News Column

Carl's Jr., Hardee's Chains Sold Again

November 20, 2013

By Kavita Kumar, St. Louis Post-Dispatch

The parent company of St. Louis-based Hardee's has entered into an agreement to be acquired by an affiliate of Roark Capital Group, the company announced this afternoon.

The Atlanta-based private equity firm will take on a majority stake in the CKE Inc., which is based in Carpinteria, Calif., while the senior management retains a minority interest.

CKE, which oversees both Hardee's and Carl's Jr. fast-food chains, is currently owned by affiliates of Apollo Global Management.

Terms of the deal, which is expected to close in the fourth quarter of 2013, were not disclosed.

"We're looking forward to our long-term partnership with Roark Capital Group," Andy Puzder, CKE's chief executive, said in a statement. "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."

Roark controls roast beef sandwich chain Arby's, wing chain Wingstop and Focus Brands, which franchises and operates stores under brands that include Carvel, Cinnabon, and Auntie Anne's.

Last year, CKE had announced that it would go public, but those plans for an initial public offering were later abandoned. It had previously been public, but went private in 2010 when private-equity firm Apollo Management bought it.

Original headline: Parent company of Hardee's agrees to sale

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