Charlotte-based Bojangles’ Inc.’s major shareholder has registered to sell its 69.8 percent stake in the company, although the shares may not all be necessarily sold, according to a securities filing Wednesday.
The Southern fast food chain, known for its fried chicken and biscuits, filed a registration statement with the Securities and Exchange Commission Wednesday detailing the potential sale of the 25.5 million shares. If all shares were sold, Advent International Corp., a private equity firm, would no longer hold an equity stake in Bojangles.’
“The selling stockholders may offer and sell, from time to time, some or all of the shares of common stock covered by this prospectus,” the filing states, adding that the registration does not mean “those shares necessarily will be offered or sold.”
Advent International bought a controlling stake in Bojangles’ in 2011 from Falfurrias Capital Partners, the Charlotte private-equity firm co-founded by former Bank of America CEO Hugh McColl Jr. and Mark Oken, a former Bank of America chief financial officer.
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The Charlotte-based company held its initial public offering in May 2015.
The investment firm’s proposed sale is accompanied by proposed stock sales from three other investors:
▪ Will Kussell is the non-executive chairman of Bojangles’ board of directors. He is registered to sell 92,473 shares in the company.
▪ Randy Kibler, the former chairman of the Bojangles’ board, is registered to sell 81,277 shares.
▪ Tri-Arc Food Systems Inc. is a franchisee of Bojangles’, working with the fast food chain in North Carolina and Virginia since 1979, according to the company website. The company is registered to sell 150,000 shares. Tri-Arc’s investors include Carolinas Panthers owner Jerry Richardson.
Bojangles’ will not receive any proceeds from any sale of the shares by the selling stockholders, according to the filing.
The company has 281 company-operated and 381 franchised restaurants, primarily located in the Southeast. Those locations generated approximately $1.2 billion in system-wide sales. The Observer contributed.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism