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Tuesday, April 14, 2015
Chicken restaurant chain Bojangles’ files for IPO
Quick service restaurant chain Bojangles’ has filed for an initial public offering (IPO), with plans to list on the NASDAQ exchange under the symbol BOJA.
No pricing terms regarding the Bojangles’ IPO have yet been released.
The chain, which specializes in chicken dishes and biscuits, currently has 622 restaurants in the United States and Honduras. The company is based out of Charlotte, North Carolina, and was formed in 1977 by Jack Fulk and Richard Thomas. The duo had the ambition of developing a quick service restaurant chain based on three attributes: a distinctive flavor profile, wholesome and high-quality products made from scratch, and a fun, festive restaurant design with fast, friendly service.
According to a Forbes report, Bojangles’ company restaurants generated a total of $406.8 million in revenue in 2014 while franchise locations brought in $628.6 million. Company-wide net income was $26.1 million. The company’s 368 franchises also contributed $23.7 million in franchise royalties. In the fourth quarter same store sales grew 7 percent.
The company has stated that it credits much of its recent financial success to the breakfasts that are served at its restaurants.
“Our strong breakfast results make us a leader in the fastest growing daypart in the industry,” the company stated. “We believe breakfast has broad customer appeal and is the most habitual daypart, which drives repeat business and customer loyalty.”