BOJANGLES acquired by DURATIONAL CAPITAL MANAGEMENT / THE JORDAN COMPANY TJC

Durational Capital Management LP and The Jordan Company, L.P. agreed to acquire Bojangles. The board approved the transaction after reviewing strategic alternatives, and the company was expected to remain an independent private business based in Charlotte, North Carolina following closing, which was targeted for the first quarter of 2019. The strategic rationale centered on Bojangles’ strong regional brand equity, its loyal Southern consumer base, and the opportunity to support a proven quick-service platform facing same-store sales pressure and competitive intensity. The buyers were attracted to the chain’s breakfast-heavy daypart mix, biscuit-led identity, and sizeable Southeastern footprint, which offered a clear foundation for operational improvement and long-term unit growth. At the time, Bojangles generated more than $1 billion in U.S. systemwide sales, with +760 restaurants, and the sponsors were effectively underwriting a business with meaningful scale but still considerable white space for expansion. The transaction fit a broader pattern of private equity interest in restaurant chains with durable brands, regional density, and franchising potential. It also reflected investor appetite for operationally resilient consumer businesses where brand authenticity and repeat traffic can support value creation even in a tougher sector environment.