Falfurrias Capital Partners has acquired a controlling stake in Southern food restaurant chain Bojangles. Terms of the deal were not disclosed.
A middle market private equity firm based in Charlotte, North Carolina, F
alfurrias was founded last year by former Bank of America chairman and chief executive Hugh McColl, former chief financial officer Marc Oken, and Jerry Richardson, founder and president of National Football League team the Carolina Panthers. The firm closed its oversubscribed first fund on $97 million (€70 million) last month.
The firm invests in companies in the southern US. Its first deal was the acquisition of public utility consultant Synergetic Design in May, followed by Plan-It Granite & Marble.
Bojangles was founded in 1977, and has been rapidly expanding recently. The restaurant, known for its fried chicken and homemade buttermilk biscuits, has added locations in Florida, Georgia, North Carolina, Tennessee and Virginia, and plans to open additional restaurants this year in New Jersey and Pennsylvania.
“It’s great for the company to have partners like these who have roots in the Carolinas and a firsthand understanding of the ‘GottaWannaNeedaGettaHava’ crave factor that is the essence of Bojangles’ success,” said Bojangles chairman and chief executive Joe Drury in a statement.
The restaurant chain sector has seen a good deal of private equity interest this summer. Atlanta-based Roark Capital recently paid an undisclosed amount for Tex-Mex chain Moe's Southwest Grill, and in August Sun Capital Parters bought rotisserie chicken fast food chain Boston Market.