Happy Belly Food Group Acquires Remaining 50% of PHIRO Fresh Greek Grill
May 21, 2026
Happy Belly Food Group exercised its right to acquire the remaining 50% of PHIRO Fresh Greek Grill, which will make PHIRO a wholly owned subsidiary of Happy Belly. The transaction is expected to complete on a debt-free basis at a valuation multiple of 7.5x trailing-twelve-month EBITDA, with purchase consideration satisfied via transferring an agreed percentage of the joint venture’s existing Happy Belly shares (no cash and no issuance of new shares). Final transaction details are expected after reconciliations are completed in Q3 2026.
- Buyers
- Happy Belly Food Group
- Targets
- PHIRO Fresh Greek Grill
- Platforms
- Happy Belly Food Group
- Industry
- Restaurants & Hospitality
- Location
- Canada
- Transaction Type
- Addon
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