Las Vegas, Nevada-based HF Foods Group Inc., an Asian food distributor, has completed the acquisition of the business operations of the Great Wall Group, consisting of the Great Wall Seafood Supply Inc., Great Wall Restaurant Supplier Inc. and First Mart Inc.
The Great Wall Group generates combined annual revenue of approximately $170 million pre-pandemic and about $200 million assuming revenue remains steady with its most recent quarter. Specifically, the Great Wall Group has had a dominant presence in the Midwest, Southwest and Southern regions since its inception in 1996.
The Great Wall Group works with vendors globally, from regions such as China, Canada, South America and New Zealand, with thousands of cargo containers transported annually.
The transaction, structured as an asset purchase, was completed on Dec. 30, for mixed consideration of cash and stock.
“I am excited with the successful purchase of the Great Wall Group operations,” said HF Group Chairman Russell T. Libby. “Their leadership position in the frozen seafood industry and extensive distribution network, particularly where HF Foods does not have a presence, complements the strengths of our existing network and supports our strategic goals of growth and providing superior product choices to our customers.”
Peter Zhang, CEO of HF Foods, added: “The acquisition doubles our distribution network to over 40 states covering approximately 80 percent of the United States and propels us to over a billion dollars in projected 2022 revenue.
The combined entity now serves over 12,500 restaurant customers or about 30 percent of the nation’s Asian/Chinese restaurant establishments. We will continue to solidify our market leadership position to deliver long-term shareholder value through organic growth and acquisitions such as this.
“On behalf of the company, I sincerely welcome Mr. Bo Wong and the rest of the Great Wall Group employees to our HF Group family,” Zhang said.
Wong, founder and president of the Great Wall Group, said they are excited to be a part of HF Foods Group.
“With HF’s nationwide distribution network and market leadership position in the food service industry, the Asian/Chinese hospitality sector will certainly appreciate the newfound strength and expertise of HF Group to better support their needs,” Wong said. “I am thankful for the warm welcome and I believe our employees will find this to be a fulfilling new home.”
HF Foods Group has 16 distribution centers located throughout the nation. It has an in-house proprietary ordering and inventory control network, more than 12,500 established customers in over 40 states and strong relations with growers and suppliers of food products in the U.S., South America and China.
For more information, visit hffoodsgroup.com.
