Development agreement includes the refranchising of 40 restaurants
Bojangles signed a development agreement with Chaac Foods in which the new franchisee will operate up to 80 locations, including 40 through acquisition. The 40 and 40 deal gives Chaac the ability to build out 40 new restaurants in the next seven years. Twenty restaurants will open in Georgia, five in Tennessee and 15 in the Orlando market in Florida.
In addition to the new Bojangles stores, Chaac will acquire 40 existing corporate restaurants in Georgia, South Carolina and Tennessee through a refranchising pact.
The Chaac Foods agreement follows a deal signed in March with longtime franchisee Jeff Rigsby, and is the second one giving Bojangles penetration into brand new markets.
“We are thrilled to join forces with the accomplished team at Chaac Foods,” said Jose Costa, chief development officer for Bojangles. “The company’s caliber of operations is well-recognized, and to have a partner with that pedigree invest in Bojangles speaks volumes about our brand and our growth plans for the future.”
Through a diverse portfolio in nine states, Chaac Foods Restaurants owns and operates several restaurant brand franchises, including 135 Pizza Huts, plus a number of Cru Food & Wine Bars, Ling & Louie’s, Applebee’s, and Panda Express. Now it has turned to Bojangles to enter the fried chicken category as it diversifies its holdings even further.
“We welcome Bojangles to the Chaac Foods family and are excited to participate in the growth of this highly regarded brand,” said Sam Banon, senior vice president at Gauge Capital, which acquired Chaac Foods in 2019.
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