HAPPY BELLY FOOD GROUP ANNOUNCES CLOSING OF THE SALE OF HOLY CRAP FOODS AS IT FOCUSES ON ACCELERATING ITS QSR BUSINESSES
Further to its press releases dated Dec. 22, 2025, and Feb. 12, 2026, Happy Belly Food Group Inc. has successfully closed the previously announced sale of Holy Crap Foods Inc., its cereal and oatmeal brand, for $1-million 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 [quick-service restaurant] 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.
“Through disciplined execution, the consideration we received for the sale of this asset reflects an estimated 10-times EBITDA [earnings before interest, taxes, depreciation and amortization] sale multiple for the business. We will continue to be deliberate in how we allocate capital, with a clear emphasis on ROIC [return on invested capital]. This closing reinforces our strategy of prioritizing QSR-led growth and franchising while monetizing non-core assets when we can secure attractive terms.”
Transaction summary
Happy Belly Food Group has completed the sale of its 100-per-cent-owned subsidiary, Holy Crap Foods, for $1-million in cash, plus customary working capital adjustments. Within 60 days postclosing, 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 after close.
Appointment of new board member
Furthermore, the company is pleased to announce the appointment of Matt Appleby to its board of directors.
Mr. 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 joining McCarthy Tetrault LLP, where he became a partner and advised public and private companies on capital markets transactions. He later held senior legal and executive leadership roles at Sun Life Financial and Transamerica, bringing his extensive experience in navigating highly regulated environments and supporting organizations through significant growth and change, including supporting companies through their uplisting requirements to senior stock exchanges.
Mr. Appleby holds degrees from Wilfrid Laurier University and Michigan State University College of Law and is admitted to practise in both Ontario and New York.
Happy Belly Food Group announces that Kevin Cole has resigned from the board of directors to make way for the appointment of Matt Appleby. As the company has successfully divested its core CPG (consumer packaged goods) asset, it extends its sincere appreciation to Mr. Cole for his contributions and dedication in nurturing the company’s CPG vertical during his tenure on the board. Mr. Cole has expressed his full support for the company and its future direction, and he wishes Happy Belly continued success as it advances its QSR growth strategy. As part of the transition, Mr. Cole has transferred his director performance warrants issued on Oct. 1, 2025, to Mr. Appleby.
“We are just getting started,” said Mr. Black.
Franchising
For franchising inquiries, please Happy Belly’s website or contact the company at [email protected].
About Happy Belly Food Group Inc.
Happy Belly Food Group is a leader in acquiring and scaling emerging food brands across Canada.
