Church’s Texas Chicken, a global chicken quick service restaurant (QSR) brand with more than 1,500 restaurants across the U.S. and 25+ international markets, announced a strategic growth equity investment from Golub Capital. The investment provides Church’s with significant new capital to accelerate its next phase of its growth, building on several years of brand transformation, operational improvement, and record-setting performance across the system.

Founded in 1952 in San Antonio, Texas, Church’s has served several generations of guests with bold, Texas-style fried chicken and an unwavering commitment to value. In 2021, the brand was acquired by High Bluff Capital Partners and Future Standard, which saw an opportunity to unlock the full potential of a beloved heritage brand through disciplined operational improvements and a renewed focus on the fundamentals.

“When we acquired Church’s in 2021, we saw a brand with 70 years of equity and significant untapped potential, and we committed to the long, disciplined work of realizing a tremendous opportunity,” said Ryan Pitt, Principal at High Bluff Capital Partners. “This new capital is about adding fuel at exactly the right moment. High Bluff remains as committed to Church’s as the day we bought it. Golub Capital’s investment reflects the progress we’ve made and will help further accelerate our growth plans as Church’s continues on its trajectory.”

Operational Transformation Delivers Measurable Results

Since the acquisition, Church’s has undergone a comprehensive transformation. The ownership group recruited a best-in-class management team, led by CEO Roland Gonzalez, with deep experience scaling some of the most respected brands in the restaurant industry. Under Gonzalez’s leadership, Church’s has rebuilt the operational foundation of the domestic system, while continuing to drive growth with its partners across more than 25 international markets.

Central to this transformation has been a sustained focus on improving profitability for Church’s domestic franchisees:

  • Since 2021, average franchisee restaurant sales have increased by over $200K, translating to more than $55K of additional profit per restaurant, reflecting a healthier, more resilient franchise system.

  • Domestically, this has been achieved by modernizing the supply chain and technology platforms, reinvigorating the menu and marketing strategy to focus on the brand’s core consumer base, and launching a new proprietary digital app and loyalty program.

  • The Company has also leaned into founder George W. Church Sr.’s mission of serving quality food at great value for underserved communities. Recent promotions such as the $3.79 Texas 2 Piece Feast embody that mission, delivering an abundance of food at an affordable price. While much of the industry has passed inflation-driven costs through to the consumer, Church’s has protected the value its guests depend on.

  • In 2025, system sales surpassed $1.6 billion, with Church’s achieving its first year of positive net U.S. unit growth since 2010, with the opening of nearly 200 restaurants globally from 2024 to 2026.

  • From year-end 2021 through the first quarter of 2026, the brand delivered approximately 19% cumulative same store sales growth domestically, with U.S. systemwide traffic up more than 6%.

That performance stands out in an industry where fast-food visits have declined for months and value-seeking consumers have pulled back from the category. Church’s grew traffic by attracting guests that the rest of the industry was losing.

“We’ve spent the last several years rebuilding the foundation of this brand, strengthening our operations, investing in our franchisees, and reconnecting with the communities that have trusted Church’s since its inception,” said Roland Gonzalez, Chief Executive Officer, Church’s Texas Chicken. “We don’t just want to feed the communities we serve; we want to be an integral part of them. That work is paying off: we’re posting record sales, our franchisees are seeing stronger returns than ever, and we’re winning in a category where many of our competitors are struggling. This investment from Golub Capital is a vote of confidence in our future and an opportunity to go bigger and even faster in ways that benefit the entire system as restaurants and remodels are expected to drive higher system-wide sales, grow national advertising dollars and continue to elevate overall brand positioning.”

Church’s Strengthens Leadership Bench to Power Growth

Church’s is now investing in growth the way it invested in the turnaround, starting with the recruitment of industry veteran Bobby Morena as Chief Development Officer to lead U.S. expansion. Morena spent more than 15 years at Jimmy John’s, where he helped grow the brand from roughly 45 restaurants to 2,700+ and sold over 4,000 franchise commitments, before serving in senior development roles at GoTo Foods and other brands across the Inspire Brands portfolio. Since joining Church’s, he has built a development team focused on disciplined, data-driven site selection and market planning to guide the brand’s next phase of unit growth.

Internationally, the brand is led by Tim Waddell, EVP of International and an industry veteran, under whose leadership Church’s has consistently opened 60 to 70 new restaurants per year and built a development pipeline of more than 1,500 committed units. The brand is supported by exceptional, well-capitalized franchisees across the Americas, Asia Pacific, and the Middle East.

“Having spent my entire career in international development, I can say the quality of our franchisee base at Church’s is among the best I’ve seen,” said Waddell. “The drive, sophistication, and passion of our partners around the world are what give us continued confidence to expand at this pace.”

This confidence has translated into new and expanded franchise commitments, including more than 1,000 units in the global development pipeline over the last three years across Europe, the Middle East, Asia, and the Caribbean and a 600-unit development agreement to enter China.

Investing in the Next Chapter of Growth

With a stronger operational foundation now in place, Church’s plans to use Golub Capital’s investment to support several areas of continued focus, including:

  • Expand the Company’s restaurant remodel program, which has consistently delivered strong sales increases and attractive returns;

  • Accelerate new company-operated restaurant openings, including in markets where Church’s has a proven track record of success, such as its recent reentry into the Philadelphia market; and

  • Continue investing in initiatives that support brand and franchisee growth.

These investments will benefit the system as remodels and new restaurants drive higher systemwide sales, growing national advertising dollars and continuing to improve brand depth and perception nationally.

“Golub Capital’s longstanding relationship with Church’s and experience in the restaurant sector make the firm a valuable partner to the ownership group,” said Rushabh Vora, Managing Director, Future Standard. “Golub Capital’s decision to lean in further with an equity investment says everything about their conviction in the brand, the management team, and the road ahead. Few firms know the economics of this industry better, and we’re glad to deepen the partnership.”

This transaction marks the second time Golub Capital has provided financing to Church’s since 2024.

“This investment represents another milestone in Golub Capital’s longstanding relationship with Church’s,” said Greg Cashman, Vice Chair of Golub Capital and Co-Head of the Firm’s Sponsor Finance business. “Over the course of that relationship, we have seen the team strengthen the business. We take pride in developing durable partnerships with private equity sponsors, management teams and the businesses they support, and we are pleased to invest in this next phase of Church’s growth.”

About Church’s Texas Chicken

Founded in 1952 in San Antonio, Texas, Church’s Texas Chicken is a quick-service chicken restaurant chain, serving guests across more than 25 countries. Known for its hand-battered, double-breaded bone-in chicken, honey-butter biscuits, and generous portions at an everyday value price point, Church’s has built a loyal and diverse customer base over more than 70 years. The brand is owned by High Bluff Capital Partners and Future Standard. For more information, visit churchs.com.

About High Bluff Capital Partners

Founded by Anand Gowda, High Bluff Capital Partners is a private investment firm that specializes in making control-oriented equity investments in iconic consumer facing companies. The firm’s team has over 30 years of experience managing, investing, leading and transforming consumer businesses across the restaurant, entertainment, food, beverage and retail markets. For more information, visit highbluffcap.com.

About Future Standard

Future Standard is a global alternative asset manager serving institutional and private wealth clients, investing across private equity, credit, real estate and infrastructure. With a 30+ year track record of value creation and $94 billion in assets under management, we back the business owners and financial sponsors that drive growth and innovation across the middle market, transforming untapped potential into durable value.1 For more information, visit futurestandard.com.

  1. Total AUM estimated as of March 31, 2026.

About Golub Capital

Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Our sponsor finance expertise also forms the foundation of our Broadly Syndicated Loan and Credit Opportunities investment programs. We nurture long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors.

As of April 1, 2026, Golub Capital had over 1,100 employees and over $90 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe, Asia and the Middle East. For more information, please visit golubcapital.com.

Forward-Looking Statements Disclaimer

This document and related materials may contain forward-looking statements—such as projected financial performance, sales forecasts, and market growth. These statements are based on our current expectations and assumptions, which are subject to significant risks, uncertainties, and changes in economic conditions. Actual results may differ materially from those projected. We make no representations, warranties, or guarantees, express or implied, that any prospective franchisee will achieve these financial results. You should conduct your own independent investigation and review all sections of the Franchise Disclosure Document (FDD) before making any investment decision.

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