(Erik S. Lesser/Getty Images)
ATLANTA -- Atlanta's Roark Capital Group is buying a majority stake in CKE Inc., the company that operates more than 1,400 Carl's Jr. restaurants and nearly 2,000 Hardee's with total revenues of $3.9 billion.
Terms of the deal were not announced. CKE is currently majority owned by investment firm Apollo Global Management LLC. CKE's senior management will keep a minority stake in the California-based company.
Roark is an Atlanta-based private equity firm that's bought many other restaurant concepts including Arby's, Cinnabon, Carvel Ice Cream, Corner Bakery and Moe's Southwest Grill. The CKE deal will take its franchise brand portfolio to 27 companies with more than 15,000 locations and $15 billion in total revenues.
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"We're looking forward to our 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," said Andy Puzder, CKE's CEO, in a statement.
Atlanta-based King & Spalding served as legal counsel to Roark.
(Atlanta Business Chronicle)