Popeyes U.S. comps -5.2% Q2’26Wingstop domestic SSS -7.5% Q2’26KFC U.S. units 3,523 YE’25Dave’s unit growth +52.3% FY’25Chick-fil-A AUV $9.16MCane’s systemwide $5.48B FY’25Franchisee QSR cap 6.85%Corporate QSR cap 5.85%Category growth +5.3% ’25Wings wholesale $0.98/lb YE’25
Operator profile

Eyas Capital

Actively developing BojanglesSubwayBurger King
120
Chicken units
350
Total units
Not disclosed
Headquarters
North Carolina
Primary geography
Ohio, Six-state Bojangles footprint

Known activity

  • Acquired BOJ of WNC β€” Bojangles' largest franchise group β€” a portfolio of 120 locations across six states1 (2025)
  • The acquisition took Eyas Capital's total restaurant portfolio to more than 350 franchise units1 (2025)
  • Agreed to grow Bojangles in Cincinnati and Columbus to more than 40 locations1 (2025)
  • Founded 2013; CEO and managing partner Tim Foley, COO/president and partner John Kaufman1 (2025)
CSW Analysis

Eyas is what modern franchisee scale looks like: an investment platform, not a family operator, buying the largest franchise group in a regional brand and immediately committing to 40+ new units in a market (Ohio) where the brand has no history. For anyone selling development sites in Cincinnati or Columbus, this is a single phone call that represents dozens of transactions.

Development pipeline

BrandMarketCommitmentTimeline
BojanglesCincinnati and Columbus, OH140+Multi-year

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Transactions

DateTypeDetailValue
2025Franchisee portfolioBOJ of WNC (120 Bojangles units, six states)
Bojangles' largest franchise group. Acquisition took Eyas Capital past 350 total franchise units; commitment to grow Cincinnati and Columbus past 40 locations.1
β€”

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Related coverage

2025M&A

Eyas Capital acquires BOJ of WNC β€” Bojangles' largest franchisee, 120 units in six states1

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.

Sources

Every figure on this page is attributed. CSW does not publish estimates as facts β€” where a number is unavailable it is shown as β€œβ€”β€, and where a figure is derived arithmetically from two published figures it is marked as derived.

  1. [1] Restaurant Dive β€” Bojangles' largest franchisee acquired by PE firm (2025)