Hen-fingers entrepreneur Todd Graves is now value $11.5 billion after his restaurant chain boosted gross sales by greater than a 3rd final 12 months.
Raising Cane’s booked income of $5.1 billion in 2024, a rise of about 34%, in keeping with an individual acquainted with the Baton Rouge, Louisiana-based firm’s outcomes. Adjusted earnings earlier than curiosity, taxes, depreciation and amortization have been $928 million, an 18% enhance. The fast-casual chain added greater than 137 areas, bringing the whole to greater than 900.
A spokesperson for Raising Cane’s declined to remark.
Graves, 53, owns about 90% of Raising Cane’s. The corporate operates nearly all of its eating places reasonably than franchising, with the Bloomberg Billionaires Index valuing the enterprise at about $12.3 billion. Third-party estimates put the worth at $22 billion to $26 billion, in keeping with the particular person, who requested to not be recognized as a result of the data is non-public.
Graves opened the primary Raising Cane’s in 1996 on the campus of Louisiana State College. He saved for the enterprise throughout a wide range of jobs, together with fishing for sockeye salmon in Alaska and dealing at a California oil refinery.
A few of Graves’ fortune has gone into actual property. In June, he agreed to pay $15 million for a roughly 4,000-square-foot penthouse residence in Nashville. He additionally purchased a two-floor penthouse underneath building in Dallas’ Knox Avenue luxurious condominium constructing.
Graves additionally collects historic artifacts, together with a 66-million-year-old triceratops cranium.
He made two visitor appearances on the tv program Shark Tank final 12 months, agreeing to take a position about $700,000 in 4 firms.
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