Roark Capital Group to acquire Hardee’s, Carl’s Jr. chains
CKE Inc. announced that an affiliate of Roark Capital Group has entered into a definitive agreement to acquire a majority stake in the company with senior management retaining a minority stake. CKE is currently majority-owned and controlled by investment funds affiliated with Apollo Global Management LLC. Terms of the transaction were not disclosed. The transaction is expected to close in the fourth quarter of 2013, subject to regulatory approvals and other customary closing conditions.
Headquartered in Carpinteria, Calif., CKE, through its subsidiaries, owns, operates and franchises some of the most popular brands in the quick-service restaurant industry, including the Carl’s Jr., Hardee’s, Green Burrito and Red Burrito restaurant brands. The CKE system includes 3,400 restaurants in 42 states and in 29 countries and U.S. territories worldwide generating approximately $3.9 billion in system revenues.