The deal was announced on 6 November following the restaurant chain receiving stockholder approval earlier this month.
As part of the deal, Bojangles’ will continue to run as an independent, privately-held business and will operate from Charlotte, North Carolina. Its stockholders will receive $16.10 per share in cash.
Durational Capital Management managing partner Eric Sobotka said: “We are pleased to have successfully completed this transaction in partnership with Bojangles’ and The Jordan Company.
“We are excited to begin working with the Bojangles’s team, employees and franchisees to execute a long-term growth strategy that will fully realise the strong potential of the iconic Bojangles’ brand.”
In addition, the fast-food chain has appointed McDonald’s Jose Armario as its new CEO.
Armario worked in various roles at McDonald’s, including as president of McDonald’s Chile, group president of McDonald’s Canada and Latin America, and executive vice-president of worldwide supply chain, development and franchising.
Armario said: “I have visited lots of Bojangles’ restaurants across the system where our dedicated team members are serving the highest quality, best-tasting food in the industry, and I look forward to being part of the exciting future that lies ahead for the Bojangles’ brand.”
In addition, the restaurant chain has named Brian Unger as its new chief operating officer. Unger has worked as operations senior vice-president at McDonald’s, chief operating officer of Einstein Noah Restaurants Group, and president and chief operating officer of Long John Silver’s.
The chain currently operates 759 system-wide restaurants, including 319 company-operated and 440 franchised locations across the US.