Apollo Global Management has agreed to selling its majority stake in CKE Restaurants—the parent company of fast food chains Hardee’s, Carl’s Jr. and Green Burrito—to Atlanta-based private equity firm Roark Capital Group for an undisclosed sum. CKE has tapped Morgan, Lewis & Bockius as its lead outside counsel on the matter, while Gibson, Dunn & Crutcher is advising its the company’s senior management on the sale. Roark—whose existing fast food holdings include Arby’s, Seattle’s Best, Schlotzky’s, Auntie Anne’s Pretzels, Cinnabon and WingStop—is being advised by King & Spalding.
As The Am Law Daily reported at the time, Apollo bought Carpinteria, Calif.–based CKE—which currently generates approximately $3.9 billion in annual revenue—in April 2010 in a deal valued at $1 billion.
