Operations

Rhone acquires Freddy's to drive market expansion

Photo: Freddy's

September 5, 2025

Freddy's Frozen Custard & Steakburgers has been acquired by investment funds affiliated with Rhone, a global private equity firm. The Wichita-based franchise, known for its steakburgers and frozen custard treats, will use the partnership to expand into new markets. Rhone previously owned the Brazilian steakhouse chain Fogo de Chao and sold it to Bain Capital in 2023. In 2020, the company invested in the Italian coffee company, Illy.

Thompson Street Capital Partners, a St. Louis-based private equity firm, sold Freddy's after focusing on foundational improvements and growth acceleration initiatives. Freddy's has over 550 locations in the U.S. and Canada and has generated more than $1 billion in systemwide sales over the past year.

"This acquisition marks a pivotal moment for Freddy's," Chris Dull, president and CEO of Freddy's, said in a company press release. "We're excited to take our success to the next level with this new partnership with Rhone."

Rhone specializes in supporting businesses with global expansion and growth. Lucas Flynn, a managing director at Rhone, said the firm sees a "compelling opportunity to partner with Chris and the rest of the leadership team to help bring the unique Freddy's offering to more customers around the world."

Freddy's executive leadership team will remain unchanged, with Dull continuing as president and CEO.

"Our guests and franchisees alike can rest assured that we will always prioritize maintaining high-quality food items and genuine hospitality and cleanliness in our restaurants, just as we have for the last 23 years," Dull said.