Southern fast-food icon Bojangles is exploring a sale that could fetch over $1.5 billion, tripling its value in just six years as America’s appetite for fried chicken continues to surge ahead of other fast-food categories.
At a Glance
- Bojangles is exploring a potential sale that could value the company at more than $1.5 billion
- The potential valuation is approximately three times what private equity firms paid for Bojangles in 2019
- Chicken-focused restaurant chains saw 9% sales growth last year, outpacing the overall restaurant industry’s 3% growth
- Bojangles operates around 800 locations primarily in the southern US with recent northeastern expansion
- The sale exploration comes amid accelerated acquisition activity in the fast-food industry
Southern Staple Looks to Cash In
Bojangles, the beloved purveyor of Southern-style fried chicken, flaky biscuits, and sweet tea, has reportedly hired investment bankers to explore a potential sale that could value the company at more than $1.5 billion. The Charlotte, North Carolina-based chain, currently owned by private equity firms Durational Capital Management and TJC, is looking to capitalize on the soaring popularity of chicken-focused restaurants across America. The exploration of a sale represents a significant milestone for a brand that has built strong customer loyalty throughout its Southeastern stronghold.
The potential $1.5 billion valuation would represent an impressive return on investment for Bojangles’ current owners, who acquired the company in a 2019 buyout valued at approximately $590 million. That threefold increase in just six years underscores both Bojangles’ successful business operations and the broader market enthusiasm for chicken-centric restaurant concepts. With approximately 800 locations primarily in Southern states, Bojangles has maintained its regional identity while recently expanding into Northeastern markets.
America’s Growing Appetite for Chicken
The timing of Bojangles’ potential sale aligns with exceptional growth in the chicken restaurant segment. While the overall U.S. chain restaurant industry grew a modest 3% last year, chicken restaurants outperformed substantially with 9% growth, easily surpassing burger chains. The numbers are even more impressive for fast-casual chicken concepts like Raising Cane’s and Wingstop, which collectively saw sales surge by 24% during the same period.
The numbers tell a compelling story: visits to specialized chicken restaurants significantly outpaced overall fast-casual chain visits, with newcomer Dave’s Hot Chicken recording an exceptional 60% year-over-year growth in customer visits during the first quarter of 2025. The versatility of chicken as a menu centerpiece appears to be resonating with American consumers, who appreciate the variety of preparation methods, flavor profiles, and customization options that chicken-focused restaurants offer.
Fast-Food Consolidation Accelerates
Bojangles’ potential sale comes amid heightened merger and acquisition activity across the restaurant industry. Major recent transactions include Blackstone’s acquisition of a majority stake in Jersey Mike’s Subs and Sycamore Partners’ purchase of Playa Bowls. Even traditional fast-food giants are aggressively expanding their chicken offerings, with McDonald’s and Taco Bell both introducing new chicken-centric menu items to capitalize on the trend.
For potential buyers, Bojangles offers a compelling combination of established regional presence, brand recognition, and growth potential in new markets. The chain’s signature Southern-style menu differentiates it from competitors like KFC and Popeyes, while its expanding footprint demonstrates room for continued growth. With American consumers increasingly favoring chicken over other fast-food proteins, Bojangles’ strategic position in the marketplace makes it an attractive acquisition target at a time when restaurant valuations continue to climb.