Nicholas Perkins a graduate of Howard University agreed to buy the land underneath what are now company-operated Fuddruckers units.
Luby’s Inc, a parent company that the restaurants Koo Koo Roo, Fuddruckers and Cheeseburger in Paradise, announced that it would sell it’s 92-unit Fuddruckers brand to Black Titan Enterprises for an estimated buyout value of $18.5 million.
Perkins, the CEO of Black Titan Enterprises, earned a Masters of Business Administration (MBA) at Howard, as well as a Bachelor of Science (BS) in Business Administration at Fayetteville State University.
HU alumnus Nicholas Perkins is slated to acquire the Fuddruckers restaurant chain for an estimated $18.5 million, making him the first African American with 100% ownership of a national burger franchise. #BisonPride #BisonintheNews
Read more here: https://t.co/b5hLbebceP pic.twitter.com/Lv40Rc9Ove
— Howard University (@HowardU) June 19, 2021
Perkins will break history through the record purchase, according to Howard University.
The sale of the restaurant is the most recent move in Luby’s liquidation plan, which was announced in September after the cafeteria operator could not find a buyer.
Luby’s primary business is it’s namesake cafeterias, which include four which are partnered with Fuddruckers.
According to Luby’s, they plan to hold onto those four Fuddruckers and five stand alone units.
Black Titan Franchise Systems currently owns 13 franchised restaurants and plans to expand for two more. Both Black Titan Entities are controlled by Nicholas Perkins, who also has a food service management company, Washington DC-based Perkins Management Systems.
The operation runs the food service operation of colleges, healthcare institutions, government facilities, offices and factories. While also providing catering for sporting and entertainment events.
“As a Fuddruckers franchise I have a vested interest in ensuring that all Fuddruckers franchisees have the resources, infrastructure, plus operational and marketing support they need to maximize their return on investment,” Perkins said in a statement.
Luby’s can’t guarantee the value will stay at $18.5 million, but they have chosen not to make public what the projections of their liquidation will reach.
The conglomerate reportedly sorted through over 150 potential buyers before settling and accepting Perkins’ bid, which was the highest.
This move makes Nicholas Perkins the very first Black who has owns 100% of a national burger chain.
Huge development in the burger business world. Those HBCU educations paying huge dividends.