Harris Williams & Co. Advises Bojangles’ Restaurants Inc. in its Sale to Advent International
August 22 2011 - 1:11PM
Business Wire
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.
Harris Williams & Co. (www.harriswilliams.com), a member of
The PNC Financial Services Group, Inc. (NYSE:PNC), is the premier
middle market advisor with a two-decade legacy of M&A
advisory excellence serving clients worldwide. The firm is
focused exclusively on the middle market, providing sell
side and acquisition advisory, restructuring advisory,
board advisory, private placements and capital markets advisory
services.
Investment banking services are provided by Harris Williams LLC,
a registered broker-dealer and member of FINRA and SIPC, and Harris
Williams & Co. Ltd, an Appointed Representative of Sturgeon
Ventures LLP, which is authorized and regulated by the Financial
Services Authority. Harris Williams & Co. is a trade name under
which Harris Williams LLC and Harris Williams & Co. Ltd conduct
business in the U.S. and Europe, respectively.
For general release inquiries, please contact Kimberly Baker,
marketing director, at +1 (804) 648-0072.
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