Bojangles’ Inc. announced that its $593 million by Durational Capital Management LP and The Jordan Co. has been completed on Monday.
The acquisition was previously announced on Nov. 6, 2018.
Bojangles’, a restaurant operator and franchisor serving customers food made from Southern recipes, will operate as an independent, privately-held company and will remain based in Charlotte. Founded in 1977, Bojangles’ now has 759 system-wide restaurants. Of those, 319 were company-operated and 440 were franchised restaurants.
Founded in 2017, Durational Capital is an investment firm that invests in the consumer sector.
Founded in 1982, The Jordan Co. is a middle-market private equity firm that has managed funds for over 20 years. Both firms are headquartered in New York.
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 Monday on the NASDAQ and will be delisted.
The company also announced the addition of two key executives to its leadership team.
Jose Armario is its new chief executive officer. Armario has 38 years of senior leadership experience. During his time with McDonald’s Corp., 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.
“I am thrilled to be joining the incredibly talented and hardworking team members at Bojangles’,” Armario said in a statement. “What this company and its franchise partners have accomplished over the last four decades is simply amazing.”
Brian Unger has been named chief operating officer.
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.
The complete filing can be found here.
