US-based Atlantic Acquisition, now known as HF Foods Group, has completed its merger with HF Group Holding, a foodservice distributor for Chinese restaurants.
HF Foods stockholders approved both the merger and a name change to the company on 10 August.
The former shareholders of HF Group Holding will receive 88.5% of the outstanding common stock of the merged entity at a value of $10 each, valued at $199.7m.
HF Foods Group former chairman and CEO Richard Xu said: “Zhou Min Ni has done a phenomenal job creating one of the leading foodservice distribution companies in the Asian/Chinese restaurant market in the United States.
“Mr. Ni and his team have been exceptional partners throughout this process, and we look forward to HF Foods Group continuing its success as a public company.”
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Established in 1997, HF Group Holding distributes food to Asian and Chinese restaurants. It currently serves more than 3,200 restaurants across ten US states through 400 employees.
In addition, the current management team of HF Group Holding will operate the business post-merger, as well as act as executive management of the merged entity.
Zhou Min Ni will be chairman and CEO, Chan Sin Wong will serve as president and director and Jian Ming Ni will continue as the CFO of the company.
HF Foods Group CEO and chairman Zhou Min Ni said: “Our long-term vision is to become a nation-wide leader in this niche market. After more than 20 years of operational experience and growing into a nearly $300m US entity, we are excited to introduce HF Foods Group as a public company listed on the Nasdaq stock market.
“We look forward to expanding our customer base, streamlining infrastructure and undertaking strategic expansion through product enhancements, all of which we expect to create value for our investors.”