Nicholas Perkins, a Black businessman and HBCU graduate, recently acquired the Fuddruckers burger franchise for an estimated $18.5 million. The deal makes him the largest franchise owner and the first African American to have total ownership of a national burger chain. Perkins’ Black Titan Franchise Systems LLC reached a deal with Luby’s earlier this summer to take over 100 percent ownership of the Fuddruckers brand.
Perkins is the CEO of Black Titan Franchise Systems LLC. He purchased several franchises in the past before taking sole ownership. MSN reported that Luby’s, Inc. is a Houston-based cafeteria chain that planned to liquidate its assets and dissolve the company. Black Titan Franchise Systems, LLC was formed as part of the agreement and for the sole purpose of owning the Fuddruckers brand.
“We’re excited to be purchasing Fuddruckers and look forward to working with Fuddruckers’ many dedicated, highly capable franchisees to further build this brand. As a Fuddruckers franchisee, I have a vested interest in ensuring that all Fuddruckers franchisees have the resources, infrastructure, and operational and marketing support they need to maximize their return on investment. This strategic alignment, when combined with the fact that we sell the ‘World’s Greatest Hamburgers,’ will ensure the long-term success of the brand and our franchisees,” Perkins told MSN.
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SOURCE: Rolling Out, Michael Harris