The North Carolina-based fast food chicken restaurant announced Tuesday it was being purchased by Durational Capital Management and The Jordan Company LP.
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The agreement was unanimously approved by Bojangles' Board of Directors, but it must still be approved by stockholders.
According to the agreement, stockholders will be paid $16.10 per share (the stock closed at $16.01 Monday evening).
"For the Bojangles' family of employees, franchisees, and our customers, today's announcement represents an exciting next phase for this great brand," said Randy Kibler, Bojangles' Interim President and CEO. "The new ownership group is committed to maintaining the qualities of this brand that have sustained it for over four decades."
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The sale is expected to be completed in the first quarter of the 2019 fiscal year. At the completion of the sale, Bojangles' will operate as an independent, privately-held company and will remain based in Charlotte.
"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."
Durational Capital Management is an investment firm founded in 2017. The Jordan Company LP is a private equity firm founded in 1987.
As of July 1, 2018, Bojangles' had 766 restaurants, of which 325 were company-operated and 441 were franchised restaurants.
Note: The video in this article is from a previous story.