Who Owns Whataburger?
Updated onExplore the ownership hierarchy of Whataburger. See parent companies, holding structures, and ultimate controllers.
Ownership Chain
Whataburger
Whataburger is an American regional fast food restaurant chain specializing in made-to-order hamburgers, headquartered in San Antonio, Texas.
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.
Whataburger
Whataburger is an American regional fast food restaurant chain specializing in made-to-order hamburgers, headquartered in San Antonio, Texas.
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
Whataburger
Major Shareholders
| Name | Type | Ownership | As of |
|---|---|---|---|
BDT & MSD Partners (via BDT Capital Partners funds) Majority controlling owner of Whataburger since BDT Capital Partners agreed to acquire a majority interest in 2019; later referenced as BDT & MSD Partners holding the majority stake as of 2025. Ownership is via affiliated private equity funds, and exact percentage is not publicly disclosed. | Institutional | — | Nov 2025 |
Dobson family (founding family) The founding Dobson family sold a majority interest to BDT Capital Partners in 2019 but retained a minority ownership position and board presence; they are still described as holding a small stake in Whataburger as of 2025. Exact percentage is not publicly disclosed. | Family | — | Nov 2025 |
Camino Partners Camino Partners, the investment firm founded by Daniel Lubetzky, lists Whataburger as a current co-investment alongside BDT & MSD Partners, indicating a minority equity position in the company. Specific stake size and deal date are not publicly disclosed. | Institutional | — | — |
CFT Capital Partners Private‑market data provider Tracxn identifies CFT Capital Partners as an institutional investor in Whataburger as of September 8, 2025, in addition to the company having been acquired by BDT & MSD Partners in 2019. The size of CFT’s stake is not publicly disclosed. | Institutional | — | Sep 2025 |
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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