Is Carl's Jr. / Hardee's Private Equity Owned?
Carl's Jr. / Hardee's
Includes Carl's Jr, Carls Jr, Hardees, Hardee's, CKE Restaurants
fast food · Franklin, TN
“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
- Roark Capital acquires CKE Restaurants — NRN(2013-12-19)
- 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)
- CKE Restaurants wage theft and labor violations — Ballotpedia(2017-02-01)
Also owned by Roark Capital
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Frequently Asked Questions
Is Carl's Jr. / Hardee's owned by private equity?
Yes. Carl's Jr. / Hardee's is currently owned by Roark Capital, which acquired it in 2013. 200 fewer Hardee's, 100% higher prices, and $500 million in 'long overdue' remodels. Where'd the money go?
What happened to Carl's Jr. / Hardee's after 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
Who owns Carl's Jr. / Hardee's?
Carl's Jr. / Hardee's is owned by Roark Capital, which acquired it in 2013.