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?
The PE Playbook
- 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 lost roughly 200 locations since 2019 — a major franchisee shuttered 39 restaurants overnight across seven states, and if your go-to Hardee's vanished, you're not alone
- Menu prices jumped 39% to 100% between 2014 and 2024, well above the national inflation rate — you're paying premium prices at a chain that can't keep its operators from going bankrupt
- Drive-thru speed rankings dropped from top 3 in the industry in 2022 to not even cracking the top 5 by 2024 — the line is longer and the people behind the counter are fewer
- CKE is now spending $500 million on restaurant remodels it calls 'long overdue' — an admission that locations had been left to decay for years while the money went elsewhere
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- Andrew Puzder (CKE CEO; withdrawn Labor nominee) — Ballotpedia(2017-02-01)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)