Bojangles’ shareholders OK acquisition

The deal, which takes the chicken and biscuit chain private, is expected to be finalized in the coming months.
Photograph: Shutterstock

Bojangles’ Famous Chicken 'n Biscuits stockholders Thursday approved the company’s sale to two New York City-based investment firms.

The deal, which was originally announced in November, will take the struggling Charlotte, N.C.-based chicken and biscuit chain private once the sale to Durational Capital Management and The Jordan Company is final.

The transaction, which gives stockholders $16.10 per share, is expected to close during the first fiscal quarter.

Bojangles’ has weathered difficulties in recent months, shuttering some units and refranchising others. Its former CEO, Clifton Rutledge, resigned suddenly early last year. Randy Kibler, who has previously worked as president, CEO and director of the company, has served as interim president since the resignation.

Bojangles’ joins a large number of once-public restaurant companies opting to go private recently, including Sonic Corp., Buffalo Wild Wings and Zoes Kitchen.

Bojangles’, which is primarily located in the Southeastern U.S., currently has 759 units, of which 440 are franchised.

Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.


Exclusive Content

Emerging Brands

5 pre-emerging restaurant brands ready for takeoff

These small concepts are still proving out their ideas, but each shows promise as a potential candidate for the next generation of emerging chains.


This little-known iPhone feature could change restaurant ordering

Tech Check: Almost every customer has a POS in their pocket. Can mini mobile apps get them to actually use it?


Red Lobster gives private equity another black eye

The Bottom Line: The role a giant sale-leaseback had in the bankruptcy filing of the seafood chain has drawn more criticism of the investment firms' financial engineering. The criticism is well-earned.


More from our partners