Bojangles’ gets new investor: Advent International
by Meat&Poultry Staff
CHARLOTTE, NC – Falfurrias Capital Partners, a Charlotte-based private equity firm, has signed a definitive agreement to sell its ownership interest in Bojangles' Restaurants Inc. to Advent International, a global private equity firm based in Boston. Expected to close later this summer, the transaction comes nearly four years after Falfurrias acquired the 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 Randy Kibler, Bojangles' president and CEO. "We are also excited by the prospect of being partners with Advent International, a company with a tremendous amount of resources and experience."
Advent 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.
With core menu selections including chicken, Bojangles' operates more than 500 locations in 10 states and the District of Columbia, primarily in the Southeast, as well as two international restaurants.