The southeastern United States regional fast-food chain Bojangles' is being sold.
Two groups, Durational Capital Management and the Jordan Company will acquire Bojangles', according to a company press release.
"Bojangles' is an iconic brand with an authentic Southern heritage and a deeply loyal following," Eric Sobotka, managing partner at Durational Capital Management, said in a statement. "We have admired the brand and its high quality and craveable food for years, and we look forward to partnering closely with the employees and franchisees to drive its future growth and continued success."
Officials said the Bojangles' board of directors unanimously approved the deal, but stockholders will still have a vote.
“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,” Bojangles’ interim President and CEO Randy Kibler said.
Bojangles’ said they will pay shareholders $16.10 a share. The deal is expected to close in the first quarter of next year.
In the release, the company said Bojangles' will continue to be based in Charlotte, North Carolina.
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