow strongly throughout its history. The Group companies include more than 130 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 2017, Restamax Plc's turnover was MEUR 185.9 and EBITDA MEUR 22.4. Depending on the season, the Group employs approximately 2,250 people converted into full-time workers. Restamax's subsidiary Smile Henkilöstöpalvelut Oy employs approximately 9,000 people per month.

Restamax company website: www.restamax.fi, Restamax consumer website: www.ravintola.fi, Smile Henkilöstöpalvelut: www.smilepalvelut.fi