Private equity firm Falfurrias Capital Partners has retained Harris Williams & Co as a financial advisor to explore future options for the firm’s’ investment in Bojangles’ Restaurants, Inc, including a possible sale of the fast-growing, Charlotte-based restaurant chain.
“We have been extremely pleased with our investment in Bojangles’ and its growth as a premier quick-service restaurant group in the southeastern US,” says Marc D Oken, co-founder and managing partner of Falfurrias Capital Partners. “As we said when we purchased controlling interest in Bojangles’ in 2007, as a private equity firm we have a four-to-seven-year time frame to hold our investments. We feel now is the right time to review our position for our shareholders because of Bojangles’ profitability, growth and future expansion opportunities in the Southeast.”
Despite a difficult national financial environment, since Falfurrias purchased the company in September 2007, the number of Bojangles’ restaurants has grown by nearly 30 percent to 488 company-owned and franchised restaurants in 10 states, primarily in the Southeast.
“Our partnership with Falfurrias Capital Partners has enabled us to build on Bojangles’ history of offering our unique flavor, the best breakfast in the industry and fast, friendly service. They have been great partners in our efforts to grow this very special brand,” says Bojangles’ President and Chief Executive Officer Randy Kibler. “We expect no change in that tradition for our customers, team members and franchisees regardless of our ownership structure as we continue to operate in the best long-term interest of the Bojangles’ brand.”
