Charlotte’s iconic fried chicken chain is about to be sold off to 2 NY firms in one the largest cash deals in fast-food history.
According to an official press release, Durational Capital Management LP and The Jordan Company, L.P. have agreed to purchase the entire Bojangles Company for $16.10 per share, and with over 36.88 million shares outstanding, that amounts to a total cash purchase price of $593,768,000, which will be paid directly to shareholders.
“Bojangles’ is an iconic brand with an authentic Southern heritage and a deeply loyal following,” Eric Sobotka, managing partner at Durational Capital Management commented. “We have admired the brand and its high quality and craveable food for years, and we look forward to partnering closely with the employees and franchisees to drive its future growth and continued success.”
The historic deal was unanimously approved by the Bojangles’ board of directors and will now be subject to stockholder approval. If approved by shareholders, the transaction will likely be finalized in the first quarter of 2019.
“For the Bojangles’ family of employees, franchisees, and our customers, today’s announcement represents an exciting next phase for this great brand. The new ownership group is committed to maintaining the qualities of this brand that have sustained it for over four decades,” commented Randy Kibler, Bojangles’ interim president and CEO.
As part of the deal, the company’s headquarters will remain in Charlotte for the time being.