BDT to acquire majority stake in fast food restaurant chain Whataburger
Restaurant acquisition news : Chicago investment firm BDT Capital Partners, through its affiliated funds, has agreed to acquire a majority stake in Texan fast food restaurant chain Whataburger for an undisclosed price.
Whataburger, which was founded in 1950 as a roadside burger stand in Corpus Christi, has expanded over the years to have nearly 830 locations across 10 US states with more than $2 billion in sales annually. The Texan burger chain has more than 43,000 employees.
BDT Capital Partners will join forces with Whataburger team to explore further expansion plans for the burger chain whose headquarters will continue to be in San Antonio. The Dobson Family, which founded the Texan fast food restaurant chain, will retain a minority stake.
Preston Atkinson – Whataburger President/CEO said: “Whataburger has grown significantly over the years. And, in order to keep satisfying our customers, we’ve been exploring different options to expand the brand and introduce it to new audiences. We’ve gone through this process purposefully and diligently because we wanted to find a partner who honors our values, culture and 69-year legacy of family tradition.
“We’re excited about the partnership with BDT because they respect and admire the brand we’ve built. They want to preserve it while they help us continue growing a sustainable, competitive business over a long period of time. They don’t plan to change our recipe for success.”
Whataburger expects BDT Capital Partners to play a key role in giving its leadership team strategic vision and long-term growth capital.
Tiffany Hagge – Managing Director of BDT Capital Partners said: “Whataburger is an iconic brand and extraordinary company with an important legacy of family ownership, loyal customers, valuable community involvement, dedicated and talented employees, and a highly experienced management team.
“We look forward to a long-term partnership with the Whataburger team, continuing their commitment to serving high-quality, great-tasting food at a value and delivering a superior customer experience.
“We are excited to support Whataburger as they continue to innovate and pursue accelerated growth in existing and new markets. This investment is a perfect example of BDT’s business model – to partner and invest alongside exceptional family businesses, with strong cultures, deep community ties and loyal customers.”
Completion of the transaction, which is subject to customary regulatory and other conditions, is anticipated to be wrapped up later this summer.