Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) announced that its Heal Wellness brand has entered into a multi-unit franchise development agreement for 45 locations across Ontario, Saskatchewan, and Manitoba over the next three years.

The agreement is led by Alex Rechichi, David Lamph, Randall Papineau, and Heal co-founder Jesse Davidson, in partnership with Bedford Park Capital, Jordan Zinberg, Todd Zeligman, and Simon Akit. Bedford Park Capital, a Toronto-based investment firm, is funding the development initiative.

Heal Wellness specializes in smoothie bowls, açaí bowls, and smoothies. The company currently operates 42 locations with more than 166 in development. This franchise agreement represents the brand's entry into Manitoba and Saskatchewan, where it has not previously established a presence.

"This is the largest multi-unit development deal I have ever done in my career," said Sean Black, chief executive officer of Happy Belly Food Group, according to the company's press release.

As part of the development, Alex Rechichi has resigned from Happy Belly's board of directors to lead the franchisee group. Sean Black has been appointed chairman of the board. Randall Papineau will transition from chief restaurant officer to executive advisor of brand development and growth.

Happy Belly Food Group operates a portfolio of 686 contractually committed retail franchise locations across multiple brands in various stages of development, construction, and operation. The company focuses on acquiring and scaling food brands across Canada.

Bedford Park Capital, founded in 2017, invests primarily in Canadian small and mid-cap companies. The firm focuses on businesses with strong returns on equity, sustainable growth, attractive valuations, and aligned management teams.