Business
Happy Belly Food Group Announces Closing of the Sale of Holy Crap Foods as it Focuses on Accelerating its QSR Businesses
Toronto, Ontario--(Newsfile Corp. - February 27, 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, further to its press releases dated December 22nd, 2025 and February 12th, 2026, the Company has successfully closed the previously announced sale of Holy Crap Foods ("Holy Crap"), its cereal and oatmeal brand, for $1,000,000 CDN in cash plus working capital...
About this update from Happy Belly Food Group Inc
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - February 27, 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, further to its press releases dated December 22nd, 2025 and February 12th, 2026, the Company has successfully closed the previously announced sale of Holy Crap Foods ("Holy Crap"), its cereal and oatmeal brand, for $1,000,000 CDN in cash plus working capital adjustments."With the sale of Holy Crap Foods now completed, we've converted a non-core asset into non-dilutive cash that will be immediately directed into our core restaurant growth strategy," said Sean Black, Chief Executive Officer of Happy Belly. "The $1 million of proceeds gives us added flexibility to fund near-term store openings and franchise expansion. Our focus remains on scaling our QSR platform where unit economics and returns are strongest across brands like Rosie's Burgers, Heal Wellness, Via Cibo, iQ Food Co., and Yolks Breakfast as we build momentum through 2026."","length":1136,"tagName":"p"},{"type":"text","content":""Through disciplined execution, the consideration we received for the sale of this asset reflects an estimated 10x EBITDA sale multiple for the business. We will continue to be deliberate in how we allocate capital, with a clear emphasis on ROIC. This closing reinforces our strategy of prioritizing QSR-led growth and franchising, while monetizing non-core assets when we can secure attractive terms."Transaction SummaryHappy Belly Food Group has completed the sale of its 100% wholly owned subsidiary, Holy Crap Foods Inc., for $1,000,000 CAD in cash, plus customary working capital adjustments. Within 60 days post closing the working capital adjustments will be finalized and due to Happy Belly in the form of an asset-secured, first-position promissory note, due within 12-months post close. Appointment of New Board Member Furthermore, the Company is pleased to announce the appointment of Matt Appleby to its Board of Directors.Matt Appleby is a seasoned corporate lawyer with deep expertise across public markets, mergers and acquisitions, corporate governance, financial services, and regulatory matters. He began his career at PwC in international tax before ...