- Happy Belly Food Group (HBFG) has signed a letter of intent to partner in the franchising operations of Pirho Grill
- Happy Belly will issue $250,000 in common shares to JVCo for 50-per-cent ownership
- The JVCo receiving the shares will be 50-per-cent-owned by Happy Belly, and George Plagakis will own the remaining 50 per cent in exchange for Pirho Grills franchising rights, brand assets and IP rights
- Pirho Grill is a fast-casual Greek restaurant
- Happy Belly Food Group Inc. (HBFG) opened trading at $0.08 per share
Happy Belly Food Group (HBFG) has signed a letter of intent to partner in the franchising operations of Pirho Grill.
“We are incredibly excited to announce our first acquisition and joint-venture outside of the plant-based vertical as well as our first asset-light franchise-focused development model with Pirho Grill,” said Sean Black, Chief Investment Officer of Happy Belly.
“PIRHO culture is rooted in old-world Greek traditions with an emphasis on family and community, and we are really excited for the opportunity to provide fresh and healthy Greek food in a fast-casual environment across Canada as we join the Happy Belly family,” said George Plagakis, founder of Pirho Grill.
Happy Belly will issue $250,000 in shares to JVCo for 50-per-cent ownership.
The JVCo receiving the shares will be 50-per-cent-owned by Happy Belly, and George Plagakis will own the remaining 50 per cent in exchange for Pirho Grills franchising rights, brand assets and IP rights.
Happy Belly will have a majority board of directors ownership.
The company anticipates that the agreement will close within the next 30 days.
Happy Belly has also obtained the option to acquire the remaining 50 per cent of the business.
Pirho Grill is a gourmet bowl, wraps, and pitas fast-casual Greek restaurant.
Happy Belly Food Group Inc. is a quick-serve restaurant (QSR) and consumer-packaged goods (CPG) wellness company bringing foods and retail brands to customers.
Happy Belly Food Group Inc. (HBFG) opened trading at $0.08 per share.