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🟢 NOT PRIVATE EQUITY OWNED

Waffle House

diner · Norcross, GA

“Privately held since 1955. PE can't touch these waffles.”

Why It's Different

  • •Privately held by WH Capital, LLC, controlled by the families of co-founders Joe Rogers Sr. and Tom Forkner since 1955
  • •1,900+ locations across 25 states with 40,000+ employees; so reliably open 24/7/365 that FEMA created the 'Waffle House Index' to gauge hurricane severity
  • •Offers employee stock ownership to approximately 3,500 workers — one of few large restaurant chains to share equity with hourly staff
  • •Joe Rogers Jr. (son of co-founder) is majority owner; bought out debt and consolidated family control while rejecting every buyout offer and IPO opportunity