CHARLOTTE, N.C. (WITN) - A North Carolina-based fast food restaurant chain is being sold to two New York firms.
Bojangles’ board of directors unanimously approved the deal, according to a news release, that says the company will remain headquartered in Charlotte and maintain itself as an independent, privately-held company.
Durational Capital Management and The Jordan Company will pay stockholders $16.10 per share, which is a 39% premium to the February 12th closing share price.
Durational Capital is an investment firm, while The Jordan Company is a private equity company.
“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,” said Randy Kibler, Bojangles’ interim president and CEO.
Bojangles says the sale is expected to be completed in the first quarter of next year.
The fast-food chain, founded in 1977 in Charlotte, has 766 locations.