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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).

Country: USA

Sector: Hotels/Restaurants/Casinos/Catering

Target: CKE Inc

Buyer: Roark Capital Group

Vendor: Apollo Global Management LLC

Type: LBO

Status: Closed

Buyer advisor: King & Spalding LLP, Credit Suisse Group AG , DLA Piper

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Publication:M & A Navigator
Date:Dec 27, 2013
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