Roark Capital Group To Acquire CKE Restaurants

Roark Capital Group has entered into a definitive agreement to acquire a majority stake in CKE Inc. Senior management at the parent company of Carl’s Jr. and Hardee’s chains will retain a minority stake. Currently, CKE is majority-owned and controlled by affiliates of Apollo Global Management. Terms of the transaction, expected to close in the fourth quarter of 2013, were not disclosed.

In addition to 1,409 Carl’s Jr. units and 1,977 Hardee’s stores, CKE owns, operates and franchises the Green Burrito and Red Burrito brands. The Carpinteria, Calif., company’s system includes 3,400 restaurants in 42 states and in 29 countries and U.S. territories; systemwide revenues are approximately $3.9 billion.

“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,” said Andy Puzder, CKE’s CEO.

In addition to CKE Restaurants, Roark’s owns 13 other restaurant concepts including Arby’s, Auntie Anne’s, Cinnabon, Carvel Ice Cream, Corner Bakery, Il Fornaio, McAlister’s Deli, Miller’s Ale House, Moe’s Southwest Grill, Schlotzsky’s, and Wingstop.