HF Foods completes CAD$47.9M (US$35M) acquisition of Searay Foods, first Canada expansion

HF Foods Group Inc.

Acquired 100% of Searay Foods for ~CAD$47.9M (US$35.0M), ~5.0x 2025 Adjusted EBITDA of CAD$9.56M.
Consideration: CAD$38.4M (US$27.8M) cash plus 1,701,871 shares at $4.00/share; earnout tied to EBITDA.
Deal expected immediately accretive to margins and EPS; adds specialty frozen seafood platform in Canada.
Searay management led by CEO Derick Ngan will continue to run day-to-day operations as HF Foods subsidiary.
JPMorgan-led lenders consented to joinder of Searay entities under existing credit facility; reserve released.

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