HOUSTON – Whata-what?
Texas-based Whataburger announced Friday the company has agreed to be acquired by a Chicago bank, BDT Capital Partners. The companies will begin to expand their plans and realign internal leadership positions for the restaurants' future.
Ok, I say we all chip in and buy Whataburger back. Make honey butter chicken biscuits available all day, add kolaches to the menu and change nothing else. Especially not the ketchup. https://t.co/HadutHXJ9l
— JJ Watt (@JJWatt) June 14, 2019
Here's what you need to know:
Why is this happening?
With the rapid growth they have seen over the past years, Whataburger founders said it was needed in order to keep customers satisfied and to expand its brand to a new audience.
"We’ve gone through this process purposefully and diligently because we wanted to find a partner who honors our values, culture and 69-year legacy of family tradition,” said Preston Atkinson, Whataburger's president and CEO.
Will the menu change?
Although the restaurant is planning to make changes to reach a bigger audience, Atkinson said the company doesn't plan to change its recipe for success.
When is the official purchase?
The closing transaction is expected later this summer, where customary regulatory changes will be made in the contract.
Will Whataburger stay Texas-based?
The company said its headquarters will stay in San Antonio.
Will the company's leadership change?
Beginning July 1, several leaders within the company will be promoted to positions that will help carry the company forward, Atkinson said.
“As the brand embarks on a growth and expansion plan, we decided the time was right to promote new leadership to carry the company forward,” he said. “This leadership team has the right combination of Whataburger core values, strategic vision and people-centered leadership to take us into the future.”