This is going to be interesting to watch. At over 800 stores Whataburger is large enough
to get the asset-lite treatment from their new owner.
They have very few franchisees and boast that the chain has been "family owned and operated since 1950". The new owners can begin to recoup their investment by refranchising stores at any pace they choose.
If they are planning aggressive growth the franchisees will fund that growth.
The chain has a history of erecting funky buildings. Many of those may need remodeling
or replacing.
The dining rooms are festooned with pictures of the chain's past including pictures of the founders. Those will have to go in order to make the chain "modern and progressive".
In other words it will be the same strategy used to reformulate Burger King and to some
degree McDonald's. Stay tuned.
Whataburger Sells Majority Interest to BDT Capital Partners - QSR magazine
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