- Associated Press - Tuesday, April 7, 2015

CHARLOTTE, N.C. (AP) - It’s going to be “Bo Time” at the stock exchange.

The Charlotte-based fast-food chain Bojangles’, which is known for its chicken and biscuits, has announced that it plans to go public.

Area media outlets report the company filed paperwork Monday with the Securities and Exchange Commission for an initial public stock offering and hopes to raise $100 million.

The company has not said when it will go public but plans to be listed on the NASDAQ stock exchange.

Bojangles’ opened its first restaurant in Charlotte back in 1977. The company has passed through a number of ownership groups since then but still remains based in the city.

The chain now has 622 restaurants in 10 states, generally in the South, as well as Washington D.C., and in Honduras.

According to the SEC filing, the company is now embarking on an aggressive growth strategy and hopes to expand the number of its restaurants by 7 to 8 percent annually.

Even after the stock sale, Advent International, an investment firm based in Boston, will retain a controlling interest, the filing said. The company reported revenues of $430 million in fiscal year 2014.

In a prospectus filed Monday, the company cited the appeal of its Southern food.

“Over the last 38 years, we believe Bojangles’ has become an iconic brand with a cult-like following in North Carolina and South Carolina and beyond,” the filing states.

The company’s ad campaigns use the tagline “It’s Bo Time.”

LOAD COMMENTS ()

 

Click to Read More

Click to Hide