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HF Foods Group Agrees to Acquire Searay Foods

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HF Foods Group (HFFG) said Thursday it has entered into a definitive agreement to acquire Canadian seafood importer and distributor Searay Foods and its related entities for 47.9 million Canadian dollars ($34 million).

The transaction is expected to close in Q3 and will be funded by cash on hand and newly issued HF Foods shares, according to a statement.

Upon the closing of the transaction, Searay will become a subsidiary of HF Foods, led by incoming Chief Executive Officer Derick Ngan and its current management team, the statement said.

Price: $1.66, Change: $+0.05, Percent Change: +3.11%

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