Popular Southern-based fast-food chain Bojangles is exploring a potential sale of its business as demand for fried chicken heats up, according to a report on Wednesday.
The company could fetch more than $1.5 billion – three times what it sold for in a 2019 buyout, sources familiar with the matter told the Wall Street Journal.
The chain — known for its chicken, biscuits and cavity-inducing sweet tea — would likely draw interest from restaurant operators and private-equity investors, though it could still decide against the sale, sources added.
Bojangles did not immediately respond to noti.group’s request for comment.
Private-equity firms Durational Capital Management and TJC took Bojangles private in an all-cash deal in 2019 that valued the company at more than $590 million.
Bojangles, founded in Charlotte, NC, in 1977, boasts about 800 locations mostly across the southern US, with more than 100 restaurants in Georgia alone, though it has started to expand to the northeast. It opened its first New Jersey location in April and its second Pennsylvania restaurant in 2022.
The company is likely looking to take advantage of an advantageous market as fried chicken restaurants continue to outperform competitors.
That’s largely thanks to chicken’s versatility, according to R.J. Hottovy, head of analytical research at Placer.ai.
“This adaptability has enabled a number of brands to stand out by offering a wide range of customizable spice levels, sauces and sides that appeal to a broader customer base,” Hottovy told The Post.
Total sales at US chain restaurants grew 3% last year, according to Technomic. Sales at burger chains rose just 1% – while chicken restaurants largely outperformed with 9% growth.
Sales at fast-casual chicken chains like Raising Cane’s and Wingstop increased 24% compared to the year before, according to Technomic.
Visits to restaurants like Raising Cane’s, Dave’s Hot Chicken, Super Chix and Huey Magoo’s Chicken Tenders far outpaced overall visits to fast-casual chains in the first quarter of 2025, according to Placer.ai data.
The growth was driven in part by expansions as hot demand for chicken allowed restaurants to open new locations.
Dave’s Hot Chicken – which recently clinched a $1 billion deal to sell to Subway owner Roark Capital – saw the most significant year-over-year visit growth of 60% in the first quarter, according to Placer.ai.
That followed visit growth of 67.2% in the fourth quarter of 2024.
Other fast-food chains have tried to hop on the chicken trend. McDonald’s added its McCrispy Strips to the permanent menu this spring, while Taco Bell re-launched its chicken nuggets.
Several other restaurant mergers and acquisitions have been reached over the past few months.
Blackstone took a majority stake in Jersey Mike’s Subs that valued the company at $8 billion, while Sycamore Partners bought acai bowl chain Playa Bowls. The terms of the Playa Bowls deal have not been announced.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
