Financing

Luby's sells most of its Fuddrucker's to a franchisee

13 of the remaining 24 unit were sold to an affiliate of the contract management company Perkins Management Services.
Photograph: Shutterstock

Luby’s is selling 13 of its 24 remaining Fuddrucker’s fast-casual burger restaurants for an undisclosed amount to a company owned by the principal of a Washington, D.C.-based foodservice contract management company, Perkins Management Services.

The buyer, Black Titan Holdings, will operate the units as a franchisee, according to Luby’s.

The sale is expected to close in 90 days, the seller said. Other details of the deal were not disclosed.

The refranchising is part of Luby’s plan to liquidate assets and distribute the proceeds to shareholders.  The company said when it announced the sell-off that it expects to generate between $93 million and $128 million. Its holdings also include the Luby’s cafeteria chain and a foodservice management company.

Black Titan Holdings is controlled by Nicholas Perkins, CEO of Perkins Management, which operates feeding facilities within colleges, office buildings and healthcare operations.

Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.

Multimedia

Exclusive Content

Financing

In the Del Taco franchisee bankruptcy, signs of the industry’s distress

The Bottom Line: Why did a 22-unit operator of the Mexican chain turn to one of the riskiest pieces of financing? Because the industry is in a tough spot, and some operators have few options.

Financing

Once a skeptic, Domino's embraces third-party aggregators

The Bottom Line: The pizza chain’s deal with DoorDash appears to be working as expected, according to the data firm M Science. Those aggregators have become vital for Domino’s market share, and other chains too.

Food

Lime Fresh Mexican Grill carves out a new pizza category on its menu

Behind the Menu: The Miami-based fast casual partnered with a Florida hot sauce company to launch scratch-made Mexican pizzas with local flavor.

Trending

More from our partners