Happy Belly Food Group has signed a deal for the strategic acquisition of 100% of IQ Foods, a quick-service restaurant (QSR) brand in Canada known for its healthy eating options.
The move will mark Happy Belly's largest acquisition of corporate-owned stores to date, significantly bolstering its presence in Canada's health-focused food market.
IQ Foods has established itself as a cornerstone brand within the healthy eating sector, offering a variety of smoothies, bowls, sandwiches, soups and salads.
Located in Toronto's urban as well as central business districts, IQ Foods' four locations serve thousands of health-conscious customers.
The four locations are 100 King Street West in First Canadian Place,18 York Street in the Financial Centre, 199 Bay Street in the Equinox Gym and Fitness Center and 55 Avenue Road in the Yorkville Equinox Gym and Fitness Center.
The 100 King Street West and 18 York Street cater to the daily needs of corporate clients and office workers.
These two venues offer a range of quick lunch and snack options as well as full-service meals.
IQ Foods' catering business provides customised meal solutions for corporate events and special occasions.
Locations at 199 Bay Street and 55 Avenue Road are positioned to attract gym-goers with their pre and post-workout smoothies and high-protein baked goods.
The sale of IQ Foods has already been approved by the Ontario Superior Court of Justice (Commercial List), with the acquisition set to close in September 2024.
Happy Belly CEO Sean Black said: “Alongside our wholly owned Lettuce Love Café brand, and our binding acquisition agreement for Salus Fresh Foods announced on 29 July, we are taking our first steps in executing the next phase of our business strategy by consolidating emerging brands within sectors, in addition to developing emerging brands.
“This is a key moment in our company's growth as we embark on consolidating sectors, starting with the premium healthy and clean eating vertical.
“This approach aligns with our strategy, targeting a growth sector that is gaining market share and share of wallet amongst consumers, especially among health-conscious consumers in parts of Canada and the US.”
