Freddy’s Acquired by Rhône from Thompson Street Capital Partners

September 08, 2025 // Franchising.com // WICHITA, Kan. – Freddy’s has been acquired by investment funds affiliated with Rhône from Thompson Street Capital Partners. 

“This acquisition marks a pivotal moment for Freddy’s,” said Chris Dull, President and CEO of Freddy’s. “We’re excited to take our success to the next level with this new partnership with Rhône. Together, we look forward to unlocking even greater opportunities for the Freddy’s franchise family.”

Rhône has significant experience supporting businesses in their global expansion efforts and partnering with management teams to drive growth and create long-term value. Rhône’s history of investments in consumer businesses makes it a natural partner for Freddy’s.

“Rhône looks forward to bringing its experience with global consumer brands to its most recent investment in Freddy’s,” said Lucas Flynn, a Managing Director at Rhône. “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 and support the company in this next chapter of growth.”

Building Off Foundational Success

As a portfolio company of Thompson Street Capital Partners, the past five years have been focused on growth investments to accelerate unit and AUV expansion, in combination with foundational improvements to enhance guest and franchisee experience, including back-of-house efficiency, consumer digital platforms, menu innovation, and franchisee support.

“Our partnership with Freddy’s was centered on building an even stronger foundation for the brand—investing in people, systems, and innovation,” said Joe St. Geme, a Managing Director at Thompson Street Capital Partners. “Those efforts were extremely successful, resulting in sustained growth and the achievement of significant operational and strategic milestones during our ownership. We’re grateful for the collaboration with Chris and his team, and are confident that alongside Rhône, Freddy’s is well-positioned for this exciting stage of growth.”

Prioritizing The Freddy’s Way

Following the acquisition, the Freddy’s executive team will remain unchanged, with Chris Dull continuing to lead the charge as President & CEO, as well as Bill Valentas as CFO, Brian Wise as COO, Erin Walter as CMO, and Andrew Thengvall as CDO & CLO. Following this change in ownership, the brand remains committed to providing the same quality steakburgers, frozen custard treats, and shoestring fries guests have come to love, all paired with genuine hospitality.

“Freddy’s has and always will remain committed to The Freddy’s Way, which has guided our brand to success,” said Dull. “Our guests and franchisees alike can rest assured that we will always prioritize maintaining high-quality food items and genuine hospitality and cleanliness in our restaurants, just as we have for the last 23 years.”

William Blair served as the lead financial advisor to Freddy’s, with North Point also acting as a financial advisor. Jefferies LLC served as the financial advisor to Rhône.

SOURCE Freddy's Frozen Custard & Steakburgers

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