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BDT Capital Partners, based in Chicago, will advise on the expansion strategy and provide long-term growth capital to Whataburger, the channel said.
"In order to continue to satisfy our customers, we are exploring different options for developing the brand and introducing it to new audiences," Whataburger President and CEO Preston Atkinson said in a statement.
"We followed this process with determination and diligence because we wanted to find a partner who respected our values, our culture and our heritage of 69 years of family tradition."
Management will change, but Atkinson and chairman of the board, Tom Dobson, son of Whataburger founder Harmon Dobson, will continue to sit on the board of directors of the restaurant chain.
Ed Nelson, CFO since 2008, has been promoted to President.
Whataburger opened in 1950. Since then, the company has more than 800 sites in 10 states and generates sales of over $ 2 billion a year.
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