HF Foods Group Inc. and B&R Global Holdings, Inc. announced that they have entered into a merger agreement pursuant to which they will combine their operations. Pursuant to the terms of the merger agreement, at the closing of the merger, B&R Global Holdings will merge into HF Foods’s wholly owned subsidiary, resulting in B&R Global Holdings becoming a wholly owned subsidiary of HF Foods. HF Foods will issue approximately 30.7 million of its shares of common stock to the former shareholders of B&R Global Holdings as consideration for the transaction. The closing of the merger is subject to, among other things, the approval of HF Foods’s stockholders.
B&R Global Holdings, which began operations in 1999, is a food wholesaler and distributor for Asian restaurants in the United States. It serves approximately 6,800 restaurants in eleven western states.
“With this merger, the combined company will be the largest distributor to Asian restaurants in the US,” said Zhou Min Ni, chairman and chief executive officer of HF Foods. “With the combined resources of our two pioneering companies, we are well positioned to take advantage of the growing trend of food consumption away from home and of Asian cuisines in particular.”
The combined business will serve in excess of 10,000 restaurants in 21 states and had revenues in excess of $800 million in 2018.
The closing of the merger is subject to customary closing conditions and is expected to close in the third quarter of 2019.
For more information:
HF Foods Group Inc
Email: info@hffoodsgroup.com
www.hffoodsgroup.com