An investment firm has purchased a majority stake in Whataburger as the Texas-based fast-food company seeks to expand in an increasingly competitive market.
Whataburger announced Friday that the purchase by Chicago-based BDT Capital Partners should be finalized by the end of the summer and will be subject to regulatory overview. Terms of the deal were not disclosed.
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BDT will provide long-term capital and guidance as Whataburger, which has its headquarters in San Antonio, competes at a time when convenience stores are offering more food options and eating into market share.
The firm often invests in family-owned companies.
The first Whataburger opened in 1950 as a small roadside burger stand in Corpus Christi. It now has nearly 700 restaurants in Texas and more than 150 others in southern states extending from Arizona to Florida.