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HF Foods Group to acquire Searay Foods
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Tuesday, 28 July, 2026, 16 : 00 PM [IST]
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Las Vegas, USA
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HF Foods Group Inc has entered into a definitive agreement to acquire Searay Foods Inc., and its related entities Searay. The transaction represents HF Foods’ first expansion outside United States and is expected to close in Q3 2026, subject to customary closing conditions and regulatory approvals.
Under the terms of the agreement, it will acquire up to 100 per cent of the outstanding equity interests of its for total consideration of approximately CA$47.9 million, representing approximately 5.0x its 2025 Adjusted EBITDA of approximately CA$9.6 million. Consideration will be funded through a combination of cash on hand and shares of HF Foods common stock, with final terms to be disclosed upon closing.
Felix Lin, president and chief executive officer of HF Foods, said, “The acquisition of Searay is a pivotal milestone in HF Foods’ growth journey and the first step in our long-stated strategy to expand our platform beyond the United States. Searay has built an exceptional reputation over 25 years as a leading Canadian distributor of ethnic frozen seafood, with deep supplier relationships, a trusted multi-brand portfolio, and industry-leading margins. This transaction is consistent with the disciplined, accretive M&A strategy we have communicated to investors, and we are excited to combine Searay’s expertise in frozen seafood with HF Foods’ national distribution infrastructure to unlock meaningful cross-selling and supply chain synergies across both businesses.”
Jack and Philip Chan, co-presidents and founders of Searay, said, “We are proud of what we have built at Searay over the past 25 years, and we believe HF Foods is the right partner to carry that legacy forward. HF Foods’ scale, distribution network, and shared commitment to quality and customer service make this a natural combination. We look forward to working alongside the HF Foods team to accelerate Searay’s growth, including our ongoing expansion into US market.”
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