Who Owns Whatabrands LLC?
Updated onExplore the ownership hierarchy of Whatabrands LLC. See parent companies, holding structures, and ultimate controllers.
Ownership Chain
Whatabrands LLC
Whatabrands LLC is the San Antonio–based parent company and corporate owner of the Whataburger fast-food restaurant chain, operating more than 1,000 restaurants across the southern United States.
BDT & MSD Partners
BDT & MSD Partners is a private American merchant bank providing advisory and investment solutions to family- and founder-led businesses and long-term investors.
Whatabrands LLC
Whatabrands LLC is the San Antonio–based parent company and corporate owner of the Whataburger fast-food restaurant chain, operating more than 1,000 restaurants across the southern United States.
BDT & MSD Partners
BDT & MSD Partners is a private American merchant bank providing advisory and investment solutions to family- and founder-led businesses and long-term investors.
Major Shareholders
Whatabrands LLC
Major Shareholders
| Name | Type | Ownership | As of |
|---|---|---|---|
Investment funds advised by BDT & MSD Partners (formerly BDT Capital Partners) Private equity sponsor that acquired a majority interest in Whataburger/Whatabrands in 2019 and continues to hold the controlling stake, primarily through the holding company Sunrise Group Holdings, LLC. | Corporate | — | Jun 2019 |
Dobson family (via Las Aguilas Enterprises LLC and related entities) Founding Whataburger family; sold control to BDT Capital Partners but retained a meaningful minority equity stake and ongoing board representation. | Family | — | Jun 2019 |
Camino Partners Consumer-focused investment firm founded by Daniel Lubetzky; disclosed as a co-investor in Whataburger alongside BDT & MSD Partners, implying a minority stake in the holding structure that owns Whatabrands LLC. | Corporate | — | Mar 2025 |
BDT & MSD Partners
Major Shareholders
| Name | Type | Ownership | Voting | As of |
|---|---|---|---|---|
BDT & MSD Holdings, L.P. Immediate parent company and sole member (100% owner) of BDT & MSD Partners, LLC (the registered broker‑dealer), according to FINRA BrokerCheck’s “Direct Owners and Executive Officers” section. BDT & MSD Holdings, L.P. is a Delaware limited partnership used as the holding entity for the BDT & MSD merchant‑banking platform and appears as the majority owner of Arcus Holdings Inc. (parent of Investors Life Insurance Company of North America). BDT & MSD Partners itself was formed in 2023 by combining BDT & Company Holdings, L.P. and MSD Partners, L.P., which respectively were founded by Byron Trott and manage capital on behalf of Michael Dell and his family; however, the limited partners and equity split inside BDT & MSD Holdings, L.P. are not publicly disclosed, so ultimate individual ownership stakes are unknown. | Corporate | 100.0% | 100.0% | — |
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