Harris Williams & Co. Advises Bojangles' Restaurants Inc. in its Sale to Advent International
Harris Williams & Co. announces the sale of Bojangles' Restaurants Inc. (Bojangles), a portfolio company of Falfurrias Capital Partners (Falfurrias), to Advent International (Advent). Harris Williams & Co. acted as the exclusive advisor to Bojangles'. The transaction was led by Glenn Gurtcheff, Tim Alexander, Ryan Budlong and Brant Cash from the firm's Minneapolis office as well as Chris Williams and Brian Lucas from the firm's Richmond office.
"Bojangles' is an iconic brand that has been built over 30 years by delivering high quality food in a fun, friendly atmosphere. The Bojangles' leadership team and Falfurrias developed one of the fastest growing restaurant concepts in the country that continued to generate impressive same store sales gains throughout the recent economic downturn. We are pleased to have found a partner for the Bojangles' leadership team that shares their vision for the future and we look forward to watching as Bojangles' expands in existing and new markets," said Glenn Gurtcheff, a managing director and head of the Consumer Group at Harris Williams & Co.
"Bojangles' is indicative of how buyers in today's market continue to be attracted to well run restaurants with a solid competitive position. The company's loyal customer base and three daypart model contributes to average unit volumes which are among the highest in the industry. Bojangles' is poised for continued growth and we are excited to watch the company in its next phase of development," added Tim Alexander, a managing director at Harris Williams & Co.
Founded in 1977 in Charlotte, N.C., Bojangles' serves only the highest quality and most flavorful food to its loyal customers, with all of its proprietary menu items made from scratch. A special blend of seasonings gives the food its unique flavor, including Bojangles' core menu selections of its world famous chicken, fresh made-from-scratch buttermilk biscuits and Legendary Iced Tea™ steeped the old-fashioned way. Bojangles' serves breakfast all day and offers unique Fixin's like Bojangles' Dirty Rice®, Bojangles' Cajun Pintos® and seasoned fries along with other flavorful Fixin' choices. First franchised in 1978, Bojangles' boasts more than 500 locations in 10 states, primarily in the Southeast, and the District of Columbia, as well as two international restaurants. The company was named one of the top 10 growth concepts in 2010 by both GE Capital and QSR magazine and was named among only eight restaurant groups in The Wall Street Journal's "25 Franchise High Performers" across all industries. In 2011 surveys, Bojangles' was shown to be the fastest-growing chicken chain and the fastest-growing free-standing drive-thru chain in the country. Its strong performance in all three day parts is what sets Bojangles' apart from all other restaurants.
Falfurrias is a Charlotte-based private equity investment firm founded in 2006 by Hugh McColl Jr., former chairman and CEO of Bank of America, and Marc Oken, former CFO of Bank of America. The firm is focused on acquiring or investing in a diverse portfolio of growth-oriented middle market companies. By leveraging the extensive strategic and operational experience and business relationships of the firm's principals, Falfurrias Capital Partners is positioned to be a value-added partner for both its portfolio companies and its limited partners.
Founded in 1984, Advent is one of the world's leading global buyout firms, with offices in 17 countries on four continents. A driving force in international private equity for 25 years, Advent has built an unparalleled global platform of over 160 investment professionals across Western and Central Europe, North America, Latin America and Asia. The firm focuses on international buyouts, strategic repositioning opportunities and growth buyouts in five core sectors, working actively with management teams to drive revenue growth and earnings improvements in portfolio companies. Since inception, Advent has raised $26 billion in private equity capital and, through its buyout programs, has completed over 250 transactions valued at approximately $50 billion in 35 countries.