What is the relationship between Bojangles and Bojangles Issuer, LLC?

According to Bojangles' 2025 Franchise Disclosure Document, Bojangles Opco, LLC, the franchisor, is a direct, wholly-owned subsidiary of Bojangles Issuer, LLC. Bojangles Issuer, in turn, is a wholly-owned subsidiary of Bojangles Guarantor, LLC. All three entities share the same principal business address and were organized as part of a Securitization Transaction. This structure indicates that Bojangles Issuer, LLC is a parent company in the organizational hierarchy.

The Securitization Transaction involved Bojangles', Inc. and several of its subsidiaries, including Bojangles Restaurants, Inc. (BRI) and Bojangles' International, LLC (BIL). As part of this transaction, certain assets, properties, equipment, leases, franchisee notes, and business agreements were contributed to Bojangles Opco, LLC. This included the transfer of all existing U.S. Franchise Agreements, Development Agreements, related agreements, U.S. trademarks, and intellectual property necessary for the franchise offering.

BRI, another parent company, also plays a role by acting as Bojangles' manager under a management agreement. BRI's responsibilities include administering collections, managing assets, and providing franchising, marketing, development, real estate, intellectual property, operational oversight, and reporting services. BRI also manages company-operated restaurants and acts as Bojangles' franchise sales broker, receiving management fees for these services. However, Bojangles Opco, LLC remains responsible for ensuring all promised services under the franchise agreements are performed, regardless of who carries out the services.