Happy Belly Food Group Announces the Signing of a Definitive Agreement and Closing of 50% Acquisition of Ghost Taco Fast Casual Restaurant Chain
Happy Belly’s first 2026 deal adds Ghost Taco through a 50% joint venture with an option to acquire the remainder.
Rhea-AI Summary
Happy Belly Food Group (HBFGF) has signed a definitive agreement and closed the 50% acquisition of the Ghost Taco fast-casual restaurant chain via a joint venture in 2026.
The parties formed a joint venture company (JVCo) for franchise expansion, with Ghost Taco’s owners transferring the brand IP and other intellectual assets to JVCo for 50% of its common shares. Happy Belly subscribed for the remaining 50% of JVCo shares and obtained an option to acquire the other 50% of the business in future. Ghost Taco operates an asset-light franchised system with five Ontario locations in Newmarket, Kingston, Whitby, Barrie and Peterborough and is described as debt free and cashflow positive.
This transaction is Happy Belly’s first acquisition of 2026 and becomes part of its accelerated M&A program, supporting a dual expansion strategy combining franchised growth with targeted corporate store openings.
Positive
- 50% acquisition of Ghost Taco completed through a joint venture structure
- Option to acquire remaining 50% of Ghost Taco obtained by Happy Belly
- Five existing franchised locations in Ontario transferred into the JV structure
- Debt free and cashflow positive financial profile for Ghost Taco, per the company
- First acquisition of 2026 added to Happy Belly’s accelerated M&A program
Negative
- None.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Toronto, Ontario--(Newsfile Corp. - September 14, 2026) - Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leader in acquiring and scaling emerging food brands across Canada, is pleased to announce that further to its announcement of entering into a binding LOI for
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Ghost Taco is a fast-growing Ontario-based fast-casual restaurant brand specializing in bold, Mexican-inspired tacos, bowls, sides and desserts. Founded by Samantha Buckley, Grant Buckley and Steve Tallis as a pop-up, Ghost Taco has grown into a multi-location concept with a playful "unauthentic Mexican" positioning. The brand has built a loyal customer following through its distinctive flavors, strong local appeal and memorable brand identity, supported by a scalable franchise model and an expanding footprint across Ontario, including Newmarket, Kingston, Whitby, Barrie, and Peterborough. The completed acquisition supports our continued investment in founder-led foodservice brands with strong unit economics and category leading growth potential.
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Ghost Taco, an asset light franchised system, has 5 established real estate locations in Ontario. "When looking for an acquisition we look for the 3 P's: People, Product and Process. With founders Samantha Buckley, Grant Buckley and Steve Tallis of Ghost Taco, we found exactly that," said Sean Black, Chief Executive Officer of Happy Belly.
"I have been looking for the right brand to get back into the Mexican-inspired category where I had previous success founding and growing Mucho Burrito to be the market leader in Canada for fast casual Mexican. I love working with founders and trying to help their emerging brands reach their full potential. Sam, Grant & Steve, welcome to the Happy Belly family…I can't wait to get started growing the business together."
"Ghost Taco started as a pop-up, and what happened next was beyond anything we could have imagined. People fell in love with the food, connected with the brand, and started asking us for a permanent restaurant. We listened and built it, knowing there was something really special about what Ghost Taco was becoming and believing it could become something much bigger. Today marks an incredible new chapter. With Sean Black and the Happy Belly Food Group team behind us, we have the experience and platform to take Ghost Taco across North America and build one of the most exciting and fastest growing restaurant brands in the industry," said Samantha Buckley, Grant Buckley and Steve Tallas, founders of Ghost Taco.
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"In addition to meeting our criteria for people, product, and process, this acquisition structure aligns perfectly with the financial metrics and belly check criteria Happy Belly looks for in an acquisition, being debt free and cashflow positive," added Sean Black. "With the transaction now closed, this acquisition becomes part of our accelerated M&A program, joining our existing pipeline of contractually committed locations across multiple emerging brands at various stages of development, construction, and operation. Our dual expansion strategy, combining franchised growth with targeted corporate store openings highlights our focus on disciplined, predictable growth as we advance toward becoming Canada's leading restaurant consolidator."
Acquisition Details
Happy Belly and Ghost Taco have signed a definitive agreement and completed the formation of a joint venture ("JVCo") for the purposes of franchise expansion and growth of the Ghost Taco fast casual restaurant brand.
At closing, the owners of Ghost Taco transferred the IP and other intellectual assets of the Ghost Taco franchised system to JVCo in exchange for
The completed acquisition represents the incorporation of Happy Belly's first acquisition of 2026.
"Our approach has always been to focus on the development of emerging brands in the food sector. Ghost Taco is an accretive acquisition by Happy Belly Food Group, and it is anticipated that our franchising program will deliver new franchised locations that will continue to drive both the top line and bottom line of the company in a meaningful way very shortly."
"We are just getting started," added Sean Black.
About Ghost Taco
Ghost Taco is an Ontario-based fast-casual restaurant brand serving bold, Mexican-inspired tacos, bowls, sides and desserts. Founded by Samantha Buckley, Grant Buckley and Steve Tallas as a pop-up, Ghost Taco has grown into a distinctive multi-location concept known for its playful "unauthentic Mexican" positioning, memorable brand identity and loyal customer following. Today, the brand continues to expand across Ontario through a scalable franchise model, with locations in markets including Newmarket, Kingston, Whitby, Peterborough and Barrie.
Franchising
For franchising inquiries please see www.happybellyfg.com/franchise-with-us/ or contact us at hello@happybellyfg.com.
About Happy Belly Food Group
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company") is a leader in acquiring and scaling emerging food brands. The Company's portfolio includes Heal Wellness, Rosie's Burgers, Yolks Breakfast, Via Cibo Italian Street Food, iQ Food Co., and others.
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Sean Black
Co-founder, Chief Executive Officer
Shawn Moniz
Co-founder, President
FOR FURTHER INFORMATION, PLEASE VISIT:
www: www.happybellyfg.com or email hello@happybellyfg.com If you wish to contact us please call: 1-877-589-8805
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-Looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include the future performance of Happy Belly and her subsidiaries. Forward-Looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314111
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How is the Ghost Taco joint venture between Happy Belly and the founders structured?
The owners of Ghost Taco transferred the IP and other intellectual assets of the Ghost Taco franchised system to the joint venture company (JVCo) in exchange for 50% of JVCo’s common shares. Happy Belly subscribed for an equal number of common shares, resulting in a 50% shareholding for each party. Happy Belly will provide advisory support in areas such as sales and growth strategy, franchising, branding and marketing, corporate development, logistics optimization and operations support, and it holds rights to acquire the remaining 50% of the business at its option.
What role does the Ghost Taco acquisition play in Happy Belly’s broader growth strategy?
The acquisition is described as part of Happy Belly’s accelerated M&A program and is its first acquisition in 2026. The company indicates that Ghost Taco is an accretive emerging brand and expects its franchising program to deliver new franchised locations that contribute meaningfully to the company’s top and bottom line. Ghost Taco will be grown through a dual expansion strategy that combines franchised growth with targeted corporate store openings.
Where is Ghost Taco currently operating its restaurants?
Ghost Taco is an Ontario-based fast-casual brand with a multi-location footprint. It operates five established real estate locations in Ontario, in markets including Newmarket, Kingston, Whitby, Barrie and Peterborough.
How can potential franchisees inquire about franchising opportunities with Happy Belly and Ghost Taco?
For franchising inquiries, interested parties are directed to visit www.happybellyfg.com/franchise-with-us/ or contact the company by email at hello@happybellyfg.com.