
Bojangles'
Food & Beverage · Quick-Service Restaurants
- Active units
- 591
- Royalty
- 4.0%
Franchised, year-end 2025
of weekly Net Sales
About Bojangles'
Bojangles is a fast-food restaurant chain based in the United States that specializes in Southern-inspired, made-from-scratch biscuits, fried chicken, and other traditional Southern dishes. The company was founded in 1977 by Jack Fulk and Richard Thomas in Charlotte, North Carolina. Since its establishment, Bojangles has grown to become a prominent player in the quick-service restaurant industry. Bojangles' headquarters are located in Charlotte, North Carolina. This state-of-the-art facility houses the company's corporate offices, research and development kitchen, and test bakery. It serves as the central hub for the brand's operations and innovation initiatives. The main products offered at Bojangles are biscuits, fried chicken, sandwiches, salads, and a variety of sides including seasoned fries, coleslaw, and macaroni and cheese. Bojangles' distinctive biscuits, made from a unique blend of flour and fats, are a customer favorite and are enjoyed alongside their famous fried chicken. The brand emphasizes the use of fresh ingredients and huge portions, ensuring a satisfying dining experience. Although Bojangles primarily operates in the southeastern region of the United States, it has over 760 locations in 10 states. The company has also expanded internationally through partnerships and franchises, establishing locations in countries such as Honduras, Jamaica, and Mexico. These ventures allow Bojangles to introduce its signature Southern cuisine and brand experience to a wider audience. In terms of market position, Bojangles competes with other fast-food chains like Chick-fil-A, Popeyes, and KFC. While its market share may be smaller compared to some of its competitors, Bojangles is known for its loyal customer base, delicious food, and distinctive Southern charm. Over the years, Bojangles has seen various major events and achievements. In 2015, the company went public and began trading on the NASDAQ stock exchange. This move allowed them to gain capital and expand their operations. In terms of product lineup, Bojangles has constantly introduced new limited-time offerings and promotions to keep their menu exciting and appealing. As for the current status of the company, Bojangles announced in February 2018 that it had entered into a definitive agreement to be acquired by Durational Capital Management LP and The Jordan Company, L.P. The acquisition was completed in March 2019, and Bojangles has since continued its operations under the new ownership. In conclusion, Bojangles is a popular fast-food chain in the United States that specializes in Southern-inspired cuisine, particularly biscuits and fried chicken. With headquarters in Charlotte, North Carolina, the company operates over 760 locations across the southeastern United States and has expanded internationally. Bojangles faces competition from other fast-food chains, but its distinctive Southern flavor and loyal customer base contribute to its success. The brand has experienced significant events like going public and has recently undergone a change in ownership.
Key terms
- Franchise fee
$35k
- Development Incentive Program (royalty reduction)
Royalty reduced by 3% in Year 1, 2% in Year 2, 1% in Year 3 for DIP Qualifying Restaurants.
- Equipment Reimbursement Incentive Program (Traditional)
Reimbursement up to $300,000 of equipment costs per ERI Qualifying Restaurant; eligibility and store-count limits apply; expires Dec 31, 2026.
- Non-Traditional Equipment Incentive Program
Reimbursement equals 10% of first 12 months’ sales, up to $200,000 per Restaurant ($100,000 at opening, balance after 12 months if applicable); expires Dec 31, 2026.
- Brand fund
1.0% of Net Sales
- Local advertising
3.0% of Net Sales
- Footprint
2,500 – 3,200 sq ft
- Development Fee
$10k
- Veteran discount
50.0% off franchise fee — Development Incentive Program reduces the franchise fee by 50% for the first two DIP Qualifying Restaurants for eligible Minorities, Women and Veterans.
Brand Percentile Rankings
Rankings compare brands in the same operating year. Fee and investment figures come from the FDD (2026 filing); filings on file: 2024, 2025, 2026.
Growth
- Total locations591
Franchised units open at year-end
- New openings31
Gross new units opened during the calendar year
- 1-year unit growth rate4.8%
Net unit growth versus prior year
- 3-year unit CAGR5.4%
Compound annual growth rate of unit count over the trailing 3 years
- Unit growth ratio7.8×
Cumulative opens / closures through year-end
Unit economics
- Annual unit volume (Median)—
Per FDD Item 19 disclosure
- Annual unit volume (25th percentile)—
Per FDD Item 19 disclosure
- Annual unit volume (75th percentile)—
Per FDD Item 19 disclosure
- 1-year Median AUV growth rate3.6%
Year-over-year change in median AUV
- Store-level EBITDA Margin—
Median unit-level EBITDA / AUV
Investment profile
- Estimated initial investment$3.4M
Midpoint of estimated initial investment range
↓ Lower is better - Time to open15 months
Midpoint of average time from agreement to opening
↓ Lower is better - Royalty rate4.0%
Percent of net sales paid to the franchisor
↓ Lower is better - Sales-to-investment ratio—
Median AUV / estimated initial investment midpoint
- Cash-on-cash returns—
Median unit-level EBITDA / estimated initial investment midpoint. Steady-state estimate; year 1 returns will be lower as the unit ramps to median volumes.
Franchisee healthLocked
- Unit closure ratio
- Transfer vs. closure ratio
- Percent multi-unit franchisees
- Litigation rate
- EBITDA multiple on sales & transfers
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