Bojangles Seeks $1.5 Billion Sale While Expanding Nationwide
Investment bankers are sizing up a potential $1.5 billion deal for Bojangles, the Charlotte-based food chain known for chicken and biscuits. Sources close to the talks shared details with The Wall…
Bojangles’ Famous Chick ‘n Biscuits signage stands outside of a fast food restaurant in Brentwood, Tennessee, U.S., on Friday, May 8, 2015. Bojangles’ Inc., the North Carolina-based restaurant chain that serves Southern specialties, raised $147.3 million in its initial public offering, pricing the shares at the top of the marketed range. Photographer: Luke Sharrett/Bloomberg via Getty Images
Investment bankers are sizing up a potential $1.5 billion deal for Bojangles, the Charlotte-based food chain known for chicken and biscuits. Sources close to the talks shared details with The Wall Street Journal.
Since 2020, the chain has grown fast. New spots have popped up in Columbus, Orlando, Dallas, Austin, and Phoenix: over 100 in total. Right now, they run 266 of their own spots and watch over 561 franchise sites.
This marks the second big shift in six years. Back then, two firms from New York, Durational Capital Management LP and The Jordan Company L.P., bought the chain for $539 million.
The company kept quiet when asked about selling. A spokesperson told The Charlotte Observer, "As a general policy, we do not comment on rumors or speculation."
This year brought big moves. Bojangles pushed into Las Vegas, Houston, and New Jersey. They also set up shop in over 40 Love's Travel Stops across the Midwest and Southeast. Short stops, big plans.
The chain started small in 1977. Last year, they picked up and moved their main office. Now, 170 workers fill the new space at Forest Point Circle, just a quick drive from where they used to be on Southern Pine Boulevard in South Charlotte.
Nothing's set in stone yet. The Wall Street Journal's sources say the sale might not happen at all. Still, Bojangles keeps pushing west, with California next on their list.
