At what enterprise value was BOJANGLES acquired in 2018?

During the acquisition of BOJANGLES by DURATIONAL CAPITAL MANAGEMENT / THE JORDAN COMPANY TJC in 2018, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 500M - 1.5b USD. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Retail & Consumer industry currently tracks an average EBITDA multiple of 11.0x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of BOJANGLES when it was acquired by DURATIONAL CAPITAL MANAGEMENT / THE JORDAN COMPANY TJC?

The estimated EV/EBITDA multiple for BOJANGLES is in the range of 10x - 18x. For comparison, the Retail & Consumer sector currently shows an average EBITDA multiple of 11.0x. Join our community for free to access full valuation data and industry trends.

What was the revenue of BOJANGLES at the time of the deal?

The revenue of BOJANGLES at the time of the deal is estimated to be in the range of 450M - 900M USD. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of BOJANGLES during the acquisition?

BOJANGLES's EBITDA is estimated to be in the range of 50M - 100M USD. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the BOJANGLES acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the BOJANGLES deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.nrn.com/mergers-acquisitions/bojangles-sold-to-durational-capital-management

← DATABASE

Home Database Retail & ConsumerBOJANGLES

11/2018

BOJANGLES acquired by DURATIONAL CAPITAL MANAGEMENT & THE JORDAN COMPANY TJC

UNITED STATES Hospitality & Leisure / Hospitality / Restaurants / Chains EV 500M - 1.5b USD

Context

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.

BOJANGLES, which reported an EBITDA margin of LOGIN in 2017, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a level LOGIN the average currently observed in the Retail & Consumer sector (11.0x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in Retail & Consumer market trends

Target

Bojangles’ Famous Chicken ’n Biscuits is a regional quick-service restaurant chain founded in 1977 in Charlotte, North Carolina, United States. The company specializes in Southern-style fried chicken, made-from-scratch buttermilk biscuits, fixin’s, and sweet tea, with a menu built around breakfast, lunch, and dinner occasions. Its signature offerings include Cajun-seasoned chicken, biscuit sandwiches, country ham biscuits, gravy, and iced tea served throughout the day. By 2018, Bojangles operated 764 restaurants, including 325 company-operated units and 439 franchised locations, concentrated primarily across the Southeastern United States. The brand is strongly associated with Southern heritage and a loyal customer base. It built its reputation on fresh biscuit preparation, differentiated seasoning, and a value-oriented barbell pricing approach that combines everyday value items with higher-priced meal combinations. Bojangles’ business model combines company-owned restaurants with franchised stores, allowing the chain to balance operating control and expansion.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2017

2016

Similar deals in Retail & Consumer

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
12/2018	LVMH	BELMOND	UNITED STATES	Hospitality & Leisure	The acquisition of Belmond Ltd. by LVMH Louis Vuitton Moët Hennessy represents a strategic move by the luxury conglomerate to expand its presence in the hospitality industry. The deal brings together two leaders in the luxury sector, with Belmond's unique collection of hotels, trains, and river cruises complementing LVMH's existing portfolio of luxury brands
12/2018	INSPIRE BRANDS	SONIC DRIVE IN	UNITED STATES	Hospitality & Leisure	Inspire Brands completed the acquisition of Sonic Corp. on December 7, 2018. After closing, Sonic continued to operate as an independent brand under the Inspire umbrella, with Claudia San Pedro leading the brand and Cliff Hudson serving as senior advisor during the transition
11/2018	LAGARDERE TRAVEL RETAIL	HOJEIJ BRANDED FOODS	UNITED STATES	Hospitality & Leisure	Lagardère Travel Retail has completed the acquisition of Hojeij Branded Foods (HBF) and its subsidiary Vino Volo, a leading player in North American airport dining. This move is part of the company's strategy to strengthen its presence in the airport foodservice segment in North America, a growing market driven by increasing passenger traffic and the rising demand for high-end concession dining experiences
09/2018	GO TO FOODS	JAMBA	UNITED STATES	Hospitality & Leisure	Focus Brands completed its acquisition of Jamba in September 2018 following a tender offer for all outstanding shares. The deal was initially announced in August 2018 and closed after a majority of Jamba shares were tendered, with the remaining shares acquired through merger under Delaware law
08/2018	CAVA GROUP	ZOE’S KITCHEN	UNITED STATES	Hospitality & Leisure	In a definitive move to consolidate the Mediterranean fast-casual segment, Cava Group has agreed to acquire Zoe’s Kitchen. The deal is structured as a public-to-private (P2P) acquisition. This merger will create a combined entity with 327 restaurants across 24 states, establishing the clear market leader in the category
07/2018	AMREST	SUSHI SHOP GROUP	FRANCE	Hospitality & Leisure	European restaurant operator AmRest has completed the acquisition of Sushi Shop Group, a prominent sushi restaurant chain with a significant presence in France. This transaction is part of AmRest's broader European expansion strategy, aimed at bolstering its position in the food service market
06/2018	KHARIS CAPITAL	O'TACOS CORPORATION	FRANCE	Hospitality & Leisure	Kharis Capital has acquired a majority stake in O'Tacos Corporation, alongside the company's historical founders who will retain operational involvement in the management of the group. This transaction is part of a strategy to accelerate the development of the network, with the goal of supporting growth in France and, more importantly, driving the brand's international expansion
05/2018	JAB BEECH	PRET A MANGER	UNITED KINGDOM	Hospitality & Leisure	JAB acquired a majority stake in Pret A Manger from Bridgepoint and other minority shareholders in May 2018. The transaction value the company above £1.0b including debt, with Pret shareholders and employees benefiting from the change in ownership
04/2018	EQUISTONE	KARAVEL	FRANCE	Hospitality & Leisure	Equistone Partners Europe finalized the acquisition of a majority stake in the Karavel-Promovacances and Fram groups from LBO France. The transaction was structured through a €30 million investment, providing the group with the strategic liquidity required to complete its financial recovery
04/2018	ONTARIO TEACHERS' PENSION PLAN (OTPP)	EUROPEAN CAMPING GROUP (ECG)	FRANCE	Hospitality & Leisure	Ontario Teachers' Pension Plan (OTPP) acquired a 40% minority stake in European Camping Group from Montefiore Investment and the management team. Montefiore Investment, which originally took the company private in 2014, remains the majority shareholder

REFERENCES

Valuation range: EV 500M - 1.5b USD

Revenue range: 450M - 900M USD

EBITDA range: 50M - 100M USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of BOJANGLES by DURATIONAL CAPITAL MANAGEMENT / THE JORDAN COMPANY TJC are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: bojangles

Acquirer: the jordan company tjc / durational capital management