Chicken-and-biscuit chain Bojangles’ sold to New York firms
CHARLOTTE, N.C. (AP) — A North Carolina-based chicken-and-biscuit chain has been sold to a pair of New York firms.
Bojangles’, which is headquartered in Charlotte, announced on its webpage Tuesday that it has agreed to be purchased in an all-cash deal by Durational Capital Management LP and The Jordan Company, L.P.
The deal, subject to shareholder approval, is expected to close in the first quarter of fiscal year 2019. Bojangles’ said in a statement that when the deal closes, it will remain as an independent, privately-held company and keep its Charlotte headquarters.
The Charlotte Observer reported Bojangles’, which started in Charlotte in 1977, has been beset with a number of challenges since going public in 2015. This summer, Bojangles’ said its quarterly profit fell more than 71 percent.