Tracked deals
3
3 tracked deals across 2024-2026.
Public Company
Consumer
Happy Belly Food Group
Vancouver, British Columbia, Canada
Happy Belly Food Group specializes in the growth of consumer food brands. It provides founders with a playbook to improve business processes, increase revenue, reduce costs, and drive operational improvements, with a portfolio of brands (including iQFoods and Holy Crap Cereal).
- Focus Areas
- Quick-service / fast-casual restaurants, Healthy / clean-eating concepts, Food brands (multi-brand consumer food)
- Website
- happybellyfg.com
Recent pace
2
2 tracked deals announced in the last 12 months.
Deal mix
Addon
2 addon · 1 growth capital
Happy Belly Food Group Acquisition Volume by Year
Last 2 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
September 14, 2026
- Buyer
- Happy Belly Food Group Inc.
- Target
- Ghost Taco
- Seller
- Ghost Taco owners (Samantha Buckley, Grant Buckley and Steve Tallas)
- Industry
- Restaurants & Hospitality
- Location
- Ontario, Canada
- Type
- Growth capital
Happy Belly Food Group signed a definitive agreement and completed the acquisition of a 50% interest in Ghost Taco through a newly formed joint venture, with an option to acquire the remaining 50%. Ghost Taco’s owners transferred the franchised system’s intellectual property to the joint venture, while Happy Belly will provide strategic and operational support to expand the brand.
-
- Buyer
- Happy Belly Food Group
- Target
- PHIRO Fresh Greek Grill
- Industry
- Restaurants & Hospitality
- Location
- Canada
- Type
- Addon
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.
-
September 6, 2024
- Buyer
- Happy Belly Food Group Inc.
- Target
- IQ Foods Co.
- Industry
- Restaurants & Hospitality
- Location
- Ontario, Canada
- Type
- Addon
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.
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