CKE Restaurants, the parent company of Carl’s Jr., said July 12 that it has completed its $1 billion merger with private equity firm Apollo Management. The deal takes the Carpinteria-based fast food company private.
CKE executives have sought to reassure the company’s 179 employees on the South Coast that not much would change after a buyout. “As we said when we announced this deal several months ago, the CKE management team will stay in place and our day-to-day operations will remain the same,” said CKE CEO Andrew Puzder in a July 12 news release. “The Carl’s Jr. or Hardee’s restaurant you ate at yesterday will be the same tomorrow – still serving the big delicious burgers we are known for.”
Under the terms of acquisition agreement, CKE’s stockholders will receive $12.55 in cash per share of common stock. Puzder stands to be paid $24.8 million for his 1.98 million shares of CKE’s common stock.