Freddy's Largest Franchisee Buys 43 More 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 holdings to more than 130 restaurants across 18 states, consolidating its top position within the brand.
This acquisition solidifies JRI Hospitality's position as the dominant franchisee in the Freddy's system, growing its portfolio from over 88 locations to more than 130. The deal also includes HCI's other restaurant holdings, JC's BBQ and Grill in Junction City, KS, and Powercat Sports Grill in Manhattan, KS. The transaction is described by JRI founder and CEO Jason Ingermanson as an opportunity to merge two aligned teams, citing HCI's reputation for performance and integrity. To ensure a smooth transition, HCI's CEO, Cam Blakely, will join JRI as the President of Operations for the Freddy's locations. HCI Hospitality's founder, Dave Dreiling, will retain ownership of the Booth Creek Wagyu brand. This franchisee consolidation occurs as the Freddy's brand itself experiences significant growth. In 2025, the company signed 22 multi-unit development agreements to open 118 new restaurants and opened 51 new locations. The brand's rapid expansion has been fueled by multi-unit development deals with experienced restaurant operators. The fast-casual chain, known for its steakburgers and frozen custard, was acquired by private equity firm Thompson Street Capital Partners in March 2021. By September 2025, it was acquired again by the global private equity firm Rhône, at which point the brand had grown to over 550 locations in the U.S. and Canada, generating over $1 billion in systemwide sales.
