Las Vegas-based HF Foods Group Inc. has entered into an agreement to acquire substantially all of the assets of Sealand Food Inc.
“I am extremely pleased with the signing of the agreement to acquire Sealand’s operations and am looking forward to the closing of the transaction,” said Russell T. Libby, HF Group chairman. “Sealand’s leadership position in the frozen seafood industry, coupled with their extensive distribution network along the East Coast, particularly in states where HF Foods currently does not have a presence, perfectly complements the strengths of our existing network and supports our strategic goal of growth by acquisition.”
With 25 years of operating history, Richmond, Virginia-based Sealand is one of the largest frozen seafood suppliers servicing the Asian/Chinese restaurant market along the Eastern Seaboard of the U.S, with 2022 run-rate revenues expected to approach $90 million. Sealand services a market that includes 17 states along the East Coast, from Massachusetts to Florida, as well as Pennsylvania, West Virginia, Ohio, Kentucky and Tennessee.
“The acquisition of Sealand takes our extensive distribution network to 46 states covering well over 90 percent of the contiguous United States and propels us to over a billion dollars in projected 2022 revenue,” said Peter Zhang, CEO of HF Foods.
“Upon completion of the acquisition of Sealand, the company will serve approximately 15,000 restaurants. We will continue to solidify our market leadership position to deliver long-term shareholder value through organic growth and acquisitions such as this. On behalf of the company, I sincerely welcome Tammy Lu and the rest of the Sealand employees to our HF Group family.”
HF Foods Group Inc. is a marketer and distributor of fresh produce, frozen or dry food, and non-food products to primarily Asian and Chinese restaurants and other foodservice customers throughout the United States. With 16 distribution centers located throughout the U.S., HF Foods aims to supply the increasing demand for Asian American restaurant cuisine.
For more information, visit hffoodsgroup.com.