SAN DIEGO--(BUSINESS WIRE)--High Bluff Capital Partners, the experienced investment firm driving the revitalizations of Church’s Texas Chicken, Quiznos and Taco Del Mar, will assume ownership of 81 Hardee’s restaurant locations, following a court-approved auction process for the assets of Summit Restaurant Group and related entities, a former Hardee’s operator that filed for Chapter 11 in May. The Sale Hearing in the Chapter 11 case is set for July 18, 2023. The transaction is expected to close in August.
With locations in Alabama, Florida, Georgia, Kansas, Missouri, Montana, South Carolina, and Wyoming, the portfolio is consistent with High Bluff’s strategy of investing in iconic consumer-facing brands, with a strong presence in historically underserved markets, that have the opportunity for significant growth and value creation.
“Hardee’s is a regionally strong brand, known for its quality, hand-crafted menu,” said High Bluff Capital Partners founder Anand Gowda, who has been investing in consumer brands for more than two decades. “These restaurants in many cases have served as central neighborhood hubs, where people and families come to gather and connect,” he added. “It’s in areas like these where we see the greatest opportunity to create value by truly having a positive impact on local communities and the people who call them home. Guests aren’t just craving delicious food, they’re craving togetherness and we are thrilled to partner with the Hardee’s team to deliver that.”
“Throughout this process, we have maintained that the restaurants would be sold to a qualified and well-capitalized buyer with demonstrable success across the restaurant, food and beverage markets,” said Max Wetzel, chief executive officer of CKE Restaurant Holdings, Inc., Hardee’s parent company. “With an impressive track record of growing numerous consumer brands, High Bluff is the ideal partner to support our efforts to deliver outstanding service and the foods our core customers crave, while making critical investments in restaurant remodels and other initiatives designed to boost traffic and sales.”
“We are excited about the additional scale and diversity the Hardee’s opportunity brings to our platform,” said Coady Smith, a principal at High Bluff Capital Partners. “Over the next few years, we plan to continue to aggressively pursue new acquisitions, with a goal of growing our platform to six to ten restaurant concepts with $75 to $100 million of EBITDA.”
Dave Dixon, a deeply experienced QSR sector leader with extensive experience driving sales and growing EBITDA, will oversee the operations of the acquired Hardee’s locations. Over the course of his career, he has worked with restaurants brands including KFC, Burger King, Culver’s, Popeyes, Church’s Chicken, Slim Chickens and Hardee’s, where between 2000-2003 he led the turnaround of 116 Hardee’s locations, increasing sales by 35 percent.
About High Bluff Capital Partners
Based in San Diego, CA, High Bluff Capital Partners is a private investment firm that specializes in making control-oriented equity investments in iconic consumer-facing companies. The firm’s team has over 30 years of experience managing, investing, leading and transforming consumer businesses across the restaurant, entertainment, food, beverage and retail markets. High Bluff acquired Quiznos and Taco Del Mar in 2018, and Church’s Texas Chicken in 2021. For more information please visit www.highbluffcap.com.
About CKE Restaurants Holdings, Inc.
CKE, a privately held company based in Franklin, Tennessee, owns and operates Carl's Jr.® and Hardee's®, two beloved brands, known for premium and innovative menu items such as iconic Charbroiled Burgers, Made from Scratch™ Biscuits and Hand-Breaded Chicken Tenders™. With both a US and international footprint, Carl's Jr. Restaurants LLC and Hardee's Restaurants LLC have more than 3,800 franchised or company-operated restaurants in 44 states and 43 foreign countries and U.S. territories. For more information about CKE, please visit www.ckr.com or its brand sites at www.carlsjr.com and www.hardees.com.
