Herlevin Street Food plans to merge with the listed Rush Factory.
Akseli Herlev’s company plans to merge with a listed company. Eeva Paljakka
Event organizer Rush Factory and Akseli Herlevin Street Food Group (SFG) have signed a preliminary agreement on the merger of the companies.
The merger is to take place in such a way that Rush Factory acquires the entire stock of SFG through a share exchange.
Rush Factory’s shares are listed on the First North list of the Helsinki Stock Exchange. In this way, the merger would bring Herlev’s businesses to the so-called stock exchange. through the kitchen.
Rush Factory’s stock is a so-called penny stock. The last payment was 0.30 euros.
SFG originated from the Naughty BRGR restaurant founded by Herlev in 2015. Last year, with a turnover of 10.7 million euros, the company made an operating loss of just under 200,000 euros.
According to Kauppalehti, Rush Factory had a turnover of 3.2 million euros last year without a mentionable operating profit.
SFG expanded its operations
Over the years, the SFG Group has expanded to several offices and started new businesses, such as the Naughty Studios production company that produces the Burgerimiehet TV series and the Herlevin Hyvää YouTube channel, and the Naughty Retail company that mainly develops consumer products sold in Kesko’s retail stores.
If the merger takes place, Rush Factory’s current business will initially focus on food tours produced together with SFG in Finland, the first of which will be the Burgermiehet street food event organized in around ten locations in late spring 2025.
SFG will continue its current operations, focusing mainly on franchising business, producing the Burgerimiehet program format, and developing and selling retail products. In addition, SFG currently operates three of its own restaurants.
Chairman of the Rush Factory Board Markus Niemelä says in the company’s announcement that the company has been looking for a solution and a new direction for the development of the company for a long time after the challenges caused by the corona years.
– Discussions with Street Food Group Oyj have been fruitful and the planned new entity perfectly combines the core expertise of both companies. We are very excited about the emerging new company and the opportunities it brings, says Niemelä.
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