Advising on Bojangles’ shouldn’t be that difficult: order as much as you can, if you haven’t been to the champion chicken retailer of the South. Falfurrias Capital Partners, as peHUB.com reported earlier, will look to potentially sell its substantial minority stake in the business, it announced, with the help of Harris Williams. Under Falfurrias, Bojangles’ has grown its chain nearly 30% since September 2007.
CHARLOTTE, Feb. 17, 2011 — Falfurrias Capital Partners, a Charlotte-based private equity firm, today announced it has retained Harris Williams & Co. as a financial advisor to explore future options for Falfurrias’ investment in Bojangles’ Restaurants, Inc., including a possible sale of the fast-growing, Charlotte-based restaurant chain.
“We have been extremely pleased with our investment in Bojangles’ and its growth as a premier quick-service restaurant group in the southeastern U.S.,” said Marc D. Oken, co-founder and managing partner of Falfurrias Capital Partners. “As we said when we purchased controlling interest in Bojangles’ in 2007, as a private equity firm we have a four-to-seven-year time frame to hold our investments. We feel now is the right time to review our position for our shareholders because of Bojangles’ profitability, growth and future expansion opportunities in the Southeast.”
Despite a difficult national financial environment, since Falfurrias purchased the company in September 2007, the number of Bojangles’ restaurants has grown by nearly 30 percent to 488 company-owned and franchised restaurants in 10 states, primarily in the Southeast.
“Our partnership with Falfurrias Capital Partners has enabled us to build on Bojangles’ history of offering our unique flavor, the best breakfast in the industry and fast, friendly service. They have been great partners in our efforts to grow this very special brand,” said Bojangles’ President and Chief Executive Officer Randy Kibler. “We expect no change in that tradition for our customers, team members and franchisees regardless of our ownership structure as we continue to operate in the best long-term interest of the Bojangles’ brand.”
About Falfurrias Capital Partners
Falfurrias Capital Partners, founded by former Bank of America Chairman and CEO Hugh McColl Jr. and former Bank of America Chief Financial Officer Marc D. Oken, is a Charlotte-based private equity investment firm focused on acquiring or investing in a diverse portfolio of middle-market companies operating in the southeastern U.S. By leveraging the extensive strategic and operational experience and business relationships of the firm’s principals, Falfurrias Capital Partners is positioned to be a value-added partner for both its portfolio companies and its limited partners. For more information, visit www.falfurriascapital.com.
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 World Famous chicken, fresh made-from-scratch buttermilk biscuits and legendary iced tea steeped the old-fashioned way. Bojangles’ also offers biscuit sandwiches that are served all day. Unique sides like Dirty Rice™, Cajun Pintos™ and Seasoned Fries are just a few of the flavorful fixin’ choices. First franchised in 1978, Bojangles’ boasts close to 500 locations in 10 states, primarily in the Southeast. The company was named one of the top 10 growth concepts in 2009 by both GE Capital and QSR magazine. Its strong performance in all three day parts is what sets Bojangles’ apart from all other restaurants. For more information, visit www.bojangles.com.
About Harris Williams & Co.
Harris Williams & Co., a member of The PNC Financial Services Group, Inc. (NYSE: PNC), is the premier middle market advisor with a two-decade history of sell-side excellence serving clients nationwide. The firm is focused exclusively on the middle market, providing sell side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services. Member FINRA/SIPC. For more information, visit www.harriswilliams.com.