News

Bojangles' now private company with new CEO, COO

January 28, 2019

Bojangles' completed its all-cash acquisition by Durational Capital Management LP and The Jordan Company, L.P., which was announced Nov. 6 last year originally. Bojangles' will operate as an independent, privately-held company and will remain based in Charlotte, North Carolina a news release said.

Ian Arons, Partner at The Jordan Company, said: "We believe the completion of this acquisition represents an exciting next chapter for Bojangles'," The Jordan Company Partner Ian Arons said in the release. "As a private company, and with our and Durational's support, Bojangles' will be able to further strengthen its operations while expanding its brand and market presence."

Under the terms of the merger agreement, Bojangles' stockholders will receive $16.10 per share in cash.  As a result of the closing of the transaction, Bojangles' common stock has ceased trading as Jan. 28 on the NASDAQ Global Select Market and will be delisted.

Leadership changes 

Jose Armario will lead the brand as its permanent new CEO, the release said. He has 38 years of senior leadership experience with such brands as Burger King, Luxottica Group and McDonald's. During his time with McDonald's Corporation, Armario served in several prominent leadership positions including president of McDonald's Chile, group president of McDonald's Canada and Latin America, and EVP of Worldwide Supply Chain, Development and Franchising.

Brian Unger has been named COO after 30 years in the restaurant business, including at McDonald's where he spent more than 20 years eventually rising in the ranks to SVP of Operations. Unger has also served as COO at Einstein Noah Restaurants Group, Inc. and President and Long John Silver's. 

At December 30, 2018, Bojangles' had 759 system-wide restaurants, of which 319 were company-operated and 440 were franchised restaurants, primarily located in the Southeastern United States.