CHARLOTTE N.C. Hardee’s kingpin Jerry Richardson now has the opportunity to help guide future growth of the regional quick-service brand. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
Richardson, in partnership with Charlotte-based private-equity firm Falfurrias Capital Partners, has purchased a 60-percent controlling stake in the 386-unit Bojangles’ Holdings Inc. He declined to reveal the purchase price but insisted the investment would enable the buyers to tap the brand’s growth prospects for a payback. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
As his first move, Richardson, who is the chain’s largest operator, appointed a former protégé, Randy Kibler, as Bojangles’ new chief executive. Kibler replaces Joe Drury, who had lead the chain as a co-owner since 2001 and is credited with its turnaround. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
Bojangles’ notched sales of $508 million in 2006, up 13 percent from $449 million in 2005 and about twice 1998’s sales. The chain says it is on track to generate $550 million in 2007 sales and record 49 consecutive months of rising corporate-store results. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
Richardson said the per-store annual sales average of about $2 million at his 37 Bojangles’ units in eastern North Carolina give him confidence in the investment. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
“I see great potential to make this a very profitable investment, and I know how to do that,” Richardson said. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
Hugh L. McColl Jr., former chairman and chief executive of Bank of America and now chief executive of Falfurrias, also declined to discuss the price, but said, “It is good for my investors and the former investors.” —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
Bojangles’ headquarters will remain in Charlotte. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
McColl said the regional brand appealed to him because it is well-established, has a strong following and is performing well. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
“This was just a great opportunity to take advantage of the great momentum in a brand that has been built up over the last 30 years,” he said. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
McColl and Richardson have worked together since 1960. McColl was a young lender at North Carolina National Bank and was instrumental in helping Richardson acquire financing for his first Hardee’s outlet. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
Falfurrias co-founder and managing partner Marc D. Oken, a former chief financial officer of Bank of America, said the strategic vision and operating experience that McColl and Richardson bring will be “invaluable as it moves forward with the mission of continued growth.” —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
Richardson sees the acquisition as a touchdown. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
“To me, this is the lowest-risk investment right now in the industry,” he said. “My experience with Bojangles’ is 25 years of record profits, each year more profitable than the previous year.” —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
Allan Hickok, restaurant group leader and analyst with Houlihan Lokey of Minneapolis, said Bojangles’ stands out in the marketplace from many national players and the best way for the investors to achieve a high return on investment is to grow unit volumes and/or to open more stores. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
“They have very high average unit volumes, north of $1.5 million, so I think they will attempt to grow more stores in a healthy way, but I think they will choose to grow contiguously,” he said. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
Bojangles’ is operator or franchisor of restaurants in 11 states, Honduras and Mexico. The chain 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. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
Bojangles’ management said last summer that eventually the company would be tipping the balance and going from regional to “super-regional.” Tom Lewison, Bojangles’ president and chief operating officer, said the goal for the chain is to dominate any market where Bojangles’ does business. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
Richardson and Falfurrias purchased their stake in Bojangles’ from Drury and a small group of investors. Drury is a CKE Enterprises veteran and protégé of Wendy’s International founder Dave Thomas. Drury has stepped down to grow two other restaurant concepts, but he remains on the board and maintains an investment in Bojangles’. The other investors who sold the controlling interest also retain smaller stakes. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
A former pro football player, Richardson is no stranger to growing restaurant companies. He was formerly chairman and chief executive of Spartanburg, S.C.-based Flagstar Cos., parent at the time of Denny’s and Quincy’s Steakhouses, and then one of Hardee’s largest franchisees. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
He entered the restaurant industry with just a few thousand dollars he earned from the Baltimore Colts’ pro-football championship win over the New York Giants in 1959. He used the bonus money to buy the second franchise granted by the then-fledgling burger chain, Hardee’s. Richardson and longtime business partner Charlie Bradshaw parlayed that single franchise into Spartan Foods, which would reign for years as the largest operator within the Hardee’s system. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
After the launch of other brands, including Quincy’s, the company became the publicly traded TW Services, at the time one of the industry’s largest restaurant concerns. TW morphed into Flagstar, which in turn became Denny’s Inc., the name under which the company operates today. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
Richardson left that business after securing the Panthers franchise in 1993, but remained a Bojangles’ franchisee. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
Bojangles’ new chief executive, Kibler, spent 26 years working with Richardson at Spartan Foods and later Flagstar Cos. Inc., where he served as senior vice president as well as president and chief operating officer of the 600-restaurant Hardee’s division. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
Kibler also served in executive positions at Quincy’s and Denny’s, and in 2002 began to work with developers in Firehouse Restaurant Group Inc. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
Bojangles’ was founded in 1977 when Hardee’s veteran Jack Fulk and partner Richard Thomas began selling hand-dipped Cajun chicken and Southern-flavored accompaniments. The concept changed hands many times while growing to 335 units by 1985. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
But not everyone has succeeded with the brand as Richardson has over its 30-year history. According to Lewison, also a CKE veteran, mismanagement and operational problems plagued the company during the 1980s, eventually almost half of the locations closed. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
Under Drury, the company rebuilt the brand by focusing on operations, Lewison said. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
“It was never about the food, because the food was always good, always fresh,” he said. “In the 1980s we had wealthy groups running the stores, but it doesn’t mean a thing without the operations.” —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
Drury said McColl’s financial expertise would help the company continue to grow. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
“We’ve been expanding aggressively,” he said, “and certainly under Hugh and Jerry it will continue and probably be enhanced.” —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
McColl is expected to stay on the sidelines as a financial advisor and investor and continue to focus on Falfurrias, whose goal is to invest in midsize, high-growth companies in the Southeast. Since May it has purchased two other Southeastern companies, but Bojangles is its largest investment. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
McColl said that while Falfurrias is always looking for opportunities, for now the focus will be on Bojangles. —After spending 27 years as a franchisee of Bojangles’ Famous Chicken ‘n Biscuits, Carolina Panthers owner and former
