OT - It's Bo Time, Bojangles fixin' to go public

quote:

---

It’s IPO time for Charlotte-based fast-food chain Bojangles’.

The Charlotte-based company known for its spicy chicken and biscuits filed paperwork Monday with the Securities and Exchange Commission for an initial public stock offering.

The number of shares to be offered and the price range have not yet been determined, the filing states. To calculate its registration fee, the company used a nominal fundraising goal of $100 million.

The stock would be listed on the Nasdaq exchange under the ticker symbol “BOJA.”

---

quote:

---

Now, the company is embarking on an aggressive growth strategy, according to Monday’s filing.

Bojangles’, which operates 622 restaurants split between franchised and corporate locations, plans to expand the number of restaurants by 7 to 8 percent annually, according to the filing. But most of those new restaurants will be in areas where the company already has a high density of locations or is building up its density, it said.

Proceeds of the offering will go to certain stockholders that are selling shares, including Boston-based investment firm Advent International. But Advent will retain a controlling interest after the stock sale, the filing states.

---

quote:

---

The Wall Street Journal reported in November that Bojangles’ had hired investment banks to pursue an IPO that could value the company at nearly $1 billion, citing people familiar with the matter. Bank of America, Wells Fargo and Jefferies are the banks leading the IPO, according to Monday’s filing.

The company’s restaurants generated over $1 billion in sales in 2014, with much of that attributed to the 368 franchised restaurants. As a company, Bojangles’ generated $431 million in revenue and $26.1 million worth of profit last year. Carolina Panthers owner Jerry Richardson owns a stake in one of the largest franchises in the Bojangles’ restaurant chain.

---