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.