News Digest
Halperns’ Steak and Seafood Company dba Halperns’ Purveyors of Steak and Seafood — Atlanta, GA
Laura Barnard, Halperns’ Steak and Seafood Company’s chief financial officer, disclosed to SEAFAX November 16 that the company acquired the assets of Baltimore, MD-based Maryland Hotel Supply Co Inc, which also conducted business as Maryland Quality Meats, effective October 26.
Although financial details related to the transaction were not released, Barnard stated Halperns’ used available cash and additional borrowings under its working capital line of credit to fund the deal.
Barnard said the acquired assets include accounts receivable, inventory, customer lists and the lease for the Baltimore facility from which Maryland Hotel Supply operated. Additionally, Barnard confirmed Halperns’ assumed Maryland Hotel Supply’s accounts payable, which will be paid in full under the normal course of business.
Barnard conveyed that Maryland Hotel Supply’s management, including its president, Russell D. Niller III, will continue to run the Baltimore location, which will now be operated as a division of Halperns’.
Barnard told SEAFAX that the acquisition provides Halperns’ with a stronger presence in the region as the operations will complement those of the company’s Atlantic City, NJ division, which will support continued growth. Barnard added that Maryland Hotel Supply’s operations fit well with Halperns’ meat purveyor business, providing the acquired company’s customers with additional product offering.
Barnard also informed SEAFAX November 16 that Halperns’ is making a sizable investment in plant modification, new processing and packaging equipment and building a state-o- the art dry aging room. Further, Halperns’ will bring its expanded product line of many outstanding beef, lamb, veal, pork, seafood, and other specialty center-of-the plate proteins into the market area, according to Barnard.
Maryland Hotel Supply was established in 1927 by Russell D. Niller Sr. as a food wholesaler.
In early 2012, Halperns’ acquired the business of Fort Lauderdale, FL-based K & G Brothers Inc and merged the operations of that company into its existing Florida-based division.
Halperns’ was formed in 2005 operates as a foodservice distributor.