Thompson Street Capital Partners (TSCP), a private equity firm based in St Louis, US, has acquired Freddy’s Frozen Custard & Steakburgers (Freddy’s), a Kansas, US-based franchisor of fast-casual restaurants.
The financial details of the deal have not been disclosed.
Founded in 2002 with the first company-owned restaurant in Wichita, Freddy’s fast-casual restaurants offer steakburgers, shoestring fries, and freshly churned frozen custard.
Its restaurants’ focus is on ingredients and cooked-to-order food.
Since it opened the first franchise location in 2004, Freddy’s has rapidly expanded to more than 360 franchised locations and 30 company-operated restaurants across 30 states in the US.
Freddy’s co-founder and CEO Randy Simon said: “When Freddy, Bill, Scott, and I started Freddy’s in 2002, our goal was to serve crave-able food to our guests with quick-service speed and full-service hospitality at a price that was fair and competitive. There remains a large segment of the country where we are not present, and by partnering with TSCP, we will be better able to expand in those areas and continue our strong growth going forward.
“Obviously, the credit goes to our team members who have contributed immensely to our success to date and to our close-knit family of franchisees who have devoted their time and capital to develop Freddy’s brand. We are confident that TSCP shares our values and philosophies as we continue to be guided by The Freddy’s Way in all we do.”
Freddy’s co-founder and COO Scott Redler said: “By operating The Freddy’s Way, we have developed close relationships with each and every franchisee, prioritising their growth and success above all. We have continued to invest in an unparalleled corporate support system to ensure our operators have the resources they need, and our partnership with TSCP will elevate those capabilities and enable us to take our franchisee support to another level. When we were introduced to the exceptional team at TSCP, it was apparent that our core values and company culture aligned, making them the perfect fit for our Freddy’s family of team members, franchisees, and vendor partners.”
TSCP managing partner Bob Dunn said: “Freddy’s is a highly unique, scaled franchisor platform that has built a premium brand over the past two decades with leading franchisee retention, remarkable growth, and a passionate guest following of ‘FredHeads.’ We look forward to working with the outstanding team at Freddy’s to accelerate the company’s already exceptional growth.”
TSCP director Joe St Geme said: “Freddy’s presents an exciting opportunity to partner with the founders and management to continue to grow a premier system by accelerating franchise development, increasing focus on marketing and technology deployment, and enabling operational best practices across the footprint. We are thrilled to join the Freddy’s family and are excited to invest behind the continued successful expansion of the Freddy’s brand.”