Nicholas Perkins grew up eating Fuddruckers, and still maintains “you cannot buy a better burger.” So when the opportunity arose this spring to purchase 13 of his own franchise locations, Perkins leaped and closed on the deals under his affiliate Black Titan Holdings.

Then, when Perkins learned Houston-based Luby’s was liquidating its assets including Fuddruckers, he immersed himself “in a competitive bidding process that lasted more than a year, in large part due to COVID,” he said. Fuddruckers contacted more than 150 bidders before accepting the offer from Perkins.

Perkins “always wanted to become a part of this iconic brand. I just didn’t realize that one day I’d wind up owning it,” he said. “So, nostalgia has definitely played a minor role in my acquisition of Fuddruckers.”

Luby’s agreed to sell the master ownership of the Fuddruckers brand nationwide to Perkins’ newly-formed affiliate, Black Titan Franchise Systems, on June 17 for an anticipated $18.5 million. The deal—which is expected to close in about 90 days—will help Luby’s continue selling its assets, paying its liabilities and returning proceeds to shareholders.

Luby’s acquired Fuddruckers in June 2010, buying its former owner Magic Brands out of bankruptcy for $63.5 million.

“I firmly believe I have the managerial abilities to restore this iconic brand to prominence,” Perkins said. “…I am also encouraged by a talented franchisee base that has demonstrated a passion and commitment to the brand and that has a vested interest in its long-term success.”

Perkins is set to make history with this deal, making him the largest Fuddruckers franchisee and the first African American with 100 percent ownership of a national burger franchise. That’s according to Perkins’ alma mater Howard University, a historically Black university in Washington, D.C.

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 #BisonintheNewsRead more here: https://t.co/b5hLbebceP pic.twitter.com/Lv40Rc9Ove

— Howard University (@HowardU) June 19, 2021

Perkins said that immediately upon closing, he and his team at Black Titan will implement a three-phase strategic plan to focus on stabilizing the company, repositioning the brand and developing a growth strategy.

“Our initial focus will not be on growth but on our strategic-planning process and on supporting our existing franchisee base,” he added. “At the appropriate time, we will employ an aggressive growth strategy that will encompass franchise expansion in both foreign and domestic markets. Also, we have 85 franchises in the United States, a tally that exceeds 90 when our restaurants in Canada, Mexico and Panama are also taken into account.”

Luby’s sells Fuddruckers to a franchisee for an estimated $18.5M

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The buyer is a newly formed affiliate of Nicholas Perkins, an operator of 13 Fuddruckers units and a contract management company.

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Luby’s has agreed to sell its 92-unit Fuddruckers fast-casual brand to an affiliate of the chain’s largest franchisee, Black Titan Enterprises, in a buyout deal with a potential value of $18.5 million.The Back Titan affiliate has also agreed to buy the land underneath what are now company-operated Fuddruckers units. The details of that transaction, including the price, were not disclosed.The sale of the restaurant chain is the latest step in Luby’s liquidation, which was announced in September after the cafeteria operator failed to find a buyer. Luby’s main business is its namesake cafeterias, including four that are paired with a Fuddruckers.Luby’s said it will hang onto those four Fuddruckers, as well as five standalone units.The parent of Fuddruckers’ intended buyer, newly formed Black Titan Franchise Systems, already owns and operates 13 franchised restaurants and plans to acquire two more. Both Black Titan entities are controlled by Nicholas Perkins, who also has a foodservice management company, Washington, D.C.-based Perkins Management Systems. That operation runs the foodservice operations of colleges, healthcare institutions, government facilities, offices and factories. It also provides catering for sports and entertainment events.Perkins will serve as CEO of Black Titan Franchise Systems, or BTFS, as he does for Black Titan Enterprises and Perkins Management Systems.The deal announced Thursday by Luby’s calls for Black Titan Franchise Systems, or BTFS, to provide Luby’s with a note for most of the $18.5 million transaction price. Luby’s said it cannot guarantee the value will remain at $18.5 million, but the public company is not adjusting its projections of what its liquidation will fetch.Luby’s said it contacted 150 potential buyers before accepting Perkins’ bid, the highest in the batch.“As a Fuddruckers franchisee, 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.Luby’s has yet to find a buyer for its cafeterias and its contract management company, Luby’s Culinary Contract Services, which competes in several of the non-commercial segments served by Perkins Management Systems.

Fuddruckers was a pioneer of fast-casual dining. It was created by Phil Romano, also the father of Romano’s Macaroni Grill and Eatzi’s, as a place where consumers could get a better burger than what they would find at a typical fast-food restaurant.

The burgers were made to order, and early units featured a butcher shop and bakery.

Luby’s said it expects the deal to close within 90 days.

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The Fuddruckers brand of burger restaurants was sold last week to a D.C. business owner.

The new owner of the Fuddruckers restaurant brand is Nicholas Perkins, an existing franchisee and the owner of a D.C. business that specializes in contract food services and the fast-food industry.

Houston restaurant company Luby’s Inc. (NYSE: LUB) reached a deal last week to unload its Fuddruckers franchise business to Black Titan Franchise Systems LLC, an affiliate of Perkins’ Black Titan Enterprises. The deal is expected to be valued around $18.5 million, most of which will come from Black Titan’s issuance of a note to Luby’s and assumption of certain liabilities, Luby’s said. Perkins will take overall ownership of the Fuddruckers brand.

Luby’s and its financial adviser contacted more than 150 entities before settling on Perkins, who was already Fuddruckers’ largest franchisee, owning 13 of the restaurants with deals in place to acquire two more. The purchase by an existing franchisee puts the future of the Fuddruckers on firmer footing, as the sale of the brand had the potential to put an end to its existence.

“As a Fuddruckers franchisee, 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.

Perkins is a Howard University School of Business alum, and the school said in a tweet the purchase makes him “the first African American with 100% ownership of a national burger franchise.”

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Nicholas Perkins is the new owner of the Fuddruckers brand.

Nicholas Perkins

There are currently 92 Fuddruckers locations operating in the U.S., with just two locations in Greater Washington — one in Ashburn and another in Woodbridge.

Perkins leads D.C-based Perkins Management Services Co., a company that, among other business, oversees the food services contract at the University of the District of Columbia. It lists a headquarters in downtown D.C. and a regional office in Charlotte, North Carolina. The company also does work in facilities management and custodial services and operates in 11 states and the District. It lists restaurant retail management work with Burger King, Starbucks and Church’s Chicken, among other fast-food chains.

The sale of the Fuddruckers brand is part of the liquidation of Luby’s, after which the company aims to be dissolved by June 2022. The Luby’s board said it expected to generate between $93 million and $128 million through its liquidation, which also includes the Luby’s Cafeterias brand — a buyer was announced Monday — and real estate related to both brands. In February, Luby’s brought on JLL to market its real estate.

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About Nicholas

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Visionary Businessman. Impassioned Leader. Results Catalyst. Civic Excellence. These are just a few of many phrases that accurately describe the dynamic executive who is Mr. Nicholas M. Perkins.

Mr. Perkins is an Accomplished visionary, passionate, and innovative entrepreneur with experience in operations, marketing, P&L oversight, government relations, contract food service management, custodial services, healthcare, restaurants, and military installations. Result-oriented leader with a proven track record of business development by identifying new markets and strategic positioning for multimillion dollar contracts in food and beverage.

Chairman, President, and CEO of the Washington, DC based Perkins Management Services Company, and Perkins and Robinson Investment Group. Mr. Perkins was born in Fayetteville, NC and raised by his single mother with assistance from his maternal grandmother. Mr. Perkins’ solid upbringing and his avid studies of the African-American Civil Rights Movement inspired him to deftly exact impactful goals with demonstrated excellence to ensure that his forefathers’ sacrifices were not made in vain. To that end, Mr. Perkins has committed himself to economic development and creation of job opportunities within African-American communities.

Mr. Perkins was just twenty-four years young when he founded the Perkins Management Company in 2005, specializing in the provision of contract food service management. Perkins Management Services Company is now a multi-million-dollar enterprise with multiple business platforms serving a diverse portfolio of clients that include colleges and universities, hospitals, and the US Department of Defense. In his roles as Chairman, President, and CEO, Mr. Perkins has successfully honored his forefathers by building a company premised on a solid financial foundation with a core leadership team possessing strong business acumen and ethics.

Mr. Perkins is a 1999 graduate of E. E. Smith Sr. High School and a 2003 graduate of Fayetteville State University. In 2013, Mr. Perkins received his MBA from Howard University. Mr. Perkins’ driven goals and demonstrated excellence earned him the Prominent Alumnus award from the Howard University School of Business.

Mr. Perkins is widely recognized and depended upon as a distinguished leader and progress agent in many communities that include Fayetteville and Charlotte, NC; the District of Columbia; Columbia and Orangeburg, SC; and Raleigh, NC. Mr. Perkins served on the South Carolina State University Foundations Board. NC former Governor Pat McCrory appointed Mr. Perkins in 2014 to serve as member of the Governor’s Advisory Council for Small and Historically Underutilized Businesses, which is responsible for expanding state contracting opportunities for women or minority owned small businesses. In 2015, Mr. Perkins was appointed as a Trustee for the Board of the National Urban League and stands as its youngest trustee in service. Mr. Perkins also serves on the School of Business Deans Advisory Board for Fayetteville State University School of Business and Economics and pending nominations for the School of Business Board at Howard University and nomination for the White House Initiative on HBCU’s. His lifelong commitment to empowering the underserved African-American community fuels Mr. Perkins’ current endeavors.

As a leader within the African American community, Mr. Perkins wisely understands the need for advocacy and activism. His commitment to community led Mr. Perkins to create jobs in his hometown by purchasing and operating a Church’s Chicken franchise and reestablishing a major black-owned and historically significant dry cleaning company located just a few miles from Fayetteville State University. In addition to providing jobs to underserved communities, Mr. Perkins’ financial investment exemplifies his desire to empower communities that have been historically disenfranchised.

Mr. Perkins is proactively committed to being an example to young leaders with entrepreneurial desires. Additionally, Mr. Perkins is a major financial supporter of his own alma maters as well as the colleges and universities where he is honored to partner and provide his company’s stellar services. Mr. Perkins’ commitment to professional and civic excellence results in his being a respected leader in the communities he proudly serves.

Mr. Perkins serves as public exemplification of excellence for students and aspiring leaders who can confidently and with single-minded purpose pursue their own aspirations with inspiration that Mr. Perkins (using the words of poet, Edgar Albert Guest in “It Couldn’t Be Done”) “tackled the thing that couldn’t be done, and he did it.” Mr. Perkins does not settle for simply being a publicly observable role model. He actively serves as a mentor to various interns, acquaintances and even to the young people served by his company’s Charlotte based AAU basketball team.

Mr. Nicholas M. Perkins is a member of the Omega Psi Phi Fraternity Incorporated and committed to excellence with each undertaking.

2016 School of Business and Economics, Fayetteville State University
- Course: Entrepreneurial Thinking and Creativity
- Course: Entrepreneurship
2019 School of Business, Howard University
- Course: Entrepreneurship

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I sincerely appreciate you taking the time to learn about my company. We would love the opportunity to design a customized solution for you in the future. We look forward with great anticipation to the opportunity to partner with you!

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Experience the Perkins Difference

Our History

Founded in 2005 Perkins Management Services Company and its subsidiaries and affiliates specialize in Contract Food Services; Custodial, Facilities, and Grounds Maintenance; and Retail Fast Food Industry Dining Services. Our current and past clients range from The United States Department of Defense, Colleges and Universities, and Business and Industry Clients. Our firm operates dynamically complex feeding environments on the East Coast and in the Mid-Western United States with operational infrastructures in 13 States. Today, Perkins Management Services employs more than 500 team members across multiple lines of business.

The strength of any management services company is the scope and breadth of its management team. Our Senior Leadership possess over 100 combined years of relevant industry experience garnered from the management and administration of facilities for the US Department of the Defense, Colleges and Universities, and Business and Industry Clients. We recruit, hire, and train the best talent. Great people deliver great service! At Perkins Management, the scope and breadth of our services extends far “Beyond the Palate” ™. This is our governing maxim. The quality of the core of our business is displayed daily through skillful meal preparation and eye-appealing culinary displays, superior aseptic practices in custodial operations, and the highest-level sanitation, quality control, and excellent customer service.

Our underlying objective is to provide our customers with measurable results through the delivery of operational efficiencies that translate into cost savings and customer satisfaction. Our reach extends beyond the routine of food service management by becoming a partner with a shared mission and vision. Talented management, efficient operating systems, and innovative menu offerings are the ingredients that deliver the consistency, cost effectiveness, and the sustained quality our customers deserve.

Perkins Management Services Company is a 100% minority owned firm solely owned and controlled by Chairman, President, and CEO Nicholas M. Perkins.

Our Mission

To deliver consistent, cost effective, and sustained quality food and facilities management services, fully aligning ourselves with our clients mission to create a complete partnership.

Our Vision

To become the standard by which all other contract food and facilities management companies are judged.

Our Brand

The gold crown in the Perkins logo symbolizes high quality. It is positioned above the lettering to demonstrate the high quality Perkins strives to provide everyday for every client. The word “Perkins” is positioned in the center of the logo representing Nicholas M. Perkins, the founder, whose vision gave birth to the brand. It also represents the embedded principles of the company.

The crown’s 5 points as represented in the logo symbolize
Perkins’ 5 Star Standards of Excellence which are:

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The letters “R, K, I” are connected as one and each letter represents:
– R –
Respect, honor, and value each relationship entered into without wavering.
– K –
Know with absolute certainty and depth the expectations of these we serve and meet them
consistently.
– I –
In all things deal forthright, honest, and justly with those who chose to engage us.

Our Values

Experience
The Perkins
Difference

The Perkins Difference defined in one word….. “Excellence”.

“The Perkins Difference defined in one word….. “Excellence”. On a daily basis we strive to consistently provide excellent customer service by employing excellent people, serve excellent food by procuring high quality food products prepared by industry trained culinarians, and building, nurturing, and sustaining excellent relationships by aligning ourselves with our clients mission and delivering on our promises”.

Advance: Extending our Influence Beyond the Palate℠

Sustain: Socially Responsible Corporate Citizenship℠

Innovate: Leveraging Technology To Deliver Excellence at Your Finger Tips℠

Impact: Fueling the Growth of Small, Women, and Minority Owned Businesses through Supplier Diversity℠

Perform: Building and Sustaining the High Performance Athlete through Nutrition℠

Brand: Maximizing the Power of Consumer Influence℠

Our team

The scope and breadth of any management company is the experience provided by its leadership team. Our management team possesses over 100 years of combined experience.

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