Happy Belly Food Group, a Canadian restaurant company focused on franchise growth and acquisitions, is preparing to acquire an initial 50 percent stake in Ontario-based Ghost Taco through a new joint venture agreement.
The company signed a binding Letter of Intent on May 4, according to Retail Insider, with an option to purchase the remaining 50 percent of the business at a later date. Ghost Taco currently operates six locations across Ontario in Newmarket, Toronto, Kingston, Whitby, Barrie, and Peterborough. Founded by Samantha Buckley and Grant Buckley as a pop-up concept, the brand has since expanded into a multi-location fast casual restaurant chain focused on tacos, bowls, sides, and desserts.
The acquisition marks Happy Belly’s first acquisition of 2026 and continues the company’s broader expansion strategy centered around franchising and emerging restaurant brands. Ghost Taco will become Happy Belly’s 11th restaurant brand and 12th overall brand in its growing portfolio. Existing brands under the company include Heal Wellness, Rosie’s Burgers, Yolks Breakfast, Via Cibo Italian Street Food, and iQ Food Co.
Happy Belly CEO Sean Black said the acquisition aligns with the company’s “3 P’s” acquisition criteria, which focus on people, product, and process. Black also noted that Ghost Taco allows the company to re-enter the Mexican fast casual category after previously founding Mucho Burrito. Happy Belly described Ghost Taco as debt free, cashflow positive, franchise oriented, and scalable, making it a strong fit for the company’s long-term plans.
The company has grown rapidly over the past year through a franchise-led expansion strategy. According to a May 1 research report from Stifel analyst Martin Landry, Happy Belly increased from 43 locations to 77 locations by the end of Q4 2025. Between January and April 2026 alone, the company opened 17 additional restaurants and is expected to approach 100 locations by late May or early June.
Happy Belly has also identified more than 650 potential future locations across its portfolio and plans to expand into the United States, with Texas expected to house its first American locations, according to Retail Insider. More than 70 percent of the company’s restaurants are operated as franchises, supporting what it describes as a capital-efficient growth model.
