Burgermen are aiming for the stock exchange – Akseli Herlevi: “I hope the government will understand not to hire me as CEO”

Event organizer Rush Factory announced today that the company had time to reunite with a TV acquaintance Akseli Herlevin of the Street Food Group with.

If the merger were to go through, Rush Factory would issue new shares, most of which would go to Street Food shareholders, who would receive about 68 percent of the company’s shares.

Kauppalehti asked Street Food’s main owner and CEO Akseli Herlev why he wants to list his company on the stock exchange.

“There could be a good seam here”

According to Herlev, discussions with Rush Factory started a while ago. He says that the companies had a contact person who knew both companies and acted as a midwife in the project.

“We are creators of good tastes, we have restaurant experience and we are featured in the media a lot. The know-how related to organizing events is on the other side.”

Herlevi says that he has been to several food festivals in Finland, which are very crowded. Specifically because of the food and not, for example, the artists.

“This has strengthened the notion that there could be a good seam here. There are perhaps less people going to restaurants these days, but there are a lot of people going to events.”

“We plan to take events to places where they don’t exist, that is, to slightly smaller towns. When you visit the villages, the locals say that there are hardly any events.”

According to Rush Factory’s press release, the business would initially focus on food tours in Finland. In the late spring of next year, the Burgermen street food event is planned to be held in ten locations.

“Synergies are attractive”

People often go to the stock market in search of funding. Why do you want to list Street Food?

“The synergies of these two companies are attractive. Growth can be achieved faster than with brick-and-mortar stores and franchise business,” Herlevi answers.

According to him, Rush Factory has expertise in, for example, event organization, sales and marketing, and equipment for events.

“We bring personal brands and know-how on the food side as well as contacts. There is a strong belief here that the benefits of both parties can be used better together than separately.”

According to Herlev, it is not a traditional listing through a kitchen, because both companies really benefit from each other.

From a personal brand to a leader for a listed company

Herlevi is a well-known public figure in Finland. He and Ossi Lahtinen have become famous from the Burgerimiehet series, where they taste burgers in different parts of the world.

How much business would depend on your personal brand?

“It’s probably a pretty central part, at least in terms of the first events. It’s worth using our faces”, Herlevi replies.

He says that he is the main owner of Street Food, but there are other owners as well, such as the chairman of the board Marko Häkkinen and members Petri Laaksonen mixed Jari Tuovinenwhich is a newly listed company Solar Foodsinkin in the government.

Herlevi says that he would probably not become the chairman of the board. How about a CEO?

“Hardly. I am at my most natural in the kitchen and in front of the camera. If you can say that with a twinkle in the corner of your eye, then I hope the board will understand not to hire me as CEO”, laughs Herlevi.

If the merger takes place, the company plans to make a new strategy during the end of the year, publish a company prospectus to describe the new group, elect a new board for the company and also rename the group.

“The financial situation is good”

Street Food owns three Nauhgty Brgr restaurants. In addition to them, there are five Nauhgty Brgris in Finland, which operate on the franchise principle, as well as six kitchens under the virtual food district Huuva.

From Huuva’s platform, you can order home food from the selections of several different restaurants.

This year, three restaurants run by Street Food themselves have been closed: one in Turku and two in Espoo.

“We are closing less successful brick-and-mortar restaurants and focusing on franchising,” says Herlevi.

In addition to restaurants, Street Feed owns the production company Naughty Studios, which produces the Burgermen series. Naughty Retali mainly develops products sold in the retail stores of the trading group Kesko.

Herlevi does not disclose in more detail how many percent of turnover is generated from any business area.

What is Street Food’s financial situation?

“We have debt, but quite a bit, and the financial situation is good, especially when the share issue is completed.”

Conditions for unification

There are conditions for the merger of Rush Factory and Street Food. Street Food must organize a paid share issue in which it collects new capital of at least 300,000 euros.

Rush Factory must sell its property in Masku for at least 750,000 euros. In addition Niemelä Markka & Ropon and Markus Niemelän are converting their undisputed claims from Rush Factory into shares.

Niemelä is Rush Factory’s largest owner with 18.39 percent ownership. He also serves as the chairman of the company’s board.