HF Foods acquires Searay Foods for CAD$47.9 million
News provided byHF Foods Group Inc · 2 min read
LAS VEGAS, Sept. 03, 2026 /CourierPR/ -- HF Foods Group Inc., a leading distributor of international foodservice solutions, has completed its acquisition of Searay Foods Inc., a prominent Canadian importer and distributor of ethnic and specialty frozen seafood, headquartered in Richmond, British Columbia. The deal, valued at approximately CAD$47.9 million (USD$35.0 million), marks a significant expansion for HF Foods into the Canadian market and strengthens its position in the specialty frozen seafood sector.
Under the terms of the agreement, HF Foods acquired 100% of Searay’s equity for CAD$38.4 million in cash and 1.7 million shares of HF Foods common stock, priced at USD$4.00 per share. Additional contingent consideration of up to CAD$9.5 million is tied to Searay’s future performance, aligning the interests of both companies.
"Felix Lin, President and CEO of HF Foods, stated, 'The acquisition of Searay enhances our presence in the Canadian market and deepens our specialty frozen seafood portfolio, a crucial segment in our growth strategy.'"
Derick Ngan, the incoming CEO of Searay, will continue to lead the company as a subsidiary of HF Foods. Ngan brings extensive experience in the industry, having managed Searay’s operations for over a decade.
"Searay’s strong financial profile, including industry-leading margins and consistent growth, complements HF Foods' national scale," Lin added. "We look forward to combining Searay’s multi-brand portfolio with our extensive distribution network to capture significant cross-selling and supply chain synergies."
Searay Foods Inc., founded in 2000, is known for its diverse portfolio of ethnic and specialty frozen seafood products, distributed through six proprietary brands. The company sources premium frozen seafood from over 80 global suppliers and caters to retail, wholesale, and restaurant customers across North America.
"HF Foods Group Inc., headquartered in Las Vegas, Nevada, and listed on Nasdaq under the symbol ‘HFFG,’ continues to meet the growing demand for Asian American cuisine. The acquisition of Searay is expected to drive significant accretive effects on margins and earnings per share," Lin concluded.
The acquisition is anticipated to bolster HF Foods’ market position and expand its reach, particularly in the Canadian market. As both companies integrate, they aim to leverage synergies and optimize operations to maximize the benefits of this strategic move.
HF Foods Group Inc. is a leading marketer and distributor of fresh produce, frozen and dry food, and non-food products to Asian restaurants and other foodservice customers throughout the United States and Canada.