NextFoods Merges Cheribundi and GoodBelly; Emil Capital Partners Leads Investment

Happy Belly Food Group Acquires Remaining 50% of PHIRO Fresh Greek Grill

May 21, 2026

Restaurants & Hospitality

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.

Next In Natural Acquires Rowdy Mermaid

June 3, 2025

Food & Beverage

Next In Natural has acquired Rowdy Mermaid, the Boulder-based maker of organic kombucha and Good Mood Soda, in partnership with strategic investors KarpReilly and Sapient Stews founder Luke Comer. Founders Jamba Dunn and Erin Donnelly will remain in leadership roles while Next In Natural will provide a shared-services platform to support production, supply chain, marketing and future product innovation.

Happy Belly Food Group Acquires IQ Foods Co.

September 6, 2024

Restaurants & Hospitality

Happy Belly Food Group Inc. has acquired 100% of Toronto-based QSR brand IQ Foods Co., including all four of its downtown Toronto locations. The acquisition expands Happy Belly's healthy/clean-eating platform, adding an estimated $4.0M in system sales and supporting the company's strategy of consolidating emerging food brands and growing its franchising footprint.

Ferrara Candy Company to Acquire Jelly Belly Candy Company

October 18, 2023

Food & Beverage

Ferrara Candy Company, through its lead holding company CTH Invest, has agreed to acquire Jelly Belly Candy Company. The deal (terms undisclosed) will bring nearly 800 Jelly Belly employees and facilities in California, Illinois, and Thailand into Ferrara's portfolio; the transaction is expected to close by the end of 2023.

Fermented Food Holdings Acquires wildbrine and Bubbies

March 8, 2022

Food & Beverage

Fermented Food Holdings (FFH), a newly formed Miami-based food & beverage holding company, has acquired fermented-food brands wildbrine (Santa Rosa, CA) and Bubbies (Ventura, CA). Taylor Farms is a strategic minority equity investor in FFH and will support supply-chain optimization; the deals expand FFH's portfolio as it builds a category-leading platform in fermented and functional foods.

Entrepreneurial Equity Partners and Mubadala Capital Invest in Mercer Foods and Thrive Freeze Dry

January 13, 2022

Food & Beverage

Chicago-based private equity firm Entrepreneurial Equity Partners (e2p) and Mubadala Capital Private Equity have completed an investment in Mercer Foods and Thrive (Thrive Freeze Dry), combining the two businesses to create a North American market leader in freeze-dried products. Mercer, founded in 1980 and headquartered in Modesto, California, is a leading provider of freeze-dried fruit and vegetable ingredients; Thrive, founded in 2004, is a manufacturer of freeze-dried proteins, pet treats, probiotics, enzymes and prepared meals. Graham Partners is mentioned as the seller of Mercer; financial terms were not disclosed.