NoHo Partners has signed an agreement in which ownership of three nightclubs in Helsinki downtown will be transferred under the ownership of group’s subsidiary. After the transaction, NoHo will hold 60% stake in the subsidiary (Stadin Night Oy). According to the company, following the acquisition, it becomes market leader in the Helsinki entertainment and nightclub market with around EUR 25m annual sales. Historically, NoHo’s market share has been smaller in Helsinki entertainment and nightclub market when compared to other student cities. Transaction price or top line impact is not disclosed, while we believe three nightclubs (Apollo Live Club, Maxine and Kaivohuone) to command around EUR 10m annual sales as a combined entity. Good to note that nightclubs have traditionally been the most profitable restaurant type. We believe that 2024 targets (EUR 400m net sales with 10% EBIT margin) start to look more achievable through the transaction. We have modelled EUR 378m sales with 10% EBIT margin for 2024E.
Lähde: Finwire News