CANADA- British food company Happy Belly Food Group has announced it has completed the full acquisition of Canadian QSR brand IQ Foods, which specializes in healthy eating offerings.
According to both companies, the acquisition has already been approved by Ontario’s Superior Court of Justice. The deal is expected to be complete by the end of September.
However, the value of the acquisition has not been made public.
The move is the food company’s largest acquisition of corporate-owned stores, significantly increasing the company’s presence in Canada’s promising healthy foods market.
According to market analytics firm Grand View Research, the Canadian functional food and natural health products market was valued at US$6.23 billion in 2023. The market is projected to grow at a combined annual growth rate (CAGR) of 7.7% from 2024 to 2030.
According to Happy Belly, IQ Foods was selected because it has established itself in the healthy eating sector. IQ Foods offers a variety of bowls, smoothies, soups, sandwiches and salads.
Sean Black, Happy Belly’s CEO welcomed the move by saying, “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.”
The CEO also revealed the move was also inspired by healthy foods leaders like Sweetgreen in the United States which has grown exponentially in store count and valuation, achieving a market capitalization of US$3.5 billion in the past year.
The British company is set to take over all of IQ Foods’ operations and assets, including its four outlets in Toronto that serve thousands of healthy meals to customers.
The four locations in Toronto’s urban and central business districts 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.
IQ Foods also has a dedicated catering wing that provides customized meals for special occasions and corporate events.
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