Freddy's Largest Franchisee Buys 43 More Stores
JRI Hospitality, already the largest franchisee of Freddy's Frozen Custard & Steakburgers, has acquired another 43 locations from HCI Hospitality. The deal expands JRI's holdings to over 130 restaurants across 18 states, significantly consolidating its position in the fast-casual chain.
The transaction also includes HCI Hospitality's other restaurant holdings, JC's BBQ and Grill in Junction City, Kansas, and Powercat Sports Grill in Manhattan, Kansas. HCI's founder, Dave Dreiling, will retain ownership and operation of Booth Creek Wagyu. To ensure a smooth transition, HCI's CEO, Cam Blakely, will join JRI as the President of Operations for JRI's Freddy's locations. This acquisition marks a significant consolidation within the Freddy's franchise system. Salina-based JRI Hospitality was already the largest franchisee before this deal. The addition of 43 units from Manhattan, KS-based HCI Hospitality solidifies JRI's leading position and expands its footprint to 18 states. The Freddy's brand has been on a significant growth trajectory. In 2025, the company signed 22 multi-unit development agreements to open 118 new restaurants and opened 51 new locations. The fast-casual chain now has over 580 locations in operation. The brand itself has also seen a change in ownership. In September 2025, private equity firm Rhône acquired Freddy's from Thompson Street Capital Partners. The deal's terms were not disclosed, but it was reported that Freddy's generates over $1 billion in system-wide sales annually. The existing Freddy's executive team, including CEO Chris Dull, remained in place following the acquisition.
