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CKE Restaurants (Carl's Jr./Hardee's)
activeRestaurant — Roark Capital (current) / Apollo (former)
Deal Terms
Entry Year2013
Entry EV$1.75B
Entry Multiple9x
Leverage5x
Debt Amount$0.6B
Risk Metrics
LTV (est.)34%
Debt / EV0.34x
Notes
Apollo bought CKE for $1B (2010) with $600M debt facility. Flipped to Roark for up to $1.75B (2013). Apollo IPO attempt abandoned. 3,400+ restaurants. Now part of Roark's massive restaurant empire alongside Inspire Brands. Serial PE flip of fast food.