SAN ANTONIO — Whataburger has hired multinational investment bank and financial services company MorganStanley to help explore a possible sale, the company confirmed Thursday.
In a written statement, Whataburger's corporate communications team told the San Antonio Business Journal, “Our company is growing and is always attractive to investors, and we’ve brought in Morgan Stanley to help us explore our options. We have always evaluated the opportunities that can accelerate growth and maintain the success of our brand, and we will continue to do so in the future.”
Word of a possible sale was reported May 6 by Reuters, which was told by an anonymous source that the privately held San Antonio-based fast food chain was considering a sale, including a minority stake sale to a financial investor or private equity firm. Another unnamed source told Reuters that the chain could garner a valuation of more than $6 billion.
Trade publication QSR reported that Whataburger had sales of more than $2.2 billion in 2017, ranking it 22nd in the magazines' 50 largest limited-service restaurants based on sales, above such prominent burger chains as Hardee's, Carl's Jr. and Five Guys.
The company operates 827 locations across 10 states, according to its website, a majority of which are in Texas.