New York-based Fresh2 Group acquires food e-commerce platform Youfood Group Inc.

The acquisition will help broaden Fresh2’s network over Asia and South America.

New York-based B2B e-commerce company Fresh2 Group Ltd., through its subsidiary Fresh2 Technology Inc., has bought the B2B cross-border e-commerce food platform Youfood Group Inc.

Through a stock purchase agreement (SPA), the QSR company aims to utilise the resources of Youfood Group Inc. to broaden the network of Asian and South American food resources and enhance access to a new customer base.

Fresh2 has also agreed to acquire 100% of the issued and outstanding shares in Youfood for 38,333,334 newly-issued shares of Fresh2 Class A common stock.

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“We are committed to sustainable development in the food service industry and to continuously bring diverse high-quality food products to North American consumers. This acquisition provides us with an excellent opportunity to integrate and enhance our capabilities, thereby improving performance and expanding our food supply chain ecosystem,” Haohan Xu, CEO of Fresh2, said.