Roark Capital completes Carl's Jr., Hardees acquisition
Dec. 26, 2013
by Monica Watrous
ATLANTA – Roark Capital Group, an Atlanta-based private equity firm, has completed its acquisition of a majority stake in CKE Inc., the Carpinteria, Calif.-based parent company of Carl’s Jr. and Hardee’s. Terms of the transaction were not disclosed.
The CKE system, which also includes Green Burrito and Red Burrito brands, has 3,413 restaurants in 42 states and in 30 foreign countries and US territories, generating approximately $4 billion in system revenues.
“This is an exciting day for CKE,” said Andy Puzder, CEO of CKE. “We look forward to working with Roark and leveraging their deep knowledge in restaurant operations and franchising as we continue to grow the company and bring our great tasting premium-quality burgers to guests worldwide. Roark is an ideal next partner that shares our core values and mission of providing world-class service in the QSR sector. The CKE management team will remain in place and our day to day operations will remain the same.”
Now with 17 restaurant brands, Roark Capital Group’s 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.