CHARLOTTE N.C. Randy Kibler has been named chief executive of Bojangles’ Restaurants Inc., which last week was acquired by franchisee Jerry Richardson and private-equity firm Falfurrias Capital Partners.
Kibler replaces Joe Drury, who has lead the parent of the Bojangles’ Famous Chicken ‘n Biscuits chain since 2001.
A37-year industry veteran, Kibler spent 26 years working for Richardson at Spartan Foods and later Flagstar Cos. Inc., which was parent at the time of Denny’s and Quincy’s Steakhouses, and then one of Hardee’s largest franchisees. Kibler served as senior vice president as well as president and chief operating officer of the 600-restaurant Hardee’s division. He also served in executive positions at Quincy’s and Denny’s, and in 2002 began to work with developers in Firehouse Restaurant Group Inc.
Richardson, a former pro football player who established the Carolina Panthers franchise, and Falfurrias purchased their controlling stake in the 386-unit Bojangles’ from Drury and a small group of investors for an undisclosed amount.
Drury, a CKE Enterprises veteran and protege of Wendy’s International founder Dave Thomas, has stepped down to grow two other restaurant concepts. He said he remains on the board and will act as a consultant and maintain an investment in Bojangles’. The other investors who sold the controlling interest also retain smaller stakes.
Falfurrias co-founder and managing partner Marc D. Oken, a former chief financial officer of Bank of America, said last week the group intends to expand the 30-year-old, 386-unit Cajun chicken concept.
“Randy Kibler brings an impeccable pedigree in QSR management, and we believe he will provide the leadership to fuel the continued growth of this great brand,” Oken said.
The investment group's other co-founder, Hugh L. McColl Jr., a former chairman and chief executive of Bank of America, is serving as chief executive of the fund.
Bojangles’ posted record sales of $508 million in 2006, up about 13 percent from $449 million in 2005 and about twice 1998’s sales. The company said it is on track to generate $550 million in 2007 with 49 consecutive months of rising company sales.
Bojangles’, which will continue to be based in Charlotte, operates or franchises restaurants in 11 states, Honduras and Mexico. The company plans to open 30 units this year, with plans to expand in Florida, Georgia, North Carolina, Tennessee and Virginia. Additional locations are slated for New Jersey and Pennsylvania.
