Founding Family and Original Ownership
Five Guys was founded in 1983 in Arlington, Virginia, by Jerry and Janie Murrell, who named the chain after their five sons: Matt, Chad, Jim, Ben, and Tyler Forbes. The Murrell family retains majority ownership of the company, which remains privately held and has never been listed on a public stock exchange Forbes.
The original store was a single burger stand that grew into a large national chain through a franchise model, with the Murrell family maintaining control over brand standards and operations Forbes. Jerry Murrell has publicly stated that the family prioritized keeping the business private to avoid the pressures of quarterly earnings and public market scrutiny Forbes.
Major Investors and Private Equity Involvement
Private Equity Stake
In 2013, Five Guys sold a minority stake to Roark Capital, a private equity firm that also owns several other major fast-food and restaurant brands Forbes. Roark Capital acquired the stake through its affiliate Focus Brands, which later became Focus Brands Holdings, and the investment was structured to support global expansion without a public listing Forbes.
Despite the private equity investment, the Murrell family continues to hold the controlling interest in Five Guys, and Roark Capital does not have operational control over the brand Forbes. The chain has since expanded to over 1,700 locations across the United States and internationally, with the majority of stores still operated by franchisees Forbes.
Franchise Ownership and Current Structure
How Franchise Owners Fit In
Five Guys operates primarily through a franchise model, where individual owners pay an initial franchise fee and ongoing royalties to the parent company Forbes
