Apollo Global Management to sell its stake in the multi-concept restaurant company after three years of ownership.
CKE Inc., owner of such restaurant chains as Carl's Jr. and Hardee's, has reached an agreement that will allow an affiliate of Roark Capital Group to acquire a majority stake in the company. CKE's senior management will retain a minority stake in the company. CKE is currently majority-owned and controlled by investment funds affiliated with Apollo Global Management, LLC. Terms of the transaction were not disclosed.
The transaction is expected to close in the fourth quarter of 2013 and remains subject to regulatory approvals and other customary closing conditions.
Headquartered in Carpinteria, Calif., CKE, through its subsidiaries, owns, operates and franchises a variety of restaurant concepts, including Carl's Jr., Hardee's, Green Burrito and Red Burrito. The CKE system includes 3,400 restaurants in 42 states and in 29 countries and U.S. territories worldwide generating approximately $3.9 billion in system revenues, according to a company release.