Happy Belly Food Group

What Happy Belly Food Group does

Happy Belly Food Group Inc. (CSE: HBFG, OTCQB: HBFGF) is a Canadian publicly traded multi-brand restaurant platform and franchisor that acquires and scales emerging consumer food brands. Founded in 2021 by Sean Black and Shawn Moniz and headquartered in Vancouver with additional offices in Calgary and Toronto, the company operates a portfolio of nine wholly owned QSR and fast-casual brands spanning health-and-wellness bowls (Heal Wellness, iQ Food Co., Salus Fresh Foods), smash burgers (Rosie's Burgers), breakfast/brunch (Yolks Breakfast), Italian street food (Via Cibo), Greek (PIRHO Fresh Greek Grill), Caribbean (Joey Turks), plant-based (Lettuce Love Cafe), and coffee (Smile Tiger Coffee Roasters). A cereal and oatmeal CPG brand (Holy Crap Foods) was divested in February 2026 to refocus capital on QSR.

The company runs an asset-light franchise model in which it acquires emerging brands and then scales them via multi-unit area development agreements with experienced restaurant operators, combined with a smaller number of targeted corporate store openings. As of June 2026 the system had 100+ open restaurants and 686 contractually committed franchise locations across Canadian provinces plus initial U.S. entries in Texas and Colorado. Revenues in fiscal 2025 totaled $22.1M CAD (up 176% YoY), comprised of $18.1M in product sales to franchisees and corporate locations, $2.8M in royalties and franchise fees, and the remainder in services and other operating income; system-wide QSR gross sales reached $63.1M CAD. The customer base consists of multi-unit franchise investors and operators (e.g., Bedford Park Capital, Carma Hospitality, Pietro Maio, David Lamph, Wade Bruce) and end consumers of the underlying restaurant brands. Underlying technology is a conventional restaurant brand-development and franchise-support platform; no proprietary AI/ML capabilities are disclosed in source materials.

Name

Happy Belly Food Group

Legal name

Happy Belly Food Group Inc.

Website

https://happybellyfg.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Happy Belly Food Group is a Canadian publicly traded multi-brand restaurant franchisor that acquires and scales emerging QSR and fast-casual brands through multi-unit franchise operators across Canada and the U.S.

Ownership category

akta.pro rank

Product category

Restaurant Brand Franchising and Multi-Brand QSR Portfolio

NAICS

Cafeterias, Grill Buffets, and Buffets (722514)

SIC

Retail-Eating Places (5812)

akta.pro primary industry

Health & Wellness / Functional Fast Casual (macro-counted, high-protein, allergen-friendly) (THAFABAO)

Keywords

• Restaurant brand franchising
• Quick-service restaurant brands
• Multi-unit franchise development
• Food brand acquisition
• Fast casual restaurants

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Franchise Royalties and Fees: Royalties and franchise fee revenues reached $2.8M in fiscal 2025, up 195% from prior fiscal year ($0.95M). Driven by royalties collected from 34 new restaurant additions to the portfolio in 2025. High-margin revenue segment representing key growth driver as franchised footprint expands.
2. Product Sales: Total product sales of $18.1M in fiscal 2025, up 162% versus prior year ($6.9M). Revenue from food products, supplies, and related items sold to franchisees and corporate locations.
3. Operating Revenues and Services: Total operating revenues, services, interest income, and rebates totaled $22.1M in fiscal 2025, up 176% versus prior year ($8.0M). Driven by continued sales growth in QSR segment, four business acquisitions in 2025, new franchised restaurant openings, and royalties collected.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Happy Belly Food Group acquires and scales emerging quick-service and fast-casual restaurant brands through an asset-light franchise model. It licenses a portfolio of wholly-owned brands (Heal Wellness, iQ Food Co., Rosie's Burgers, Yolks Breakfast, Via Cibo, PIRHO Fresh Greek Grill, Joey Turks Island Grill, Lettuce Love Cafe, Lumber Heads, Salus, Smile Tiger Coffee Roasters) to qualified multi-unit franchise operators under area development agreements, while also selling food products and supplies to franchisees and operating select corporate locations.

Product overview

Happy Belly Food Group is a multi-brand restaurant platform and franchisor that acquires and scales emerging consumer food brands. The company operates as a platform-plus-portfolio model, with multiple distinct QSR and fast-casual restaurant brands across various food categories including wellness/smoothie bowls (Heal Wellness), smash burgers (Rosie's Burgers), breakfast/brunch (Yolks Breakfast), Italian street food (Via Cibo), Greek cuisine (PIRHO Fresh Greek Grill), healthy eating (iQ Food Co.), island grill (Joey Turks), plant-based (Lettuce Love Cafe), and coffee (Smile Tiger Coffee Roasters). The company follows an asset-light franchise growth model, supporting brand founders through operational expertise, development strategy, and capital resources while expanding locations across Canada and into the United States.

Differentiator

Problem solved

Functional benefit

Brands

• Heal Wellness: Fast-growing QSR brand specializing in fresh smoothie bowls, açaí bowls, and smoothies built around clean ingredients and better-for-you lifestyle.
• Rosie's Burgers
• Yolks Breakfast
• Via Cibo
• iQ Food Co.
• PIRHO Fresh Greek Grill
• Joey Turks Island Grill
• Lettuce Love Cafe
• Lumber Heads Food Co.
• Smile Tiger Coffee Roasters
• Salus Fresh Foods

Products and services

• Heal Wellness Fast-growing quick-service restaurant (QSR) brand specializing in fresh smoothie bowls, açaí bowls, and smoothies built around clean ingredients and a better-for-you lifestyle, franchised to multi-unit operators across Canada and into the United States.
• iQ Food Co. Premium healthy-eating QSR concept known for vibrant menus of nourishing, clean-eating dishes including healthy bowls, smoothies, sandwiches, soups, and salads, franchised within the Happy Belly portfolio.
• Rosie's Burgers Boutique quick-service restaurant brand known for signature smash burgers, golden fries, poutine, onion rings, and classic milkshakes serving nostalgic flavours in vibrant neighborhood-driven locations.
• Yolks Breakfast Boutique restaurant brand serving breakfast, brunch, and lunch, featuring free-range eggs, local bacon, and house-made hollandaise.
• Via Cibo Italian Street Food Italian street food concept offering quick-service Italian cuisine within the Happy Belly portfolio.
• PIRHO Fresh Greek Grill Fast-casual Greek restaurant serving gourmet bowls, wraps, and pitas with fresh wholesome ingredients, fully consolidated as a wholly owned subsidiary in 2026.
• Joey Turks Island Grill Island grill concept offering Caribbean-inspired cuisine within the Happy Belly portfolio.
• Lettuce Love Cafe Plant-based cafe offering vegetarian and vegan menu options within the Happy Belly portfolio.
• Lumber Heads Food Co. Food brand under the Happy Belly portfolio.
• Salus Fresh Foods Fresh foods brand focused on wellness-oriented menu offerings within the Happy Belly portfolio.
• Smile Tiger Coffee Roasters Coffee roaster and cafe brand offering premium coffee products within the Happy Belly portfolio.
• Multi-Brand Franchise Program Asset-light franchise program offering multi-unit and area development agreements across the Happy Belly brand portfolio, targeted at qualified investor-operators with restaurant experience and hands-on operations involvement.

Quantifiable outcome

• 108% year-over-year growth in system wide QSR sales (from $30.3M to $63.1M)
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Alex Rechichi / Bedford Park CapitalcoreChannel Partner/ Reseller/ Distributor · 15 June 2026Led largest multi-unit franchise agreement to date for Heal Wellness - 45 locations. Represents significant multi-unit franchise development partnership for the Heal brand.
• Pietro Maio and Lucio CarlomustocoreChannel Partner/ Reseller/ Distributor · 11 June 2026Existing multi-unit franchisees operating Rosie’s Burgers locations who expanded to sign 10-unit Heal Wellness franchise agreement for Greater Montreal Area. Partners also hold 10-unit Rosie’s agreement through Carma Hospitality, demonstrating multi-brand, multi-unit franchise relationship.
• Wade BrucecoreChannel Partner/ Reseller/ Distributor · 11 May 2026Multi-unit franchisee for Heal Wellness in Nova Scotia. Signed franchise agreement for province expansion with 2 planned locations in Halifax, first secured in May 2026.
• Carma HospitalitycoreChannel Partner/ Reseller/ Distributor · 20 April 2026Multi-unit franchise partner holding 10-unit development agreement for Rosie’s Burgers in Quebec. Secured second location in Montreal’s Griffintown under the development agreement.
• Restart Life SciencesminorStrategic or Co-development Partner · 27 February 2026Acquired Holy Crap Foods from Happy Belly for $1,000,000 CAD in cash. Company divested non-core CPG asset to focus on QSR growth strategy. Represents asset monetization partnership.
• Endeavour TrustminorOthers · 30 September 2025Transfer agent services for the company’s publicly traded shares on CSE and OTCQB markets. Contact: 604-559-8880.
• Smile Tiger Coffee RoasterscoreStrategic or Co-development Partner · 1 January 2025Acquired in 2025 as one of four business acquisitions. Represents company’s strategic expansion into premium coffee and breakfast category.
• Salus Fresh Foods Inc.coreStrategic or Co-development Partner · 1 January 2025Acquired in 2025 as one of four business acquisitions. Part of company’s strategic acquisition playbook for emerging brand portfolio expansion.
• MNP LLP / DMCLminorOthers · 1 January 2025Company auditors. MNP LLP listed on Vancouver office; DMCL (Dale Matheson Carr-Hilton LaBonte LLP) listed with contact 604-687-4747.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Yum! Brands: Global QSR operator (KFC, Pizza Hut, Taco Bell, Habit Burger). Relevant as a pure-play asset-light franchisor model where royalties represent the bulk of profit; comparable franchise economics benchmark.
• Inspire Brands: US multi-brand restaurant company (Arby's, Buffalo Wild Wings, Sonic, Dunkin', Baskin-Robbins, Jimmy John's). Larger US peer operating the same multi-brand franchise consolidation model.
• Restaurant Brands International: Global multi-brand QSR consolidator (Burger King, Tim Hortons, Popeyes, Firehouse Subs). Operates similar multi-brand franchising model at massive scale; relevant as the long-term aspirational exit multiple benchmark.
• GoTo Foods (formerly Focus Brands): US multi-brand restaurant franchisor (Auntie Anne's, Cinnabon, Jamba, Carvel). Larger multi-brand franchise platform with comparable brand-portfolio diversification strategy.

Direct peers

• Imvescor Restaurant Group: Canadian multi-brand restaurant operator (Pizza Pizza, Pizza 73, Mike's). Smaller-scale peer operating similar multi-brand franchise model in the Canadian market.
• Recipe Unlimited (Cara Operations): Canadian multi-brand restaurant company (Swiss Chalet, Harvey's, St-Hubert, The Keg). Directly comparable as a Canadian restaurant consolidator; Happy Belly co-founder Sean Black previously sold Crave It Restaurant Group to Recipe Unlimited in 2021.
• MTY Food Group: Canadian multi-brand restaurant franchisor and operator (Taco Bell, Thai Express, Wok Box, etc.). Directly comparable as Happy Belly's co-founder Sean Black previously ran MTY's development function and sold Extreme Brandz to MTY. Same multi-brand franchise consolidation model.
• FAT (Fresh, Authentic, Tasty) Brands: US-based multi-brand restaurant franchisor (Fatburger, Johnny Rockets, Round Table Pizza, Twin Peaks). Closest US analogue to Happy Belly's strategy of acquiring and scaling emerging restaurant brands through asset-light franchising.

Regional players

• A&W Food Services Canada: Canadian QSR chain focused on better-burger positioning. Comparable as a Canada-focused QSR with health-conscious branding, though single-brand rather than multi-brand platform.
• Boston Pizza Royalties Income Fund: Canadian royalty income fund for Boston Pizza. Comparable Canadian franchise royalty structure, though single-brand. Happy Belly's CFO Ian Thomas previously served as VP Finance at Boston Pizza International.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/happybellyfg
• Facebookfacebook.com/happybellyfg
• LinkedInlinkedin.com/company/happybellyfoodgroup
• Instagraminstagram.com/happybellyfoodgroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries9 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Happy Belly Food Group