Freddy’s Eyes Growth Under New Owner

Freddy’s, offering frozen custard and steakburgers, has a new owner in global private equity firm Rhone.

The brand, previously part of Thompson Street Capital Partners’ portfolio, aims to continue market expansion. It currently has more than 550 locations in the U.S. and Canada, generating more than $1 billion in system wide sales in the past year.

“Over the last few years, we’ve seen steady growth and surpassed many milestones for our brand, while simultaneously strengthening our franchise system and building a loyal guest following,” says Chris Dull, president and CEO of Freddy’s, in the release. “We’re excited to take our success to the next level with this new partnership with Rhone.”

Post-acquisition, the Freddy’s executive team will remain unchanged, with Dull continuing in his roll, as well as Bill Valentas as CFO, Brian Wise as COO, Erin Walter as chief marketing officer, and Andrew Thengvall as chief development officer and chief legal officer.

“Rhone looks forward to bringing its experience with global consumer brands to its most recent investment in Freddy’s as the company expands its footprint and further improves its guest experience,” says Lucas Flynn, a managing director at Rhone.