The founding family of Whataburger sells a majority share of the Texas chain

Whataburger, the famous 69-year-old hamburger chain in Texas, has sold a majority stake in the company to Chicago-based investment bank BDT Capital.

The Dobson family, who founded the company, will remain a minority stakeholder and the Whataburger headquarters will remain in San Antonio.

"The BDT and Whataburger team will begin exploring expansion plans, while remaining true to the brand for 69 years," Whataburger said in a statement on Friday.

The company was founded by Harmon Dobson in 1950 and was later inherited by his children, Tom, Hugh and Lynne.

Tom Dobson was chairman of the board, while his siblings sat on Whataburger's board of directors, according to Forbes.

Whataburger, born from a single burger stand, has built and managed more than 800 sites in 10 states. Annual sales are estimated at about $ 2 billion.

BDT, on the other hand, is a merchant bank that managed more than $ 12 billion in assets, according to Internal business. He invests in family businesses around the world.

In May, Reuters announced that Whataburger had hired investment bank Morgan Stanley to help explore the possibility of a sale.

The sale of the company was motivated by Whataburger's desire to expand its brand and present its restaurants to a new clientele, the company said. BDT will provide the funds necessary for the growth of Whataburger's activities.

"It's both exciting and bittersweet for the Dobson family." Whataburger has been at the heart of our family's heritage for nearly 70 years, but we're really excited about the partnership with BDT, "said Tom Dobson. "They have a track record of success with companies as special as ours that want to grow, while preserving culture and family history.These are trusted advisors and partners who have worked closely with D & D. Other family businesses and who enjoy an excellent reputation. "

Although the terms of the agreement have not been disclosed in the company's press release, the transaction is expected later this summer.

President and CEO Preston Atkinson and President Tom Dobson will be stepping down to work with Las Aguilas, an investment firm focused on philanthropy and real estate. Las Aguilas was created by the Dobson family in 2011.

Atkinson and Dobson will continue to sit on the company's board of directors "to provide ongoing direction and a smooth transition," the statement said.