Happy Belly Food Group has completed the acquisition of a 50% interest in Canadian fast-casual restaurant brand Ghost Taco, setting the stage for a major franchise expansion that could take the concept to at least 100 locations across Canada.
The deal, completed through a newly formed joint venture, follows Happy Belly’s May announcement of a binding agreement to acquire half of Ghost Taco. The company has also secured an option to acquire the remaining 50% of the business.
The acquisition has quickly been followed by new franchise development commitments. On September 15, Happy Belly announced a 45-unit area development agreement for Ontario, covering the rollout of new franchised Ghost Taco restaurants across the province.
Ghost Taco has also signed a 50-unit area development agreement for Western Canada, covering 25 locations in Alberta and 25 in British Columbia. Combined with the Ontario agreement and the brand’s existing five restaurants, the development pipeline represents at least 100 locations across Canada.
Founded by Samantha Buckley, Grant Buckley and Steve Tallis, Ghost Taco began as a pop-up before developing into a multi-location fast-casual concept. The Ontario-based brand serves Mexican-inspired tacos, bowls, sides and desserts and uses a deliberately playful “unauthentic Mexican” positioning. Its existing restaurants are located in Newmarket, Kingston, Whitby, Barrie and Peterborough.
Under the transaction, Ghost Taco’s owners transferred the intellectual property and other assets of the franchised system to the joint venture in exchange for 50% of its common shares. Happy Belly subscribed for the other 50% and will support the business across franchising, sales and growth strategy, branding and marketing, corporate development, logistics and operations.
The transaction marks Happy Belly’s first acquisition of 2026 and forms part of its broader strategy of acquiring and scaling emerging restaurant brands in Canada. The company said the Ghost Taco deal fits its approach of combining franchised growth with targeted corporate restaurant openings.
For Ghost Taco, the partnership provides access to Happy Belly’s franchising and restaurant-development infrastructure at a point when the brand is moving beyond its initial Ontario footprint.
The Ontario development agreement is being led by Scott Grandin, who will work with Ghost Taco to expand the brand across its home province. Happy Belly said the agreement is intended to accelerate the brand’s growth through an asset-light franchise model and experienced area developers.
Happy Belly CEO Sean Black has previous experience in the Mexican fast-casual segment as the founder of Mucho Burrito. In announcing the acquisition, Black said Ghost Taco’s founders, product and format were key factors behind the transaction.
The company’s latest announcements therefore put Ghost Taco at the centre of Happy Belly’s current franchise-development strategy, with the newly signed agreements providing a sizeable pipeline for expansion across Ontario and Western Canada.
The next phase will focus on converting those development commitments into operating restaurants while continuing to build Ghost Taco’s franchise network across Canada.
