(Bloomberg) -- Byron Trott's BDT Capital Partners LLC bought a majority ownership of Texas staple Whataburger to help the fast-food chain expand, the company said.
The San Antonio-based family-owned chain has been around for nearly 70 years, but lacks the national recognition of Shake Shack Inc. and In-N-Out Burger.
“In order to keep satisfying our customers, we've been exploring different options to expand the brand and introduce it to new audiences,” Whataburger President and Chief Executive Officer Preston Atkinson said in the statement Friday.
The chain currently has more than 800 locations in 10 states with sales exceeding $2 billion annually. The number of outlets is larger than that of Shake Shack and In-N-Out combined, but its brand is considered more regional.
Trott, CEO and chairman of BDT CEO, and a former vice chairman of investment banking at Goldman Sachs, founded the firm in 2009 “with the aim of meeting the strategic and financial needs of families and/or company founders around the globe,” according to the Chicago-based company's website.
Atkinson and Board Chair Tom Dobson, son of Whataburger founder Harmon Dobson, will continue to serve on the restaurant's board of directors. Ed Nelson, chief financial officer since 2008, was promoted to president.
To contact the reporter on this story: Hailey Waller in New York at hwaller@bloomberg.net
To contact the editors responsible for this story: James Ludden at jludden@bloomberg.net, Ian Fisher, Linus Chua
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