Roark Capital Group announced today that an affiliate has acquired a majority stake in CKE Inc., including 3,413 restaurants in 42 states and 30 foreign countries and U.S. territories, from funds managed by Apollo Global Management. This investment is Roark's 29th multi-unit company and 17th restaurant brand. Terms of the transaction were not disclosed.
Headquartered in Carpinteria, Calif., CKE owns, operates and franchises Carl's Jr. and Hardee's restaurants. Collectively the brand generates about $4 billion in annual system revenues, according to a company press release.
"We are pleased to welcome CKE's brands to our restaurant family," Neal Aronson, Roark managing partner, said in the release. "Led by CEO Andy Puzder, CKE is a well-run business with an excellent management team and passionate franchisees. We look forward to working with Andy and the team as they build on their success and continue to execute their strategic vision for Carl's Jr. and Hardee's."
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