HF Foods Group, a leading food distributor to Asian restaurants across the United States, has entered into an agreement to acquire the assets of Sealand Food.
Richmond, Virginia, U.S.A.-based Sealand is one of the largest frozen seafood suppliers to the Asian/Chinese restaurant market on the U.S. East Coast. The company expects its run-rate revenues to approach USD 90 million (EUR 85 million) in 2022, HF Foods said in a press release.
Las Vegas, Nevada, U.S.A.-based HF Foods is a distributor of fresh produce, frozen and dry food, and non-food products to primarily Asian/Chinese restaurants and other foodservice customers throughout the U.S. It did not disclose the terms of the transaction.
Sealand services 17 states along the East Coast, from Massachusetts to Florida, as well as Pennsylvania, West Virginia, Ohio, Kentucky, and Tennessee. It operates 16 distribution centers strategically located throughout the nation and has more than 12,500 established customers in over 40 states.
With the acquisition, HF will be able to cover more than 90 percent of the contiguous U.S. and serve around 15,000 restaurants, and will have more than USD 1 billion (EUR 940 million) in projected 2022 revenue, according to CEO Peter Zhang.
“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,” HF Group Chairman Russell T. Libby said.
