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, according to a press release. The financial details of the deal have not been disclosed.
“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 managing partner Bob Dunn explained.
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. After opening 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.
“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,” Freddy’s co-founder and CEO Randy Simon said. “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.”