Freddy's Largest Franchisee Adds 43 Restaurants
JRI Hospitality, already the largest franchisee of Freddy's Frozen Custard & Steakburgers, has acquired 43 more locations from HCI Hospitality. The deal expands JRI's portfolio to over 130 Freddy's restaurants across 18 states, significantly increasing its footprint.
The acquisition solidifies JRI Hospitality's position as the dominant franchisee for Freddy's. JRI, founded in 2011 by CEO Jason Ingermanson, is based in Salina, Kansas, and also operates other restaurant concepts like Chompie's and Mokas Coffee & Eatery. This deal is part of a larger, aggressive growth strategy for the company. The seller, HCI Hospitality, is a Manhattan, Kansas-based management company that opened its first Freddy's location in 2010. Led by CEO Cameron Blakely, HCI had expanded its Freddy's operations into states including Nebraska, Iowa, Texas, and the Carolinas. This purchase elevates JRI's holdings to a significant portion of the total Freddy's system. As of early 2025, Freddy's has over 550 locations across the U.S. and Canada, meaning JRI Hospitality now operates nearly a quarter of all Freddy's restaurants. The overall Freddy's brand has been on a rapid growth trajectory. The company opened a record 62 new restaurants in 2023 and had plans to open 60 to 70 more in 2024. The fast-casual chain generates over $1 billion in systemwide sales. This expansion is happening under the ownership of private equity firm Rhône, which acquired Freddy's from Thompson Street Capital Partners in September 2025. Thompson Street Capital Partners had itself acquired the brand from its co-founders in March 2021, when the chain had around 400 units.
