“We’re adding an iconic brand to our portfolio with a passionate following in Western North Carolina… The expansion into Central and Southwestern Ohio comes with a huge runway for us to create an entirely new group of fans.”
— Timothy Foley, CEO of Eyas Capital
When Jeff Rigsby sold his 120-unit Bojangles portfolio to Eyas Capital last week, it wasn’t just a handoff of stores. It was a transfer of the chain’s largest operating group to private equity, along with a commitment to build 40 more locations, with a sharp focus on Ohio.
For Bojangles, long rooted in the Southeast, Ohio isn’t just another market. It’s the proving ground for whether the brand can evolve from a regional cult favorite into a national contender.
Leadership + Strategy
Eyas Capital isn’t a passive investor. CEO Timothy Foley and COO John Kaufman bring decades of experience in hospitality and multi-unit franchise operations. Their language is clear: this isn’t just about running restaurants, it’s about expanding Bojangles’ “legacy” and professionalizing the growth model.
That matters because private equity moves fast. PE-backed operators aren’t measured on stability — they’re measured on growth, cash flow, and eventual exit value. Kaufman’s operational pedigree suggests that Eyas plans to establish structure, discipline, and systems around a brand known more for biscuits and sweet tea than for Midwest market penetration.
The Ohio Gamble
Ohio is the true battlefield. Rigsby planted the first flag in Columbus in 2023, but Eyas is doubling down. Forty new units across Columbus and Cincinnati would give Bojangles a serious foothold in Big Ten country — one that could change how investors view the brand.
But the risks are obvious:
Consumers may stick with familiar choices (Chick-fil-A, Popeyes, KFC).
Real estate is competitive, and construction costs are high.
Supply chains have to be stretched into entirely new regions.
And brand awareness outside the Carolinas is close to zero.
That’s why this is less a “rollout” and more a campaign.
⚔️ Battlefield Analysis
This grid illustrates the tension Eyas faces: a major upside in market expansion and leadership strength, but significant risks surrounding brand equity and operational execution. Analyst confidence remains medium-to-high in leadership and capital, but low in supply chain readiness and Midwest brand strength.
Our Verdict
🟡 Watchlist. The Ohio move could prove transformative for Bojangles — or it could stall if consumer adoption lags. Private equity firepower and seasoned leadership give Eyas a strong starting position. Still, the lack of brand recognition and the operational complexity of new territory keep this from being a sure bet.
As more intel surfaces — new hires in Ohio, site rollouts, and unit-level performance — our grading could shift. For now, the battlefield is set, the troops are mobilized, and the campaign begins.
Ohio is where we’ll see if Bojangles can shed its “regional darling” status and step into the national spotlight. For operators and investors, the takeaway is clear: watch the frontlines in Columbus and Cincinnati.
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