Freddy's Largest Franchisee Gets Bigger
JRI Hospitality, already the largest franchisee of Freddy's Frozen Custard & Steakburgers, has acquired another 43 locations from HCI Hospitality. The new deal expands its portfolio to over 130 restaurants across 18 states.
This acquisition solidifies JRI Hospitality's position as a powerhouse within the Freddy's system, a journey that began for founder Jason Ingermanson in 2008 with the fast-casual brand. Salina, Kansas-based JRI Hospitality was founded in 2011 and also operates other restaurant concepts, including Mokas Coffee & Eatery, The Original Grande, and Chompie's Restaurants. The deal includes HCI Hospitality's entire portfolio of 43 Freddy's locations. HCI, based in Manhattan, Kansas, started its Freddy's journey in 2010 and expanded the brand across several states, including Nebraska, Iowa, Texas, and the Carolinas. As part of the acquisition, HCI's CEO, Cam Blakely, will join JRI as President of Operations for the Freddy's brand. This purchase is the latest in a series of expansions for JRI Hospitality. In May 2021, the company acquired five Freddy's locations in Nevada and California, making it the sole franchisee in Nevada. A few months later, in November 2021, JRI purchased four more locations in Pennsylvania, which brought their total at the time to 72 units. The Freddy's brand itself has been on a significant growth trajectory. In 2025 alone, the company opened 51 new restaurants and signed development agreements for 118 more. By the end of that year, Freddy's had 580 locations in operation, with plans for more openings in early 2026. The brand was acquired by private equity firm Thompson Street Capital Partners in 2021.
