Bojangles’ Inc. has agreed to be acquired by Durational Capital Management LP and The Jordan Company, L.P.
In an all cash transaction, investors will receive $16.10 per share. The acquisition, which has been unanimously approved by Bojangles’ Board of Directors, is subject to stockholder approval and other customary closing conditions.
The transaction is expected to be completed in the first quarter of fiscal year 2019. Bojangles’ will continue to be operated as an independent, privately-held company and will remain based in Charlotte, N.C. “Bojangles’ is an iconic brand with an authentic Southern heritage and a deeply loyal following,” said Eric Sobotka, Managing Partner at Durational Capital Management. “We have admired the brand and its high quality and craveable food for years, and we look forward to partnering closely with the employees and franchisees to drive its future growth and continued success.”
Bojangles’ is known for its Southern fare , including made-from-scratch biscuit breakfast sandwiches, hand-breaded bone-in chicken, flavorful sides and iced tea. As of July 1, Bojangles’ had 766 system-wide restaurants, of which 325 were company-operated and 441 were franchised restaurants, primarily located in the Southeast.