Advent Backs Bojangles

Buyout shop Advent International will invest an undisclosed amount in chicken-and-biscuits chain Bojangles’, the firm said Monday. The money will support growth. Bojangles was formed in 1977 and is based in Charlotte, N.C. The company operates about 500 restaurants, and plans to open 40 new locations this year. Terms of the Advent investment were not releaed. As part of the transaction, Falfurrias Capital Partners has agreed to sell its entire investment in Bojangles’ to Advent.


Advent International, the global private equity firm, today announced that it has signed a definitive agreement to invest in Bojangles’, a leading quick service restaurant operator in the southeastern United States. The transaction will support the Company’s robust growth strategy.

Founded in 1977, Bojangles’ is world-famous for its Cajun-style fried chicken, made-from-scratch buttermilk biscuits, and iced tea. The company has been recognized as one of the top 10 growth restaurant concepts by QSR magazine and Nation’s Restaurant News and as one of The Wall Street Journal’s “25 Franchise High Performers”.

The business, based in Charlotte, North Carolina, currently operates more than 500 restaurants across 10 states and the District of Columbia. The restaurant franchise plans to open 40 new restaurants in 2011 and will expand its operations across the South. President and CEO Randy Kibler and the rest of the company’s leadership team will remain with Bojangles’.

“Since the founding of the business more than 30 years ago, Bojangles’ has become one of the fastest-growing restaurant chains in the country. Advent’s experience with other fast growing concepts like Five Below and Lululemon Athletica and the support of our operating partner Will Kussell, formerly of Dunkin’ Donuts, allowed us to identify Bojangles’ unique position in the marketplace,” said Steven Collins, Managing Director at Advent.

“The Bojangles’ brand, its success in all three day parts, and its strong core markets in North and South Carolina have made it one of the most promising restaurant concepts out there. We intend to build on these foundations to fulfill Bojangles’ significant potential,” said Andrew Crawford, Principal at Advent.

Randy Kibler, president and CEO of Bojangles’, said: “Advent’s investment in Bojangles’ is the start of an exciting new phase in the company’s development. Throughout our history, Bojangles’ has been blessed with loyal and passionate customers. Our leadership team, franchisees and restaurant team members, the real heroes in our business, look forward to sharing our great Bojangles’ products with an even larger audience with Advent’s support.”

Advent has been investing in the retail, consumer products, and leisure sector since 1984 and brings a proven track record in growth buyouts in the retail sector. Past investments include Shoes for Crews (sold to AEA Investors in 2010) and Poundland (sold to Warburg Pincus in 2010). Other notable recent retail growth investments in North America include Lululemon Athletica, Amscan/Party City, Hudson News and Five Below.

As part of the transaction, Falfurrias Capital Partners has agreed to sell its entire investment in Bojangles’ to Advent. The transaction is subject to customary closing conditions and is currently expected to close in August 2011.

Advent was advised by Weil, Gotshal & Manges (Legal), Bain & Company (Market Diligence), Buxton (Real Estate Diligence) and PricewaterhouseCoopers (Financial Diligence). Financing for the transaction is being led by Jefferies and RBC Capital Markets.

Bojangles’ was advised by Harris Williams & Co.

About Bojangles’ Restaurants Inc.
Founded in 1977 in Charlotte, N.C., Bojangles’ Restaurants Inc. serves only the highest quality and most flavorful food to its loyal customers, with all of its proprietary menu items made from scratch. A special blend of seasonings gives the food its unique flavor, including Bojangles’ core menu selections of its famous chicken, fresh made-from-scratch buttermilk biscuits and Legendary Iced Tea™ steeped the old-fashioned way. Bojangles’ serves breakfast all day, and offers unique Fixin’s like Bojangles’ Dirty Rice®, Bojangles’ Cajun Pintos® and Seasoned Fries™ along with other flavorful Fixin’ choices. First franchised in 1978, Bojangles’ boasts more than 500 locations in 10 states and the District of Columbia, primarily in the Southeast, as well as two international restaurants. The company was named one of the top 10 growth concepts in 2010 by both GE Capital and QSR magazine and was named among only eight restaurant groups in The Wall Street Journal’s “25 Franchise High Performers” across all industries. In 2011 surveys, Bojangles’ was shown to be the fastest-growing chicken chain and the fastest-growing free-standing drive-thru chain in the country. Its strong performance in all three day parts is what sets Bojangles’ apart from all other restaurants.

About Advent International
Founded in 1984, Advent International is one of the world’s leading global buyout firms, with offices in 17 countries on four continents. A driving force in international private equity for 25 years, Advent has built an unparalleled global platform of over 160 investment professionals across Western and Central Europe, North America, Latin America and Asia. The firm focuses on international buyouts, strategic repositioning opportunities and growth buyouts in five core sectors, working actively with management teams to drive revenue growth and earnings improvements in portfolio companies. Since inception, Advent has raised $26 billion in private equity capital and, through its buyout programs, has completed over 250 transactions valued at approximately $50 billion in 35 countries.