PRIVATE EQUITY OWNED
Carl's Jr. / Hardee's
Includes Carl's Jr, Carls Jr, Hardees, Hardee's, CKE Restaurants
fast food · Franklin, TN
- PE Firm
- Roark Capital →
- Acquirer
- Roark Capital (via CKE Restaurants)
- Year Acquired
- 2013
200 fewer Hardee's, 100% higher prices, and $500 million in 'long overdue' remodels. Where'd the money go?
What They Did
- Roark Capital acquired CKE Restaurants (parent of Carl's Jr. and Hardee's) in 2013
- Former CEO Andy Puzder (Trump's failed Labor Secretary nominee) was replaced after controversies over worker pay and ads
- Combined 3,800+ locations across both brands make this one of Roark's larger restaurant holdings
- Part of Roark's massive franchise empire that now spans 80+ brands
Since the Acquisition
- Hardee's has closed about 200 U.S. locations over the past decade, 150 of them in the last three years — and one bankrupt franchisee, Summit Restaurant Holdings, closed 39 restaurants before filing for Chapter 11 in 2023. If your go-to Hardee's vanished, you're not alone
- The chain's $500 million remodel plan is mostly someone else's money: CKE is putting in $60 million, and franchisees are on the hook for the rest
Sources
- Struggling Hardee's in dispute with biggest franchisee — Restaurant Business(2025-12-01)
- More than 30 Hardee's suddenly closed across Georgia — Tomorrow's News Today(2025-12-01)
- Andrew Puzder (CKE CEO; withdrawn Labor nominee) — Ballotpedia(2017-02-01)
- Roark Capital Group closes acquisition of CKE Restaurants — PR Newswire(2013-12-26)
- A huge Hardee's franchisee declares bankruptcy and closes 39 restaurants — Restaurant Business(2023-05-05)
- Carl's Jr. and Hardee's to undergo $500 million brand transformation — Nation's Restaurant News(2022-05-10)