Charlotte, North Carolina-based Falfurrias Capital Partners , who has owned Bojangles’ Famous Chicken ‘n Biscuits since 2007, has hired investment bank Harris Williams & Co. while weighing its decision to sell the 488-store chain.
Thanks to the success of the mergers and acquisitions market in the first quarter of 2011, sales like this and those of other quick-serve chains may be expected to continue throughout the year.
Jay Offerdahl, who is a partner at VR Business Brokers in Charlotte, says that a lot of companies that were “sitting on the sidelines” the past few years “seem to be very interested right now.”
Offerdahl says the M&A market has largely bounced back in the first quarter of 2011 in terms of both buyer and seller activity and expects that there will be much more activity in the M&A field this year.
In a statement made to QSR, Bojangles’ Restaurants says it supports Falfurrias choice of Harris Williams & Co. as it explores the possible sale of the company. “As Falfurrias has been committed to our growth and successes these past four years, we are committed to helping them maximize the return on their investment in Bojangles’.
“Our dedication to providing our loyal customers with outstanding service and the highest quality products at all Bojangles’ locations will remain as strong as ever,” the company says.
“From the beginning, we have operated and modeled our business with the long term interest of Bojangles’ brand at heart. That will not change,” says Randy Kibler, Bojangles’ president and CEO. “We are confident that the efforts of our team members, our franchisees, and the extraordinary loyalty of our customers will ensure that continued success and growth of the Bojangles’ brand and system.
“We know that it is the success of the company and the Bojangles’ brand that has created this opportunity for Falfurrias, and we look forward to building upon that momentum of growth and excellence as we go forward,” Kibler says.
By Mary Avant