Rhone acquires Freddy's to drive market expansionPhoto: Freddy'sSeptember 5, 2025Freddy's Frozen Custard & Steakburgers has been acquired by investment funds affiliated with Rhone, a global private equity firm. Rhone previously owned the Brazilian steakhouse chain Fogo de Chao and sold it to Bain Capital in 2023. Thompson Street Capital Partners, a St. Louis-based private equity firm, sold Freddy's after focusing on foundational improvements and growth acceleration initiatives. "This acquisition marks a pivotal moment for Freddy's," Chris Dull, president and CEO of Freddy's, said in a company press release. Freddy's executive leadership team will remain unchanged, with Dull continuing as president and CEO.