CARPINTERIA, CALIF. — An affiliate of Atlanta-based Roark Capital Group has agreed to acquire a majority stake in CKE Inc., parent company of Carl’s Jr. and Hardee’s, from Apollo Global Management, L.L.C. Financial terms were not disclosed. The transaction is expected to close in the fourth quarter.
The CKE system, which also includes Green Burrito and Red Burrito brands, has 3,400 restaurants in 42 states and in 29 countries and U.S. territories, generating approximately $3.9 billion in system revenues.
Roark Capital Group’s brand portfolio includes Arby’s, Auntie Anne’s, Cinnabon, Carvel Ice Cream, Corner Bakery, Il Fornaio, McAlister’s Deli, Moe’s Southwest Grill, Schlotzsky’s and Wingstop.“We’re looking forward to our long-term partnership with Roark Capital Group,” said Andy Puzder, chief executive officer of CKE. “Their proven track record of success and deep expertise in the restaurant and franchise sectors will be very beneficial as we continue to grow and expand CKE’s market-leading brands around the world. The entire senior management team of CKE is very excited about having Roark Capital's support in continuing to build the company’s world-class quick-service restaurant organization.”