A popular restaurant chain announced on Tuesday plans to change hands, but plans to continue to be based in Charlotte.
Bojangles', Inc., announced in a news release that the company has entered into a “definitive agreement” to be acquired by Durational Capital Management LP and The Jordan Company, L.P.
This will be an all-cash transaction, according to the release.
“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.”
The move has already been approved by the board of directors, but is subject to stockholder approval and “other customary conditions.”
The move is to be completed in the first quarter of the 2019 fiscal year.
Once the transaction is completed, the release says Bojangles’ will continue to “be operated as an independent, privately-held company and will remain based in Charlotte.
“For the Bojangles’ family of employees, franchisees, and our customers, today’s announcement represents an exciting next phase for this great brand. The new ownership group is committed to maintaining the qualities of this brand that have sustained it for over four decades,” said Randy Kibler, Bojangles’ interim president and CEO.
As of July 1, the company had 766 system-wide restaurants, with 325 of those being company-operated and 441 franchised, primarily located in the southeast.