Bojangles' Express F/A

Bojangles' Express F/A is a smaller footprint franchise option for nontraditional and space constrained venues. Bojangles was founded on July 6, 1977, in Charlotte, North Carolina, by Jack Fulk and Richard Thomas. Its menu centers on scratch made biscuits, baked every 20 minutes, hand breaded Southern style chicken, Cajun seasoning, and food served from breakfast through dinner. It aims to reach 1,000 locations in 31 states over the next five years. Bojangles was listed on NASDAQ in 2015, taken private in January 2019 after The Jordan Company and Durational Capital Management acquired it for approximately $590 million, and was reportedly exploring a potential $1.5 billion sale by November 2025. The Express format is intended for locations where a traditional restaurant is impractical.

The global fast food market was valued at $645.2 billion in 2024 and is projected to reach $663.92 billion in 2025, a compound annual growth rate of 2.9%. Urbanization, rising working populations, and demand for convenient, affordable meals support that growth. Technomic's Top 500 report found total U.S. chain restaurant sales increased 3% in the latest measured year, while chicken concepts rose 9% and limited service chicken specialists rose 24%. The U.S. QSR chicken market measured $38.9 billion in 2021 and was forecast to grow 29% from that baseline, with a compound average growth rate of 5.7% between 2016 and 2021. Demand for regional flavors and all day breakfast supports the category. Delivery, drive thru, and digital ordering account for 79% of Bojangles orders systemwide, while up to 95% of transactions occur through drive thru, order ahead, or carry out channels.

The initial franchise fee for an Express unit is $20,000, compared with $35,000 for a Traditional restaurant. Total initial investment ranges from approximately $778,670 to $1,886,900. A more compact Express configuration is estimated at $622,000 to $1,576,700. Upfitting costs $327,000 to $705,000. Equipment, furniture, signage, and fixtures cost $231,000 to $702,500. Pre opening salaries and initial training cost $144,550 to $166,500. Initial inventory costs $20,000 to $62,000, insurance costs $5,000 to $21,000, utility deposits and business licenses cost $220 to $23,500, and additional funds for the first three months range from $30,900 to $186,400. The royalty is 4% of gross sales per month, or 5% for units acquired through re franchising agreements. The advertising technology vendor fee is $153 per restaurant. Liquid capital is listed at $500,000 and net worth at $1,000,000, although more recent franchisor guidance indicates minimum net worth closer to $2.5 million and $1 million in liquidity per location for multi unit scenarios. Bojangles does not offer direct or indirect financing or guarantee franchisee notes or leases. Buyers must seek independent financing, with SBA loan programs a commonly used option. Women, minorities, and veterans receive a 50% franchise fee reduction on their first two units and reduced royalty fees during the first three years.

An Express unit occupies 800 to 3,800 square feet, compared with 1,400 to 3,900 square feet for a traditional unit. Biscuits follow a 49 step proprietary process and are baked every 20 minutes. Chicken is hand breaded, never frozen, and seasoned with proprietary Cajun spices. A strict no microwave policy requires disciplined preparation and labor management. Each restaurant must have a manager on site who completed Bojangles training. Semi absentee ownership is possible with experienced operating staff, but requires management infrastructure. Training takes place at Bojangles University, or Bo U, at the Charlotte, North Carolina headquarters. The managing owner and principal operating officer must complete at least 13 weeks of training for highly experienced QSR operators, with training extending to 26 weeks at the franchisor's discretion. Training covers hiring, employee development, drive thru management, biscuit production, food preparation, financial management, and business planning. Support includes on site opening personnel at no additional charge, continuing Bojangles University programs, real estate and construction assistance from the development agreement through opening, and technology and marketing tools. Territories are location specific and not exclusive. Franchisees must follow brand standards and cannot sell Bojangles products outside the designated premises.

The fried chicken QSR sub sector average is $943,000 per unit.

Bojangles grew from approximately 840 locations in 21 states to roughly 850 units across 22 states in 2025. It plans to exceed 1,000 locations in 31 states over the next five years. In 2023, the brand added 270 units to its growth pipeline and opened 40 restaurants, including 10 in new markets. During Q1 2025, it opened 10 restaurants in Birmingham, Dallas Fort Worth, Houston, Columbia, Las Vegas, Atlanta, Zanesville, Cordova, Orlando, and Piscataway. North Carolina has 346 of the system's 800 plus locations. Development agreements cover Southern California, including Orange County, Riverside, and San Bernardino, a 21 unit San Antonio deal, a 30 to 35 location New Jersey agreement, and seven additional Houston openings planned by September 2025. A Brooklyn location marked Bojangles' return to New York City after leaving the market in the 1980s. Universities, travel centers, and stadiums are part of the nontraditional development plan, supported by a dedicated senior director. Differentiators include proprietary menu items, 47 years of brand equity in the Southeast, a semi open kitchen, and a boneless chicken item introduced in new growth markets. CEO Jose Armario, a former McDonald's executive who joined in January 2019, leads the company with a Chief Development Officer, Chief Technology Officer, Chief Marketing Officer, and Chief Restaurant Support Officer.

The likely franchise candidate has QSR or foodservice management experience, substantial capital, and a willingness to operate the restaurant directly or supervise it closely. Initial training lasts 13 to 26 weeks, creating a steeper learning curve for inexperienced operators. Multi unit development is central to Bojangles growth strategy, with signed agreements ranging from 21 to 35 units. Geographic opportunities include Texas, California, Nevada, Ohio, New Jersey, New York, Colorado, Arizona, Kansas, Missouri, and Oklahoma, where brand recognition is lower but demographics may support Southern style QSR. An Express agreement lasts 10 years with no renewal rights. Traditional restaurant agreements have a 20 year initial term and two additional 10 year renewal options. Express assignments are location specific rather than exclusive, so future company or franchisee competition may arise nearby. Opening timing depends on the market, construction, and permitting. Bojangles provides support from the development agreement through the grand opening.

Its Express format is suited to off premises sales and nontraditional venues. The $590 million acquisition in 2019 and reported potential $1.5 billion sale value explored in late 2025 provide context for the brand's corporate expansion. Risks include no protected territory, a 10 year Express term without renewal rights, high initial investment, and no franchisor financing. PeerSense provides franchise research that can include SBA lending history, Loan Activity Score, location maps with Google ratings, FDD financial data, and comparison tools. PeerSense is a commercial capital advisory firm that introduces franchise buyers to SBA and conventional lenders; it is not a lender.