CHARLOTTE, NC (FOX 46 WJZY) - Bojangles is being sold.
The NC-based fast food restaurant announced on Tuesday, Nov. 5 that they've entered into a 'definitive agreement' to be purchased by Durational Capital Management and The Jordan Company LP.
Under the terms of the new agreement, Durational Capital Management LP and The Jordan Company, LP will acquire the company in an all cash transaction. The agreement was unanimously approved by Bojangles' Board of Directors, but it must still be approved by stockholders.
According to the agreement, Bojangles' stockholders will be paid $16.10 per share (the stock closed at $16.01 Monday).
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. Upon closing of the transaction, Bojangles' will continue to be operated as an independent, privately-held company and will remain based in Charlotte, North Carolina.
Statements by Randy Kibler and William Kussell, Bojangles':
"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," said Randy Kibler, Bojangles' Interim President and CEO.
"In consultation with our outside advisors, the Board of Directors has been evaluating several strategic alternatives over the last several months. We are confident that this agreement offers a promising opportunity to realize the highest value for our stockholders while providing a strong path forward for the Bojangles'® brand, its employees, franchisees, and loyal customers," said William A. Kussell, Director and Non-Executive Chairman of Bojangles'.
Statements by Durational Capital Management and The Jordan Company:
"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. For more on this announcement, CLICK HERE!