Bojangles’ to be Acquired by New York-based Consortium

Charlotte, N.C. — Bojangles’, Inc. has entered into a definitive agreement to be acquired by Durational Capital Management LP and The Jordan Company, L.P. in an all-cash transaction. Bojangles’ stockholders will receive $16.10 per share. Upon closing, Bojangles’ will continue to be operated as an independent, privately-held company and will remain based in Charlotte, N.C.

The acquisition, which has been unanimously approved by Bojangles’ board of directors, is subject to stockholder approval and other customary closing conditions. The transaction is expected to close in the first quarter of fiscal year 2019.

“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,” says Randy Kibler, Bojangles’ interim president and CEO.

Adds William A. Kussell, director and non-executive chairman of Bojangles’: “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.”

BofA Merrill Lynch acted as financial advisor and Shearman & Sterling LLP acted as legal counsel to Bojangles’ and its board of directors. Houlihan Lokey also acted as financial advisor to Bojangles’ and its board of directors.

Citigroup Global Markets Inc. served as financial advisor to the consortium and, together with KKR Capital Markets LLC, provided fully committed financing in support of the transaction. Akin, Gump, Strauss & Feld LLP, Kirkland & Ellis LLP, and Seyfarth Shaw LLP acted as legal counsel in connection with the transaction.

Bojangles’, Inc. is a highly differentiated and growing restaurant operator and franchisor founded in 1977 in Charlotte, N.C. As of July 1, 2018, Bojangles’ had 766 system-wide restaurants, of which 325 were company-operated and 441 were franchised restaurants, primarily located in the southeastern United States. For more information, visit www.bojangles.com.

Based in New York, Durational Capital Management LP is an investment firm that invests in high quality consumer companies. For more information, visit: www.durational.com.

The Jordan Company, founded in 1982, is a middle-market private equity firm that has managed funds with original capital commitments in excess of $11 billion since 1987 and a 36-year track record of investing in and contributing to the growth of many businesses across a wide range of industries. Headquartered in New York, TJC also has an office in Chicago. For more information, visit www.thejordancompany.com.

SOURCE: Bojangles’, Inc.

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