HF Foods completes Searay Foods acquisition, establishing its first international expansion through the purchase of the Canadian frozen-seafood importer and distributor, the company said in an SEC filing.
HF Foods acquired all outstanding equity interests in Searay Foods Inc. and related entities for base consideration of approximately CAD$47.9 million, or about US$35.0 million. The consideration included about CAD$38.4 million in cash and 1.7 million HF Foods common shares priced at US$4.00 each, alongside potential additional payments tied to future performance.
Searay Foods Acquisition Establishes Canadian Platform
The Searay Foods acquisition gives Las Vegas-based HF Foods a platform in Canada and expands its presence in specialty frozen seafood, according to Chief Executive Officer Felix Lin. Searay, based in Richmond, British Columbia, imports and distributes ethnic and specialty frozen seafood to retail, wholesale, and restaurant customers across North America.
Searay’s existing management team will continue running day-to-day operations as an HF Foods subsidiary, led by incoming Chief Executive Officer Derick Ngan. The company said Searay sources products from more than 80 suppliers worldwide and sells through six proprietary brands.
HF Foods said the base price represented roughly 5.0 times Searay’s 2025 adjusted EBITDA. The company expects the transaction to be immediately accretive to margins and earnings per share, but cautioned that these are forward-looking non-GAAP measures and that integration, foreign-exchange movements, purchase accounting, and other factors could affect results.
