Roughly two-thirds franchised; aggressive multi-unit development agreements outside the Southeast.
Unit Economics has not been republished since FY2024. It keeps its published value here — CSW does not roll a figure forward — and the rankings page lists every overdue input.
Bojangles is running the most interesting portability experiment in the category. A brand built on Carolina breakfast biscuits and sweet tea is now signing 20- and 40-unit agreements in Ohio, Texas and Nevada — markets with no cultural memory of the brand. The financing structure is telling: the largest franchisee is now a private-equity-backed platform (Eyas Capital) rather than a family operator, which is how franchisors buy geographic expansion when the brand cannot fund it on the balance sheet. The number to watch is out-of-region AUV. If new-market units clear the $2.35M system average, Bojangles becomes a national development story; if they don't, it stays a Southeast brand with expensive outposts.
Cap rate
Franchisee QSR pricing; benchmark 6.85% (Q2 2026)3
Bojangles' breakfast daypart makes its sites unusually dependent on morning commuter patterns — a materially different site-selection screen than a Cane's or Wingstop, and one reason the brand's western and northern expansion is being executed through experienced multi-unit operators rather than new franchisees.
| Announced | Market | Commitment | Timeline |
|---|---|---|---|
| 2025 | Cincinnati and Columbus, OH4 | 40+ | Multi-year |
| 2026 | San Antonio, TX1 | 21-unit agreement | Multi-year; 18 TX units open and ~20 in development |
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| Date | Type | Detail |
|---|---|---|
| 2025-01 | Opening | Las Vegas, NV — First Las Vegas restaurant with four more planned.1 |
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What it means for the Chicken Wars: Jeff Rigsby went from six Asheville restaurants in 2001 to the brand's largest franchisee, then sold to an investment platform that immediately committed to 40+ new units in Ohio. Bojangles' unit count did not move. Ownership of 120 restaurants did. That is exactly the transaction that brand-level data will never show you.
Every figure on this page is attributed. CSW does not publish estimates as facts — where a number is unavailable it is shown as “—”, and where a figure is derived arithmetically from two published figures it is marked as derived.