Freddy's Gets a New Top Franchisee

This acquisition solidifies a long-standing relationship, as JRI Hospitality was already the largest franchisee of Freddy's Frozen Custard & Steakburgers before this deal. JRI, founded in 2011 by Jason Ingermanson, has grown its portfolio to include other brands like Mokas Coffee & Eatery and Chompie's. The seller, HCI Hospitality, was a significant operator within the Freddy's system, starting its first location in Junction City, Kansas, in 2010 and expanding across several states. The deal also includes HCI's other restaurant concepts, such as JC's BBQ and Grill and Powercat Sports Grill. HCI founder Dave Dreiling will retain ownership of the Booth Creek Wagyu brand. To ensure a smooth transition, HCI's CEO, Cam Blakely, will join JRI as the President of Operations for the Freddy's division. This move brings together two major teams within the Freddy's franchise system under a unified leadership structure. This consolidation comes as the Freddy's brand itself experiences significant growth, having surpassed the $1 billion sales milestone with year-over-year growth of nearly 7% in 2024. The chain now operates over 550 locations and is expanding internationally, with its first Canadian restaurant opening in June 2025. The broader fast-casual sector has seen a surge in private equity interest. In a separate transaction in September 2025, the parent company of Freddy's was acquired by the global private equity firm Rhône from Thompson Street Capital Partners. This suggests a strong investor appetite for established and growing restaurant chains. Looking ahead, Freddy's has ambitious growth targets, aiming to add approximately 60 new locations this year with a long-term goal of reaching 2,500 to 3,000 domestic restaurants. The leadership, including Freddy's CEO Chris Dull, has indicated that international expansion into Europe, the Philippines, and Mexico is also being actively explored.