Whataburger Sells Majority to Chicago-based Bank
SAN ANTONIO, TX -- Whataburger, a staple in the Texas fast food landscape, announced it was selling the majority interest of the company to BDT Capital Partners, LLC, on Friday.
"Together, BDT and the Whataburger team will begin exploring expansion plans – while staying true to the brand it has been over the past 69 years," the company said in a release.
Along with the new partnership, Whataburger announced restructuring within the company, including a new president, chief operating officer and chief restaurant operating officer, "for continued growth."
The reason behind the move is to expand the popular burger chain's brand, current President/CEO Preston Atkinson 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,” Atkinson said in the release.
Atkinson said the decision to partner with BDT came from respect the Chicago-based company has for Whataburger.
“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,” said Tiffany Hagge, Managing Director of BDT Capital Partners. “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.”
The company headquarters will remain in San Antonio and the Dallas Morning News reports the family which founded Whataburger will remain on as minority stake holders.
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