Dive Brief:
- Bojangles’ largest franchisee, BOJ of WNC, has sold its portfolio of 120-plus locations to Eyas Capital, a hospitality management and investment firm, the chicken chain wrote in an email Monday. Jeff Rigsby owns BOJ of WNC, which operates in six states.
- Eyas Capital plans to also develop 40 units within the existing territories covered by BOJ of WNC and Cincinnati and Columbus, Ohio, two emerging markets for Bojangles. The majority of Eyas Capital’s newly acquired portfolio is located Western North Carolina, according to the press release.
- The BOJ of WNC rapidly expanded its Bojangles’ footprint beginning in 2021, when it agreed to open 45 new locations over seven years. At the time, the franchisee operated 92 units.
Dive Insight:
Bojangles expansion in Ohio is a major opportunity for Eyas Capital, the press release said. Rigsby opened his first Bojangles restaurant in Columbus, Ohio, in 2023. He has been a Bojangles franchisee since 2001, when he bought six locations in Asheville, North Carolina.
“We’re adding an iconic brand to our portfolio with a passionate following in Western North Carolina,” said Timothy Foley, founder, CEO and managing partner of Eyas Capital. “We’re confident our fans will grow to love Bojangles even more as we evolve with the brand. And, the expansion into Central and Southwestern Ohio comes with a huge runway for us to create an entirely new group of fans and immerse them in the dynamic Bojangles legacy.”
Foley will work with John Kaufman, Eyas Capital partner, president and COO to integrate the Bojangles into the firm’s portfolio. Kaufman has several decades of operational expertise and leadership in multi-unit franchising across several brands, per the press release. Eyas Capital invests in tier-one limited and quick-service restaurants, according to its website, but doesn’t list the brands it has within its portfolio.
Bojangles has over 800 systemwide restaurants spread across 21 states and has been building up its portfolio over the last few years with large franchisee deals, including a 20-unit deal to return to New York City. The chain grew from 773 units at the start of 2022 to 825 units by the end of 2024, a net gain of 52 units, according to its franchise disclosure document. The chain said it expects to open 48 franchised units and 24 company-owned units this year, per its FDD.
This deal is the latest example of private equity firms expanding their portfolios in restaurant franchising. That private equity interest includes investment directly in operators as well as in franchisors. Franchise Equity Partners bought a major 7 Brew franchisee last week. Smoothie King sold a minority stake in its business to Main Street Partners in July, while Rita’s Italian Ice sold a majority stake to Maple Park Capital Partners in January to support franchise growth.
