Roark Capital purchases lion's share of CKE.
27 December 2013 - US buyout firm Roark Capital Group said it had acquired a majority interest in domestic quick-service restaurant operator CKE Inc from funds managed by Apollo Global Management LLC (NYSE:APO).
The value of the deal, which was carried out via a Roark affiliate, was not revealed.
The target will retain its management team and there will be no change in its day-to-day operations.
The takeover of CKE, which runs restaurants under the Carl's Jr and Hardee's brands, increases the number of Roark's restaurant brands to 17.
The move is in line with Roark's investment plan, targeting leading consumer and service businesses, boasting robust brands, differentiated market positions and offering identifiable growth opportunities, Roark managing director Ezra Field noted.
The buyer was consulted by Credit Suisse Group AG (VTX:CSGN), King & Spalding LLP and DLA Piper on the transaction, while the target relied on the advice of Goldman Sachs & Co, Wells Fargo Securities LLC and Morgan Lewis & Bockius LLP.
The Carl's Jr and Hardee's brands generate combined annual system revenues of some USD4bn (EUR2.9bn).
Target: CKE Inc
Buyer: Roark Capital Group
Vendor: Apollo Global Management LLC
Buyer advisor: King & Spalding LLP, Credit Suisse Group AG , DLA Piper
|Printer friendly Cite/link Email Feedback|
|Publication:||M & A Navigator|
|Date:||Dec 27, 2013|
|Previous Article:||Shire prolongs tender bid for ViroPharma.|
|Next Article:||George Soros buys 3% in Spanish builder FCC - report.|