Happy Belly Food Group Exercises Right to Acquire Remaining 50% of PHIRO Fresh Greek Grill
Happy Belly Food Group (OTCQB: HBFGF) will acquire the remaining 50% of PHIRO Fresh Greek Grill, making it a 100% wholly owned subsidiary.
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Rhea-AI Summary
Happy Belly Food Group (OTCQB: HBFGF) will acquire the remaining 50% of PHIRO Fresh Greek Grill, making it a 100% wholly owned subsidiary. The remaining stake will be purchased on a debt-free basis at 7.5x TTM EBITDA.
According to Happy Belly, the purchase price will be satisfied by transferring existing Happy Belly shares held in the JV company to PHIRO’s founder and family at current market value, with no cash outlay or new share issuance. Closing and final terms are expected after reconciliations, estimated in Q3. The company reports a portfolio of 686 contractually committed retail franchise locations across its emerging brands.
Positive
- Happy Belly to own 100% of PHIRO Fresh Greek Grill
- Acquisition priced at 7.5x TTM EBITDA on a debt-free basis
- Transaction funded using existing Happy Belly shares, no cash outlay
- Company states no new shares will be issued, avoiding dilution
- Portfolio includes 686 contractually committed retail franchise locations
Negative
- None.
Details
News Market Reaction – HBFGF
On May 19, the day this news came out, HBFGF closed 1.42% below the previous close.
Data tracked by StockTitan Argus for the May 19 session.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Toronto, Ontario--(Newsfile Corp. - May 19, 2026) - Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leader in acquiring and scaling emerging food brands is pleased to announce that it has exercised its right to acquire the remaining
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"Acquiring the remaining
"By leveraging our share price appreciation to acquire the remaining
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"This transaction validates the value Happy Belly creates for our joint venture partners and validates our acquisition strategy based on reduced risk when partnering with founders. Our model paves the way for sustained and predictable M&A growth across our portfolio of emerging brands. By balancing organic expansion in our core markets with a nationwide rollout, we're positioned to deliver long-term value. We're confident our multi-brand platform will drive strong results, attract top-tier franchise partners, and secure prime real-estate opportunities across Canada. Happy Belly's portfolio consists of 686 contractually committed retail franchise locations across multiple emerging brands in various stages of development, construction, and operation. Our predictable and disciplined growth engine continues to deliver measurable results as we expand our brands across Canada and the U.S. to create long-term value for our shareholders."
"We are just getting started," said Sean Black.
About PIRHO Fresh Greek Grill
We strongly believe that food can bring people together and inspire colorful conversations. PIRHO culture is rooted in old-world Greek traditions with an emphasis on family and community. The wholesome ingredients, the careful preparation, the irresistible aromas, the delicious food and of course the human interaction all make for a warm and inviting atmosphere. During our visits to Greece, this nurturing environment left a deep and lasting impression with us. So much so that it led to the creation of PIRHO True Food Grill. The best of Greece right here in Ottawa! In our fast-paced world, taking the time to connect with friends and family has never been more important. You deserve to enjoy those precious moments and connect with your loved ones, in real life, with True Food. Join us for lunch or dinner at PIRHO Grill and fuel your soul.
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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 across Canada.
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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/297935
FAQ
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