Operations

Church's Texas Chicken secures Golub Capital investment to accelerate global expansion

Photo: Church's Texas Chicken

July 29, 2026

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Church's Texas Chicken has received a strategic growth equity investment from Golub Capital to accelerate its expansion and build upon recent operational improvements, according to a press release.

The 70-year-old fast-food chain, which operates more than 1,500 restaurants globally, plans to use the capital to expand its remodel program, accelerate new company-operated restaurant openings and invest in initiatives supporting brand and franchisee growth.

Acquired by High Bluff Capital Partners and Future Standard in 2021, Church's reported system sales surpassing $1.6 billion in 2025. The brand achieved its first year of positive net U.S. unit growth since 2010, opening nearly 200 global locations between 2024 and 2026. Since the 2021 acquisition, average franchisee restaurant sales increased by over $200,000, adding more than $55,000 in profit per restaurant. Domestic same-store sales grew approximately 19% cumulatively from year-end 2021 through the first quarter of 2026, with traffic up more than 6%.

"When we acquired Church's in 2021, we saw a brand with 70 years of equity and significant untapped potential, and we committed to the long, disciplined work of realizing a tremendous opportunity," Ryan Pitt, principal at High Bluff Capital Partners, said in the press release. "This new capital is about adding fuel at exactly the right moment. High Bluff remains as committed to Church's as the day we bought it. Golub Capital's investment reflects the progress we've made and will help further accelerate our growth plans as Church's continues on its trajectory."

Church's CEO Roland Gonzalez credited the turnaround to a modernized supply chain, technology upgrades, a reinvigorated menu and marketing strategy, and the launch of a new digital app and loyalty program.

"We've spent the last several years rebuilding the foundation of this brand, strengthening our operations, investing in our franchisees, and reconnecting with the communities that have trusted Church's since its inception," Gonzalez said in the press release. "We don't just want to feed the communities we serve; we want to be an integral part of them. That work is paying off: we're posting record sales, our franchisees are seeing stronger returns than ever, and we're winning in a category where many of our competitors are struggling. This investment from Golub Capital is a vote of confidence in our future and an opportunity to go bigger and even faster in ways that benefit the entire system as restaurants and remodels are expected to drive higher system-wide sales, grow national advertising dollars and continue to elevate overall brand positioning."

To lead U.S. expansion, the company hired industry veteran Bobby Morena as chief development officer. On the international front, the brand maintains a development pipeline of more than 1,500 committed units across Europe, the Middle East, Asia and the Caribbean, including a 600-unit agreement for China.

"Having spent my entire career in international development, I can say the quality of our franchisee base at Church's is among the best I've seen," Tim Waddell, executive vice president of international, added in the press release. "The drive, sophistication, and passion of our partners around the world are what give us continued confidence to expand at this pace."

The transaction is Golub Capital's second time providing financing to Church's since 2024.

"Golub Capital's longstanding relationship with Church's and experience in the restaurant sector make the firm a valuable partner to the ownership group," Rushabh Vora, managing director at Future Standard, said in the press release. "Golub Capital's decision to lean in further with an equity investment says everything about their conviction in the brand, the management team, and the road ahead. Few firms know the economics of this industry better, and we're glad to deepen the partnership."

Greg Cashman, vice chair of Golub Capital and co-head of the firm's sponsor finance business, noted the progress made by Church's management.

"This investment represents another milestone in Golub Capital's longstanding relationship with Church's," Cashman added. "Over the course of that relationship, we have seen the team strengthen the business. We take pride in developing durable partnerships with private equity sponsors, management teams and the businesses they support, and we are pleased to invest in this next phase of Church's growth."