Photo Courtesy of Howard University/ Twitter
On Thursday, an HBCU graduate agreed to buy the land underneath what are now company-operated Fuddruckers units.
Luby’s Inc., a parent company that operates the restaurants Koo Koo Roo, Fuddruckers and Cheeseburger in Paradise, announced that it would sell its 92-unit Fuddruckers brand to Black Titan Enterprises for an estimated buyout value of $18.5 million.
Nicholas Perkins, CEO of Black Titan Enterprises, is an HBCU Howard University graduate and earned a Master of Business Administration (MBA) from the university, as well as a Bachelor of Science (BS) in Business Administration and Management from Fayetteville State University, as stated
in his LinkedIn profile.Perkins will break history through the $18.5 million purchase, according to Howard University.
The sale of the restaurant chain 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 its namesake cafeterias, which include four that are partnered with Fuddruckers.
According to Luby’s, they plan to hold on to those four Fuddruckers and five standalone units.
Black Titan Franchise Systems currently owns and operates 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, D.C.-based Perkins Management Systems.
That operation runs the food service operations of colleges, healthcare institutions, government facilities, offices, and factories. It also provides catering for sports and entertainment events.
The deal announced Thursday by Luby’s calls for Black Titan Franchise Systems, or BTFS, to provide Luby’s with a closing price close to the transaction price of $18.5 million.
“As a Fuddruckers franchise, I have a vested interest in ensuring that all Fuddruckers franchisees have the resources, infrastructure, and operational and marketing support they need to maximize their return on investment,” Perkins said in a statement, according to the outlet.
Related Story: Family’s Home Appraisal Skyrockets When White Friend Poses as Owner
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 150 potential buyers before accepting Perkins’ bid, which was the highest.