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Bojangles Weighs $1.5 Billion Sale as Fried Chicken Market Heats Up

Owners Durational Capital Management & TJC have hired bankers to gauge interest from strategic buyers or private equity backers

Bojangles was last sold in 2019.
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Bojangles is Reportedly Exploring a Sale While The 'Fried Chicken Market' Is Hot

Overview

  • The chain’s current owners paid $590 million in 2019 and are seeking over $1.5 billion for the business, marking a nearly threefold increase in valuation
  • Bojangles averages more than $2 million in annual sales per unit across roughly 830 restaurants, underscoring its strong unit economics in a booming chicken segment
  • Technomic data show chicken concepts outgrew overall chain-restaurant sales by 6 percentage points last year, fueling investor appetite for poultry brands
  • Since April, Bojangles has expanded into New Jersey with plans for up to 10 Central Jersey outlets, demonstrating its ability to scale beyond the Southeast
  • Industry speculation points to suitors such as Yum! Brands, Inspire Brands, Restaurant Brands International and large-cap private equity firms as potential bidders