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Roark Capital to acquire majority stake in restaurant chain CKE

RBR Staff Writer Published 20 November 2013

Atlanta-based private equity firm Roark Capital Group’s affiliate has entered into a definitive agreement with restaurant chain operator CKE to acquire a majority stake.


The transaction is expected to close in the fourth quarter of 2013, subject to regulatory approvals and other customary closing conditions.

CKE's chief executive officer Andy Puzder said the company is looking forward to their long-term partnership with Roark Capital Group.

"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.

"We're also very grateful to Apollo for the support and guidance they have provided over the past three years," said Puzder. "They've been great partners and a big part of our success over that period of time," Puzder added.

CKE is currently majority-owned and controlled by investment funds affiliated with Apollo Global Management.

Headquartered in Carpinteria in California, CKE, through its subsidiaries, owns, operates and franchises some of the brands in the quick-service restaurant industry, including the Carl's Jr., Hardee's, Green Burrito and Red Burrito restaurant brands.

The CKE portfolio includes 3,400 restaurants in 42 states and 29 countries, and US territories worldwide, generating approximately $3.9bn in system revenues.

Goldman Sachs & Co. and Wells Fargo Securities are acting as financial advisors to CKE, and Morgan Lewis is serving as legal counsel to the company.

King & Spalding is serving as legal counsel to Roark Capital Group.


Image: Carl's Jr is a unit of restaurant chain operator CKE. Photo: Courtesy of Jonesdr77.