Pennsylvania locations include sites in Towamencin and Limerick
Freddy’s Frozen Custard & Steakburgers, the fast-casual chain known for its steakburgers, shoestring fries and frozen custard, has been sold to investment funds tied to the global private equity firm Rhône.
The Missouri-based company had been under the ownership of Thompson Street Capital Partners since 2021, according to The Reading Eagle.
While terms of the deal were not made public, Reuters reported the purchase price at about $700 million, including debt. Freddy’s, which now boasts more than 550 restaurants across the U.S. and Canada, topped $1 billion in systemwide sales in the past year.
Seven of those locations are in Pennsylvania, including restaurants in Towamencin and Limerick townships.
The Towamencin location, at 220 Forty Foot Road, opened in January 2020 next to Chick-fil-A and Wawa. The 3,000-square-foot restaurant was the fourth Freddy’s to debut in the Philadelphia suburbs, bringing the chain’s signature steakburgers, hot dogs, chicken sandwiches and frozen custard sundaes to Montgomery County. The site was part of a multi-unit franchise agreement to expand the brand throughout the county.
Company leaders said the current management team will remain in place and pledged that the menu and guest experience will not change.
“We’re excited to take our success to the next level with this new partnership with Rhône,” Freddy’s president and CEO Chris Dull said in a statement, calling the acquisition “a pivotal moment” for the brand.
Rhône executives said their firm’s experience in global expansion will help grow Freddy’s footprint even further.
“We see a compelling opportunity to partner with Chris and the rest of the leadership team to help bring the unique Freddy’s offering to more customers around the world,” said Lucas Flynn, a managing director at Rhône.
Read more at The Reading Eagle
