CHARLOTTE, NC — Bojangles' will soon have a new owner.
The Charlotte-based fried chicken chain announced Tuesday that it has entered an agreement with Durational Capital Management LP and The Jordan Company, L.P. in an all-cash deal. Bojangles' stockholders will receive $16.10 per share, which represents a 39-percent premium to the closing share price of February 12, 2018.
According to a release from Bojangles', the deal was unanimously approved by the restaurant chain's board of directors and is subject to stockholder approval and other customary closing conditions. The transaction is expected to be finished in the first quarter of fiscal year 2019.
The company's headquarters will remain in Charlotte as part of the agreement, according to Bojangles'.
“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,” said Randy Kibler, Bojangles’ Interim President and CEO.
“In consultation with our outside advisors, the Board of Directors has been evaluating several strategic alternatives over the last several months. We are confident that this agreement offers a promising opportunity to realize the highest value for our stockholders while providing a strong path forward for the Bojangles’® brand, its employees, franchisees, and loyal customers,” said William A. Kussell, Director and Non-Executive Chairman of Bojangles’.