M&A Deal Summary

Roark Capital Group Acquires CKE Restaurants

On November 19, 2013, private equity firm Roark Capital Group acquired franchising company CKE Restaurants from Apollo Global Management

Acquisition Highlights
  • This is Roark Capital Group’s 6th transaction in the Franchising sector.
  • This is Roark Capital Group’s 20th transaction in the United States.
  • This is Roark Capital Group’s 1st transaction in Tennessee.

M&A Deal Summary
Date 2013-11-19
Target CKE Restaurants
Sector Franchising
Buyer(s) Roark Capital Group
Sellers(s) Apollo Global Management
Deal Type Secondary Buyout
Advisor(s) Goldman Sachs
Wells Fargo Securities (Financial)
Morgan Lewis (Legal)

Target

CKE Restaurants

Franklin, Tennessee, United States
CKE Restaurants is a franchisor and operator of quick-service restaurants. CKE owns, operates and franchises some of the most popular brands in the quick-service restaurant industry, including the Carl’s Jr., Hardee’s, Green Burrito and Red Burrito. CKE Restaurants was founded in 1941 and is based in Franklin, Tennessee.

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Buyer(S) 1

Buyer

Roark Capital Group

Atlanta, Georgia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 33.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Roark Capital Group is a private equity firm that focuses on middle-market investment opportunities. The Firm targets family-owned business transfers, management/corporate buyouts, recapitalizations, going-private transactions, and corporate divestitures. Roark Capital Group pursues companies with revenues between $20 million and $5 billion, and EBITDA of $10 to $500 million. Roark Capital primarily invests in consumer and business services companies, with a particular interest in the franchise, food and restaurant, specialty retail, direct marketing and financial services sectors. Roark Capital Group was formed in 2001 and is headquartered in Atlanta, Georgia.

DEAL STATS #
Overall 22 of 44
Sector (Franchising) 6 of 12
Type (Secondary Buyout) 13 of 20
State (Tennessee) 1 of 1
Country (United States) 20 of 42
Year (2013) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-22 Miller s Ale House

Orlando, Florida, United States

Miller's Ale House is a full service restaurant provider of top‐quality food at a great value in a casual neighborhood tavern atmosphere. Miller's Ale House was founded in 1988 and is based in Orlando, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-18 Solterra Recycling Solutions

Old Bridge, New Jersey, United States

Solterra Recycling Solutions is a provider of non-hazardous solid waste, organic waste, and recycling collection to over 30 municipalities, 400,000 residential households and 2,000 commercial customers throughout central and northern New Jersey as well as the Philadelphia metropolitan area.

Buy -

Seller(S) 1

SELLER

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1990
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.

DEAL STATS #
Overall 16 of 66
Sector (Franchising) 1 of 1
Type (Secondary Buyout) 6 of 16
State (Tennessee) 1 of 3
Country (United States) 14 of 50
Year (2013) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-18 Burton s Biscuits

Blackpool, United Kingdom

Burton's Biscuits is a biscuit manufacturer which supplies both quality branded and retailer brand biscuits. It owns and bakes important brands such as Maryland, Jammie Dodgers, and Wagon Wheels and also bakes biscuits for major retailers and global brands. Burton's Biscuits was formed in 2000 and is headquartered in St. Albans, UK, Burton’s operates manufacturing sites in Blackpool, Edinburgh, Llantarnam.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-20 Catalina Holdings

Hamilton, Bermuda

Catalina Holdings is a Bermuda-based holding company that is licensed as a Class IV reinsurance company. Catalina Holdings was founded in 2005 and is based in Hamilton, Bermuda.

Buy -
Mergr

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Legal