HBCU Grad Makes History! Acquires Fuddruckers Brand and all 92 Restaurants for $18.5 Million
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Posted By: S. Moore on June 09, 2023 Nicholas Perkins, a graduate of both Howard University and Fayetteville State University, has made history as the new owner of the international Fuddruckers restaurant brand. He was formerly one of the company's largest franchisees, but now has full ownership of all 92 of the company's restaurants in the United States, Canada, Panama, and Mexico. The Black entrepreneur acquired the Fuddruckers franchise from Luby’s, Inc. under his Black Titan Franchise Systems LLC, an affiliate he created solely for the transaction. Perkins was selected among 150 competing entities contacted by the Houston-based food chain and sold to him for $18.5 million. The sale of the Fuddruckers brand was part of Luby’s liquidation program following which the firm will dissolve by June 2022. The company hopes to generate between $93 million and $128 million through its liquidation, according to Bizjournal. “I feel very honored. I feel very blessed, excited about the future. I’ve got a lot of work to do but at the same time it’s going to be very very impactful to be a part of what I consider to be a reemergence of the worlds’ greatest hamburger,” Perkins said in an interview with KPRC 2. He added: “I look very much forward to be able to empower others to be entrepreneurs.” “If me being the first African American in this position means that I can leverage the asset that I have to be able to improve the lives of other people, it’s one of the most rewarding things that you can do, to help lift others up.” According to Bizjournal, there are currently 92 Fuddruckers locations in the U.S. with two locations in Greater Washington — one in Ashburn and another in Woodbridge. 40-year-old Perkins was born and raised in Fayetteville, North Carolina. He was inspired into the culinary business by his grandmother Mrs. Laurene W. Perkins. According to him, it was his grandmother who nurtured his passion for the kitchen although he had wanted to be an entrepreneur. “My grandmother was a phenomenal cook; she nurtured my passion for the kitchen. I knew that I loved to cook and had a passion for it, but I also wanted to become an entrepreneur,” Perkins said. He, therefore, decided to merge his love for culinary and entrepreneurship to establish Perkins Management Services Co. The firm specializes in contract food services and the fast-food industry, among other businesses. His firm oversees food service contracts of the University of the District of Columbia and the courthouse in Howard County, Maryland. Perkins has a Bachelor’s degree in Business Administration and Management from Fayetteville State University. He also has a Masters’s degree in Business Administration from Howard University. SOURCE Face2Face Africa If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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