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August 24, 2018

Atlantic Acquisition merges with foodservice provider HF Group Holding

US-based Atlantic Acquisition, now known as HF Foods Group, has completed its merger with HF Group Holding, a foodservice distributor for Chinese restaurants.

US-based Atlantic Acquisition, now known as HF Foods Group, has completed its merger with HF Group Holding, a foodservice distributor for Chinese restaurants.

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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.”

“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.”

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.”

Free Report
img

The critical role of sustainability for Foodservice success in the 2020s

Consumers have radically re-thought their priorities in recent years and changed their habits for the good of the planet, starting to hold companies accountable for their ESG activities. These changes are set to be significant hallmarks of the Consumer Landscape in the 2020s. In order to appease consumers’ new concerns, meeting these new sustainability imperatives will be crucial for the recovery of the Foodservice industry. Consumers are expected to use ESG criteria much more actively in their selection of Foodservice brands to engage with. Download GlobalData’s free report to:
  • Understand the range of ESG challenges currently facing the Foodservice sector
  • Gain insight into consumers’ expectations via consumer survey deep dives
  • Learn from foodservice operators and brands who are already successfully embracing ESG strategies
Stay ahead of consumer concerns and rise to meet them. Download the report now.
by GlobalData
Enter your details here to receive your free Report.

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