SAN ANTONIO – The family-owned Whataburger empire will soon be acquired by an investment company.
According to a Whataburger press release, BDT Capital Partners LLC, will take a majority interest in the fast-food chain.
“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,” said Whataburger President/CEO Preston Atkinson.
The acquisition is expected to be completed later this summer, but the company has already made some internal leadership changes described as "internal promotions."
Atkinson and current Whataburger Board Chair Tom Dobson will maintain seats on the board of directors but will retire from day-to-day operations of the company. The changes will allow them to concentrate on Las Aquilas, an investment company focused on real estate and philanthropy.
Atkinson said the new majority owners "don't plan to change our recipe for success" and plan to keep Whataburger's headquarters in San Antonio.
The Dobson family, who founded the company, will retain a minority ownership position.
Several months ago, Whataburger officials announced they had hired Morgan Stanley to help explore options to help the already-successful chain expand further.
You can read the full press release here.