Bojangles' Announces New Investor: Advent International
Falfurrias Capital Partners Selling Stake After Successful Four-Year Run
CHARLOTTE, N.C., July 25, 2011 // PRNewswire // -- Bojangles' Restaurants Inc. today announced that Falfurrias Capital Partners, a Charlotte-based private equity firm, has signed a definitive agreement to sell its ownership interest in the company to Advent International, a global private equity firm based in Boston.
The transaction, which is expected to close later this summer, comes nearly four years after Falfurrias acquired the Southeast-based quick-service restaurant chain in September 2007.
"We are grateful for the incredible support Falfurrias has given us over the past four years, which helped Bojangles' become the fastest-growing, free-standing quick service restaurant concept in the country," said Bojangles' President and CEO Randy Kibler. "We are also excited by the prospect of being partners with Advent International, a company with a tremendous amount of resources and experience."
Advent has stated it intends to complete its investment alongside the Bojangles' leadership team, and has expressed its interest in working closely with Bojangles' post-closing to support its continued growth. Kibler added that the company will continue to focus on providing its loyal customers with outstanding service and craveable chicken, fresh made-from-scratch biscuits and the best steeped iced tea in the business at more than Bojangles' 500 locations.
"We have been very involved throughout this process," said Kibler, "and we look forward to building upon our company's 35-year history of consistent growth in the Southeast and beyond."
Founded in 1977 in Charlotte, N.C., Bojangles' Restaurants Inc. serves only the highest quality and most flavorful food to its loyal customers, with all of its proprietary menu items made from scratch. A special blend of seasonings gives the food its unique flavor, including Bojangles' core menu selections of its famous chicken, fresh made-from-scratch buttermilk biscuits and Legendary Iced Tea™ steeped the old-fashioned way. Bojangles' serves breakfast all day, and offers unique Fixin's like Bojangles' Dirty Rice®, Bojangles' Cajun Pintos® and Seasoned Fries™ along with other flavorful Fixin' choices. First franchised in 1978, Bojangles' boasts more than 500 locations in 10 states and the District of Columbia, primarily in the Southeast, as well as two international restaurants. The company was named one of the top 10 growth concepts in 2010 by both GE Capital and QSR magazine and was named among only eight restaurant groups in The Wall Street Journal's "25 Franchise High Performers" across all industries. In 2011 surveys, Bojangles' was shown to be the fastest-growing chicken chain and the fastest-growing free-standing drive-thru chain in the country. Its strong performance in all three day parts is what sets Bojangles' apart from all other restaurants. For more information, visit www.bojangles.com.
SOURCE Bojangles' Restaurants Inc.