Charlotte, N.C. (July 25, 2011) – 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.”
- Elizabeth Baker