Private Equity Firm, Franchisee Buy Bojangles' Restaurants, New CEO

An investment group headed up by private-equity firm Falfurrias Capital partners and franchisee Jerry Richardson, has bought about 60 percent, or controlling interest, in Bojangles' Holdings Inc., parent company of Charlotte, N.C.-based Bojangles' Chicken 'n Biscuits. The new ownership

Financial terms of the deal weren't disclosed. Bojangles', which posted sales of $508 million last year, operates 386 restaurants throughout 11 states. The investment group that bought the majority stake in Bojangles' includes Hugh McColl Jr., founder of Charlotte, N.C.-based Falfurrias and former chief executive of Bank of America Corp., and Richardson, who currently owns, and will continue to own, 37 Bojangles' restaurants, one of the company's largest franchise groups, and is the founder/president of the National Football League's Carolina Panthers.

Richardson has been a mentor to Kibler from the beginning of Kibler's career, a Bojangles' news release said. The two spent 26 years working together at Spartan Foods and later Flagstar Cos. Inc., where Kibler served as president and chief operating officer of the 600-restaurant Hardee's division.

Kibler's tenure at Flagstar also included additional responsibilities as president and COO of Quincy's Family Steakhouse and vice president of the western division of Denny's. Since 2002, he has been a partner in companies that served as developers and area representatives for Firehouse Restaurant Group Inc., the franchisor of Firehouse Subs restaurants.