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The founders of Whataburger, the Dobson family, will hold a minority stake in the company. President and Chief Executive Officer Preston Atkinson and Board Chair Tom Dobson will remain on the Board, but will withdraw from their daily activities.
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The founders of Whataburger, the Dobson family, will hold a minority stake in the company. President and Chief Executive Officer Preston Atkinson and Chairman Tom Dobson will retain their seats on the Board.
… more
Photo: Eric Gay / AP
The founders of Whataburger, the Dobson family, will hold a minority stake in the company. President and Chief Executive Officer Preston Atkinson and Board Chair Tom Dobson will remain on the Board, but will withdraw from their daily activities.
less
The founders of Whataburger, the Dobson family, will hold a minority stake in the company. President and Chief Executive Officer Preston Atkinson and Chairman Tom Dobson will retain their seats on the Board.
… more
Photo: Eric Gay / AP
BDT Capital Partners, based in Chicago, has agreed to acquire a majority stake in Whataburger.
The hamburger chain will remain in San Antonio and the groups "will begin to explore their plans for expansion," according to a statement.
The founders of Whataburger, the Dobson family, will retain a minority position in society. President and Chief Executive Officer Preston Atkinson and Board Chair Tom Dobson will remain on the Board, but will withdraw from their daily activities.
Both will turn to the management of Las Aguilas, an investment company created by the Dobson family in 2011 and focused on real estate and philanthropy.
The decision "is both exciting and bittersweet" for the family, said Tom Dobson.
"Whataburger has been the heart and soul of our family heritage for almost 70 years, but we are really excited about the partnership with BDT," he said. "They have a track record of success with companies as special as ours that want to grow, while preserving culture and family history. They are trusted advisors and partners who have worked closely with other family businesses and have a tremendous reputation.
Ed Nelson, Chief Financial Officer and Comptroller General of Whataburger, will become President. Several other leaders of the company are also promoted.
"Whataburger has grown significantly over the years. And, in order to continue to satisfy our customers, we have explored different options to develop the brand and introduce it to new audiences, "said Atkinson.
"We followed this process with determination and diligence because we wanted to find a partner who respected our values, our culture and our 69-year-old family tradition," he said.
Whataburger last month confirmed hiring investment bank Morgan Stanley to help find the best way to support its expansion.
"Our company is growing and still attracting investors. We used Morgan Stanley to help us explore our options, "a Whataburger spokesperson said in an email. "We have always evaluated the opportunities that can accelerate growth and maintain the success of our brand, and we will continue to do so in the future."
The company operates more than 820 sites, including more than 670 in Texas. Other Whataburger sites are located in the south and southwest, including Alabama, Arizona, Arkansas, Florida, Georgia, Louisiana, Mississippi, New Mexico, and Oklahoma.
This is a story in development. Check all day for updates.
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