AcquisitionsNov 6, 2026, 04:26 PM
HF Foods Acquires Searay and Morgan Foods for $51.3M; Corrects Growth Figures
AI Summary
HF Foods Group Inc. announced the completion of its acquisition of Searay Foods Inc., Morgan Foods Inc., and certain assets of Searay Foods USA Inc. for an aggregate purchase price of CAD$71.1 million (approximately USD$51.3 million). The acquisition was financed through existing credit facilities. The company also clarified a previous misstatement regarding its revenue compound annual growth rate, stating that the actual revenue CAGR from FY2019 to FY2024 was approximately 6.6%, not 15% as previously reported. The 15% figure actually represents the EBITDA compound annual growth rate for the same period.
Key Highlights
- HF Foods Group Inc. completed the acquisition of Searay Foods Inc., Morgan Foods Inc., and certain assets of Searay Foods USA Inc. for an aggregate purchase price of CAD$71.1 million (approx. USD$51.3 million).
- The acquisition was financed through ABL and a credit agreement with JPMorgan Chase Bank, N.A.
- The acquired entities will join the Credit Agreement as parties within five business days post-closing.
- The press release incorrectly stated a revenue CAGR of 15% from FY2019-FY2024; the actual revenue CAGR was approximately 6.6%.
- The 15% figure actually corresponds to the Company Group's EBITDA compound annual growth rate for the same period.
Price Impact
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