Bojangles, one of the nation’s leading franchises famous for its chicken and biscuits, announced today the signing of a multi-unit franchise development agreement to acquire five restaurants and develop an additional five in greater Virginia Beach. The new locations will be dispersed throughout Virginia Beach, Norfolk, Suffolk and Portsmouth. Leading the development is Yoshi Nakamura and Kirk Hartman of NAKA Capital Restaurant Group, an experienced duo with an extensive background in the quick-service restaurant segment and franchise industry. Bojangles’ latest agreement to expand in the Greater Norfolk Area comes on the heels of the brand’s announcement to grow in Texas, where roughly 50 restaurants are set to open.
“We’re excited to build on our recent development success and welcome Yoshi and Kirk to the Bojangles family. We’re looking for experienced operators that are eager to grow, and Yoshi and Kirk perfectly fit that classification,” says Jose Costa, Chief Growth Officer at Bojangles. “Their extensive knowledge of the franchising industry and foodservice background will position them for success with our brand. We look forward to opening new locations in the Virginia Beach market, as we continue to expand Bojangles’ national footprint.”
A former director with Citi, where he co-headed the equity hedge fund strategy, Nakamura worked on Wall Street for 14 years. Following his time with Citi, Nakamura joined the leadership team of Galaxy Digital which became the first publicly traded cryptocurrency merchant bank in the world. During his time he developed a wealth of knowledge in both the consumer and financial technology sectors, which sparked his interest in various investments including franchising opportunities. This knowledge helped him launch NAKA Capital Partners in 2020. NAKA Capital Partners owns and operates long-term value QSR brands such as Bojangles and their leadership experience includes tenured time at Buffalo Wild Wings, Dominos Pizza and Speedway SuperAmerica, among other concepts. Kirk Hartman, a veteran in the quick-service restaurant space, joined Nakamura and NAKA in 2021 to drive consumer initiatives and to assist with Bojangles’ Virginia expansion.
Attracted to Bojangles’ strategic growth model, menu and prototype variations, Nakamura and Hartman will look to open their first new location 2023. The two franchisees believe Bojangles’ strong awareness in Virginia and throughout the Southeast make their latest investment with Bojangles a wise, strategic decision.
“Bojangles shows immense growth potential, and the brand’s constant innovation allows them to differentiate from competing chicken brands and [quick-service restaurants],” says Nakamura. “We’re entering the fastest growing category in [quick-service restaurant], and we’re excited about the opportunity. Bojangles is an iconic brand with a strong, loyal following, and we look forward to welcoming Bojangles’ fans to our locations throughout the Greater Norfolk and Virginia Beach areas.”
In addition to its latest agreement to expand in Virginia Beach, Bojangles has achieved strong development success in several markets. The concept’s expansion can be largely attributed to its industry-leading AUV of $1.9M and unique position in the fast-growing chicken quick-service restaurant space, maintaining a strong morning daypart with 40 percent of its sales coming before many competitors even open their doors. Additionally, Bojangles offers franchisees a wide variety of prototype options to enhance their portfolio, including the “Biscuit Theater,” which allows guests to witness the brand’s beloved buttermilk biscuits being made from scratch.
Bojangles franchise opportunities remain in regions throughout the U.S., including the Southwest, Northeast, Midwest, Mid-Atlantic, and parts of the Southeast. Candidates should have restaurant and business experience, along with a minimum net worth of $1.0M and liquid capital of $500,000. Operators that meet preliminary qualifications can expect an investment ranging from $1,913,600 – $2,828,500.
