Freddy's Largest Franchisee Buys 43 Stores
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 restaurants across 18 states, signaling continued consolidation in the fast-casual dining sector.
This acquisition solidifies JRI Hospitality's position as a dominant force within the Freddy's system, now controlling over 130 of the brand's more than 550 locations. The deal also includes HCI's other restaurant holdings, JC's BBQ and Grill and Powercat Sports Grill, both located in Kansas. To ensure a smooth transition, HCI's CEO, Cam Blakely, will join JRI as the President of Operations for the Freddy's brand. The move is part of a larger trend of mergers and acquisitions in the restaurant industry, which saw a surge in 2023. This consolidation is happening across various segments, from fast-casual to full-service, with both strategic and private equity buyers actively participating. This activity is expected to continue as brands seek to expand their footprint and market share. Freddy's itself has been on a significant growth trajectory. The Wichita-based chain was acquired by private equity firm Rhône in September 2025, a deal that valued the company at a reported $700 million. At the time of the acquisition, Freddy's was generating over $1 billion in systemwide sales annually. The brand has seen its unit count grow by over 45 percent since 2019 and projects continued expansion. JRI Hospitality, founded by Jason Ingermanson, has a history of aggressive growth within the Freddy's franchise system. Starting as a franchisee in 2009, Ingermanson grew his portfolio to nearly 100 units before this latest acquisition. Beyond Freddy's, JRI Hospitality also operates other restaurant concepts, including Chompie's, Mokas Coffee and Eatery, and The Original Grande.
