Via Cibo will be the seventh restaurant brand to be acquired by Happy Belly as part of its M&A programme. Credit: Urban Images/Shutterstock.com.

The Happy Belly Food Group has signed a binding letter of intent (LOI) to acquire 100% of CraveIt Restaurant Group’s Via Cibo restaurant chain.  

Financial terms of the transaction have not been disclosed by the companies.  

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Via Cibo, a fast-casual Italian street food chain in Canada, specialises in traditional Italian dishes including pasta, entrees, pizza, salads and panini.  

It is the seventh restaurant brand acquired by Happy Belly as part of its merger and acquisition (M&A) programme.   

Happy Belly CEO Shawn Moniz stated: “As part of our accelerated M&A programme, we have successfully executed another 100% acquisition, bringing seven franchised Via Cibo restaurants into our portfolio across Ontario and Alberta.  

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“Additionally, we welcome four Reef Kitchen locations in Alberta, British Columbia and Ontario, marking our entry into the ghost kitchen category – a significant addition to our expanding brand portfolio.” 

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The transaction is structured as an all-stock deal based on a 6.0 times earnings before interest, taxes, depreciation and amortisation earn-out agreement over 12 months post-closure.  

The acquisition is deemed accretive, with projected system sales for Happy Belly’s franchised and Reef Kitchen locations in 2024 estimated at $9.65m.  

The closure of the LOI agreement is expected in the first quarter of 2024. 

The transaction involves board members of Happy Belly including Sean Black, Alex Rechichi and Mark Rechichi, and is classified as non-arms length.  

An independent review committee has been formed to ensure fairness as well as to review and negotiate the terms of the deal.  

Moniz added: “This accretive acquisition checks a lot of boxes and enhances our ability to scale and integrate future brands such as Via Cibo into Happy Belly’s accelerated growth model.” 

In October 2023, Happy Belly signed a definitive agreement to acquire Canada-based boutique quick service restaurant brand Rosie’s Burgers.