Houston Chronicle by Madison Iszler and Joshua Fechter June 14, 2019
Chicago-based BDT Capital Partners said Friday it’s agreed to acquire a majority stake in Whataburger.
The burger chain will remain headquartered in San Antonio, and the groups will “begin exploring expansion plans,†they said in a statement.
Whataburger’s founders, the Dobson family, will keep a minority position in the company. President and CEO Preston Atkinson and Chairman Tom Dobson will retain their seats on the board but retire from daily operations.
Both will turn to running Las Aguilas, an investment company launched by the Dobson family in 2011 that focuses on real estate and philanthropy.
The decision “is both exciting and bittersweet†for the family, Tom Dobson said.
“Whataburger has been the heart and soul of our family legacy for nearly 70 years, but we feel really good about the partnership with BDT,†he said.
“They have a track record of success with businesses as special as ours that want to grow, while preserving culture and family history. They are trusted advisors and partners who have worked closely with other family businesses and they have a tremendous reputation for doing the right thing,†he added.
Ed Nelson, Whataburger’s chief financial officer and controller, will become president. Several other company executives are also being promoted.
“Whataburger has grown significantly over the years,†Atkinson said. “In order to keep satisfying our customers, we’ve been exploring different options to expand the brand and introduce it to new audiences.â€
Whataburger confirmed last month that it hired investment banking firm Morgan Stanley to help the company figure out how best to fuel its expansion.
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