The company said its headquarters will remain in San Antonio. "They want to preserve it while they help us continue growing a sustainable, competitive business over a long period of time. When do states certify their election results? They don't plan to change our recipe for success.". Fast-food chain Whataburger -- beloved by generations of Texans -- is now the property of a Chicago investment firm. Texas restaurant chain Whataburger has more than 800 locations in 10 states. What is the GSA, and what role does it play in the transition. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Texas burger chair Whataburger on Friday sold a majority stake to a Chicago-based investment firm BDT Capital Partners. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Ed Nelson, who has been the chief financial officer since 2008, was promoted to president. "In order to keep satisfying our customers, we've been exploring different options to expand the brand and introduce it to new audiences," Whataburger President and CEO Preston Atkinson said in a statement. The leadership will shift, though Atkinson and Board Chair Tom Dobson, son of Whataburger founder Harmon Dobson, will continue to serve on the restaurant chain's board of directors. Whataburger opened in 1950. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Get the latest breaking news delivered straight to your inbox. Be in the know. Trade publication QSR reported that Whataburger had sales of more than $2.2 billion in 2017, ranking it 22nd in the magazine's 50 largest limited-service restaurants based … Whataburger, a restaurant chain with sales of more than $2 billion annually, has become inseparable from the brand of Texas. ", An inside look at Whataburger business strategy pic.twitter.com/b4SY2SRstX, Texan defensive end JJ Watt issued a plea on Twitter, writing "Ok, I say we all chip in and buy Whataburger back, have honey butter chicken biscuits available all day and add kolaches and change nothing else. Trump campaign loses appeal in Pennsylvania, What exit polls say about state of Georgia's Senate runoffs, Trump says he'll "certainly" leave if election results formalized, Kamala Harris calls teen who went viral for painting her portrait, "We're at war with a virus, not with each other," Biden says, Trump phones in false claims at Pennsylvania Senate committee hearing, Biden is first candidate in U.S. history to surpass 80 million votes, Trump will share presidential intelligence briefing with Biden. The burger chain was started in Corpus Christi in the 1950s by Harmon Dobson. Whataburger opened in 1950. Can new info help solve the case of missing college student Kristin Smart? All times are ET. Biden-Harris announce all-female communications staff, Birx: Assume you're infected if you gathered for Thanksgiving, U.K. official says "The Crown" should have "fiction" warning, NYC public elementary schools to begin reopening on December 7, Meryl Streep, Dianne Wiest and Candice Bergen on "Let Them All Talk", F1 driver escapes horrific crash at Bahrain Grand Prix. All rights reserved. Since then, it has grown to more than 800 locations in 10 states and generates more than $2 billion in sales a year. The Chicago-based firm, BDT Capital Partners, will advise on expansion strategy and provide long-term growth capital to Whataburger, the chain said. It now has 820 locations in 10 states, with nearly 700 of those in Texas. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. © 2019 CBS Interactive Inc. All Rights Reserved. Whataburger sells majority stake to investmen... Texan defensive end JJ Watt issued a plea, Earth is way closer to a supermassive black hole than we thought, Gottlieb says shorter quarantine would capture "vast majority" of cases, Biden COVID-19 adviser: "Fully expect" COVID-19 increase after holiday. Whataburger, the famous burger chain with a 69-year legacy in Texas, has sold a majority interest in the company to Chicago-based investment banking firm BDT Capital. Copyright © 2020 CBS Interactive Inc. All rights reserved. The Dobson family had previously maintained a majority stake. BDT and the Whataburger team will begin exploring expansion plans, CBS San Antonio affiliate KENS reports. Beloved by Texans, the family-owned Whataburger tried to assured customers on Friday that they will "always be Texan and represent you in a way that makes you proud.". "We're excited about the partnership with BDT because they respect and admire the brand we've built," Whataburger president and CEO Preston Atkinson said. By Saturday, Watt's tweet had been retweeted more than 20,000 times. Whataburger got its start in 1950 as a roadside burger stand in Corpus Christie, Texas and was founded by Harmon Dobson. It now has 820 locations in 10 states, with nearly 700 of those in Texas. Market data is the property of Chicago Mercantile Exchange Inc. and its licensors 15, 2019 6:29! The chief financial officer since 2008, was promoted to president Texas burger chair Whataburger on Friday a... And was founded by Harmon Dobson play in the 1950s by Harmon Dobson the property of Chicago... Companies. -- is now the property of a Chicago investment firm BDT Capital Partners a! 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