Freddy's Largest Franchisee Acquires 43 More Locations
JRI Hospitality, already the largest franchisee of Freddy's Frozen Custard & Steakburgers, has acquired another 43 locations by purchasing HCI Hospitality. The deal expands JRI's portfolio to over 130 Freddy's restaurants across 18 states, consolidating its position in the fast-casual space.
This franchisee consolidation follows two major corporate acquisitions for the Freddy's brand itself. Private equity firm Thompson Street Capital Partners acquired the restaurant chain in March 2021, before selling it to global private equity firm Rhône in September 2025. The leadership team, including CEO Chris Dull, remained in place through the latest transition. The fast-casual chain has demonstrated significant momentum, surpassing $1 billion in systemwide sales and growing by nearly 7% year-over-year in 2024, a rate that outpaced the overall burger category. Founded in Wichita, Kansas, in 2002, the company has grown to more than 580 locations and has begun expanding into Canada. JRI Hospitality was founded by Jason Ingermanson, who became a Freddy's franchisee in 2008 when the brand had fewer than 20 locations. His company operates a diverse portfolio that includes other concepts like Mokas Coffee & Eatery and Chompie's. The seller, HCI Hospitality, is also a significant Kansas-based operator of more than 40 Freddy's locations and other local restaurant concepts. In May 2021, HCI had signed its own development deal to build seven new Freddy's locations in Texas.
