Bojangles’, a Charlotte, North Carolina-based quick service restaurant operator, has signed an agreement to receive an investment of undisclosed amount from global private equity firm Advent International.
Financing is being provided by Jefferies and RBC Capital Markets.
The transaction, which is still subject to customary closing conditions and is currently expected to close in August 2011, is designed to support the company’s growth strategy. The restaurant franchise plans to open 40 new restaurants in 2011 and will expand its operations across the South.
Founded in 1977 and known for its Cajun-style fried chicken, made-from-scratch buttermilk biscuits, and iced tea, Bojangles’ currently operates more than 500 restaurants across 10 states in the South Est and the District of Columbia. Following the investment, President and CEO Randy Kibler and the senior team will remain with Bojangles’.
Advent acquired its stake from Falfurrias Capital Partners.