After about a week of speculations, Falfurrias Capital Partners, which owns a controlling stake in Bojangles’ Restaurants Inc., has retained a financial advisor to explore options about its investment, including a possible sale.
Harris Williams & Co. has been tapped to advise Falfurrias in the process. Both Falfurrias and Bojangles are headquartered in Charlotte, N.C.
Falfurrias purchased Bojangles in September 2007. Since, the restaurant chain’s unit count has grown by nearly 30 percent and now includes 488 company-owned and franchised restaurants in 10 states, primarily in the Southeast.
“We have been extremely pleased with our investment in Bojangles’ and its growth as a premier quick-service restaurant group in the southeastern U.S.,” said 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 4-to-7-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.”
Falfurrias was co-founded by former Bank of America executives Hugh McColl Jr. and Marc Oken, who were joined in the purchase by Carolina Panthers owner Jerry Richardson.
“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,” said Randy Kibler, Bojangles’ president and CEO. “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.”
