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Provider: Reuters Investment Profile
$20.00

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Restamax and Hans Valimaki Oy launch joint venture


Thursday, 9 Jan 2014 03:00am EST 

Restamax Oyj:Says Restamax and Hans Valimaki Oy have launched a joint venture called Gastromax Oy.Says Restamax owns 70 percent and Hans Valimaki Oy 30 per cent of the new company.Says the joint venture has purchased the Midhill restaurants located in Helsinki and Tampere amusement parks, previously owned by Hans Valimaki through various companies, and also the operations of two other restaurants.Says the combined selling price of the businesses is 1,200,000 euros, 570,000 euros of which will be paid at the time of purchase, and the remaining euros 630,000 in instalments by Sept. 30, 2015.Says the estimated annual turnover of the purchased businesses is about 4 million euros and the EBITDA is about 10 percent.Says the businesses will be transferred to the ownership of the buyer during Q1.Says Hans Valimaki Oy will continue to act as a consultant to the purchased businesses and contribute to Restamax's dining concept. 

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