KANSAS CITY: Freddy’s Frozen Custard & Steakburgers, the fast-casual chain known for its made-to-order steakburgers and frozen custard treats, has been acquired by investment funds affiliated with global private equity firm Rhône. The transaction marks a transition from previous ownership under Thompson Street Capital Partners, a St. Louis-based middle-market investor.
The Freddy’s brand, which operates more than 550 locations across the U.S. and Canada, generated over $1 billion in systemwide sales over the past year.
“This acquisition marks a pivotal moment for Freddy’s,” said Chris Dull, President and CEO. “We’ve surpassed key milestones while strengthening our franchise system and building a loyal guest following. Partnering with Rhône positions us to unlock even greater opportunities.”
Rhône, known for its strategic investments in consumer-facing businesses, aims to support Freddy’s in expanding its footprint and enhancing its guest experience.
“We see a compelling opportunity to partner with Chris and the leadership team to bring Freddy’s unique offering to more customers globally,” said Lucas Flynn, Managing Director at Rhône.
During its five-year tenure under Thompson Street Capital Partners, Freddy’s focused on unit growth, menu innovation, and digital platform enhancements. The executive team—Dull, CFO Bill Valentas, COO Brian Wise, CMO Erin Walter, and CDO/CLO Andrew Thengvall—will remain in place post-acquisition.
“Freddy’s has and always will remain committed to The Freddy’s Way,” Dull added, emphasizing the brand’s dedication to quality, hospitality, and cleanliness.
William Blair and North Point served as financial advisors to Freddy’s, while Jefferies LLC advised Rhône.