Bojangles
Bojangles is a PE-owned Carolinas chicken brand with about a third of units company-operated, so some leases carry corporate credit. It is expanding beyond its Southeast base, and its core markets have strong breakfast sales.
- US units
- 867
- FY2025
- 3Y net growth
- +10.0%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 15–20 yr
- NNN (corporate or franchisee)
- Model
- Mixed
- Private equity (Durational Capital & The Jordan Company)
Unit count
Bojangles in the news
All news →- QSR Magazine
- Restaurant Business Magazine
- franchisetimes.com
Bojangles net lease FAQ
What is Bojangles's credit rating?
Bojangles does not carry a public S&P issuer credit rating (NR). Landlords underwrite it on unit-level performance, the guarantor named in the lease and, for public companies, reported financials.
How many Bojangles locations are there in the US?
Bojangles reported about 867 US locations as of FY2025. That is +10.0% versus 788 in FY2022.
What does a typical Bojangles net lease look like?
Lease type: NNN (corporate or franchisee). Initial term: 15–20 yr. Rent increases: 10% every 5 yrs or 1.5% annually. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Bojangles corporate or franchised?
Operating model: Mixed (~65% franchised). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.