Image Courtesy of Bojangles
Bojangles Reportedly Exploring a $1.5 Billion Sale While the ‘Fried Chicken Market’ Is Hot
June 12, 2025
Bojangles has always trafficked in crave-worthy comfort—scratch-made biscuits, Cajun-spiced chicken, and enough sweet tea to power an SEC tailgate. Now the Charlotte-based brand is cooking up something even hotter: a potential $1.5 billion sale, according to The Wall Street Journal. Current owners Durational Capital Management and TJC have hired bankers to test the market, nearly tripling the $590 million they paid in 2019.
Why The Timing Is Right For Bojangles
Chicken is the breakout protein of the decade. Technomic’s latest Top 500 report shows U.S. chain-restaurant sales rose just 3% last year, while chicken concepts spiked 9%. Limited-service specialists—think Raising Cane’s and Wingstop—surged a blistering 24%. That tailwind makes any scalable poultry brand a magnet for private equity and strategic buyers.
Bojangles brings more than hype to the table. It balances a robust breakfast—and now all-day brunch—business with strong lunch-and-dinner traffic, fueling average unit volumes north of $2 million across roughly 830 restaurants. Add a franchise base that funds much of the growth, and the math behind a rich valuation starts to pencil out quickly.
Restaurant M&A Heats Up
Investors have rediscovered food service as a defensive play with inflation-linked pricing power. Recent headline deals tell the story:
- Dave’s Hot Chicken sold a majority stake to Roark Capital for about $1 billion, underlining just how valuable differentiated chicken concepts have become.
- Jersey Mike’s Subs agreed to an estimated $8 billion majority sale to Blackstone, showing that franchise-heavy brands still command premium multiples.
- Retail-focused Sycamore Partners scooped up Playa Bowls to diversify its consumer portfolio.
With debt markets stabilizing and private equity “dry powder” at record levels, Bojangles’ bankers are pitching into a seller’s market.
Northeast Expansion Signals White Space
Traditionally a Southeastern staple, Bojangles has begun planting flags in new territory. On April 23, the chain cut the ribbon on its first New Jersey restaurant—a converted Exxon station off I-287 in Piscataway, minutes from Rutgers University. More units are slated for Marlboro, Vineland, and Neptune as part of a 10-store Central Jersey pipeline. Local brokers say demand for chicken formats in the Garden State is “red-hot,” making Bojangles one of the first true Cajun-style entrants in the region.
Demonstrating success in dense, high-cost Northeastern markets is critical. Strategic buyers like Inspire Brands or Restaurant Brands International—and lenders who will ultimately finance the deal—want evidence that the concept travels beyond its Carolina comfort zone.
Menu Innovation Reinforces Relevance
Bojangles’ ability to tweak its southern DNA also keeps the brand fresh. In March, it launched Chicken & Bo-Berry Waffles, pairing a crispy Cajun filet with two blueberry-studded waffles and a honey-berry drizzle—served all day, seven days a week. “We’re making sure guests never have to settle—because brunch should never be put on hold,” CMO Tom Boland said.
The limited time offer gives Bojangles permission to play in the all-day brunch arena while showcasing a product pipeline that doesn’t rely on deep discounting. For potential buyers, that’s proof the company can defend traffic through innovation instead of margin-eroding coupons.
What A Sale Could Mean For Stakeholders
- Franchisees. Fresh capital often accelerates remodel programs, digital ordering upgrades, and delivery partnerships—investments that can lift comparable sales.
- Employees. A strategic owner may centralize supply chains, potentially improve back-of-house efficiency but also tightening performance benchmarks.
- Competitors. A well-funded Bojangles rolling northward would add pressure to Popeyes, KFC, and regional players guarding Mid-Atlantic ground.
- Suppliers. Higher volume orders for chicken, flour, and proprietary seasonings could improve purchasing leverage—good for Bojangles, challenging for small vendors forced to keep pace.
Who Might Make A Bid
Deal chatter in equity research circles centers on three buyer profiles:
- Strategic aggregators such as Yum! Brands, Inspire Brands, or Restaurant Brands International—each with fried-chicken credibility and a knack for global franchising.
- Large-cap private-equity funds like Roark Capital, L Catterton, or Advent International, which already manage multi-brand restaurant portfolios and excel at unit-economics optimization.
- Long-horizon investors—think sovereign-wealth or Canadian pension funds—seeking steady, dollar-denominated cash flows in a sector less volatile than retail or tech.
All three groups have dry powder and would likely see Bojangles as either a scale bolt-on or a standalone growth vehicle.
The Bottom Line
The fried-chicken market is sizzling, and Bojangles has emerged as a prime cut. Strong unit economics, geographic runway, and a knack for playful innovation put the 47-year-old chain on every dealmaker’s radar. A $1.5 billion price tag represents a substantial threefold increase for its current owners, but with chicken demand outpacing that of burgers and pizzas, acquirers may decide the juice is worth the squeeze.
If commodity costs spike or consumer sentiment softens, today’s premium multiples could cool off. For now, however, the restaurant M&A window remains wide open. Don’t be surprised if the next bite of Bo-Berry sweetness comes with a side of headline-grabbing deal news—straight from the frying pan onto Wall Street’s plate.
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