Bojangles’, Inc., Durational Capital Management and The Jordan Company Complete Acquisition
28 Janvier 2019 - 4:43PM
Bojangles’, Inc. (“Bojangles’” or the “Company”) (NASDAQ: BOJA)
announced that its all-cash acquisition by Durational Capital
Management LP and The Jordan Company, L.P. is complete, effective
today. The acquisition was previously announced on November
6, 2018.
Bojangles’ will operate as an independent,
privately-held company and will remain based in Charlotte, N.C.
“We are pleased to have successfully completed
this transaction in partnership with Bojangles’ and The Jordan
Company,” said Eric Sobotka, Managing Partner at Durational Capital
Management. “We are excited to begin working with the Bojangles’
team, employees and franchisees to execute a long-term growth
strategy that will fully realize the strong potential of the iconic
Bojangles’ brand.”
Ian Arons, Partner at The Jordan Company, said:
“We believe the completion of this acquisition represents an
exciting next chapter for Bojangles’. As a private company,
and with our and Durational’s support, Bojangles’ will be able to
further strengthen its operations while expanding its brand and
market presence.”
Under the terms of the merger agreement,
Bojangles’ stockholders will receive $16.10 per share in
cash. As a result of the closing of the transaction,
Bojangles’ common stock has ceased trading as of today on the
NASDAQ Global Select Market and will be delisted.
The Company also announced the addition of two
key executives to its leadership team.
Jose Armario will lead the brand as its
permanent new Chief Executive Officer. Armario has 38 years of
senior leadership experience with such brands as Burger King,
Luxottica Group and McDonald’s. During his time with McDonald’s
Corporation, Armario served in several prominent leadership
positions including President of McDonald’s Chile, Group President
of McDonald’s Canada and Latin America, and Executive Vice
President of Worldwide Supply Chain, Development and
Franchising.
Brian Unger has been named Chief Operating
Officer for Bojangles’. Unger began his 30-year career in the
restaurant business with McDonald’s, where he spent more than 20
years eventually rising in the ranks to Senior Vice President of
Operations. Unger has also served as Chief Operating Officer for
Einstein Noah Restaurants Group, Inc. and President and Chief
Operating Officer for Long John Silver’s.
“I am thrilled to be joining the incredibly
talented and hardworking team members at Bojangles’,” said Armario,
Bojangles’ newly appointed Chief Executive Officer. “What this
Company and its franchise partners have accomplished over the last
four decades is simply amazing. I have visited lots of Bojangles’
restaurants across the system where our dedicated team members are
serving the highest quality, best-tasting food in the industry, and
I look forward to being part of the exciting future that lies ahead
for the Bojangles’ brand.”
About Bojangles’,
Inc.Bojangles’, Inc. is a highly differentiated and
growing restaurant operator and franchisor dedicated to serving
customers high-quality, craveable food made from our Southern
recipes, including breakfast served All Day, Every Day. Founded in
1977 in Charlotte, N.C., Bojangles’® serves menu items such as
made-from-scratch biscuit breakfast sandwiches, delicious
hand-breaded bone-in chicken, flavorful fixin’s (sides) and
Legendary Iced Tea®. At December 30, 2018, Bojangles’ had 759
system-wide restaurants, of which 319 were company-operated and 440
were franchised restaurants, primarily located in the Southeastern
United States. For more information, visit www.bojangles.com or
follow Bojangles’ on Facebook, Instagram and Twitter.
About Durational Capital Management
LPBased in New York, Durational Capital Management LP is
an investment firm that invests in high quality consumer
companies. Durational approaches its investments with a
strategic mindset and focuses on driving long-term value creation
through partnership with top tier management teams and actively
supporting management to drive operational improvements. The firm
was founded in 2017, and its investment professionals have
extensive experience investing in the consumer sector. For more
information, visit: www.durational.com.
About The Jordan Company,
L.P.The Jordan Company, founded in 1982, is a
middle-market private equity firm that has managed funds with
original capital commitments in excess of $11 billion since 1987
and a 36-year track record of investing in and contributing to the
growth of many businesses across a wide range of industries
including Industrials, Transportation & Logistics, Healthcare,
Consumer, and Telecom, Technology & Utility. The senior
investment team has been investing together for over 20 years and
it is supported by the Operations Management Group, which was
established in 1988 to initiate and support operational
improvements in portfolio companies. Headquartered in New York, TJC
also has an office in Chicago. For more information, visit:
www.thejordancompany.com.
For Media Inquiries:Brian Little of Bojangles’
Restaurants, Inc.704.519.2118
David Millar/Danya Al-QattanSard Verbinnen &
Co212.687.8080
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