BDT Capital Partners Acquires Majority Interest of Whataburger

Merchant bank BDT Capital Partners has acquired a majority interest of Whataburger in an undisclosed deal, according to QSR Magazine. The 828-unit chain will remain based in San Antonio, Texas, as it explores expansion plans and realigns internal leadership.

Whataburger’s founders, the Dobson family, will reportedly retain a minority position in the company. President and CEO Preston Atkinson and board chairman Tom Dobson will remain on the board but step down from their day-to-day operational duties to focus on Las Aguilas, an investment company for real estate and philanthropy. Current CFO Ed Nelson will become president, while Leonard Mazzocco moves to the SVP and COO post, among other internal leadership shifts.

“This is both exciting and bittersweet for the Dobson family. Whataburger has been the heart and soul of our family legacy for nearly 70 years, but we feel really good about the partnership with BDT,” Dobson said in a statement obtained by QSR. “They have a track record of success with businesses as special as ours that want to grow, while preserving culture and family history. They are trusted advisors and partners who have worked closely with other family businesses and they have a tremendous reputation for doing the right thing.”