GREENSBORO, N.C., June 25, 2019 (GLOBE NEWSWIRE) -- HF Foods Group Inc. (NASDAQ:HFFG) and B&R Global Holdings, Inc. today 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.

About HF Foods Group Inc.

HF Foods Group Inc. (HFFG), headquartered in Greensboro, North Carolina, is a leading marketer and distributor of fresh produce, frozen and dry food, and non-food products to primarily Asian/Chinese restaurants and other foodservice customers throughout the Southeast region of the United States. With three distribution centers along the U.S. eastern seaboard, HF Foods aims to supply the increasing demand for Asian American restaurant cuisine. With an in-house proprietary ordering and inventory control network, more than 3200 established customers in 10 states, and strong relations with growers and suppliers of food products in the US and China, HF Foods Group is able to offer fresh, high-quality specialty restaurant foods and supplies at competitive prices to a growing base of customers. For more information, please visit: https://hffoodsgroup.com/.