CKE, parent of Carl’s Jr and Hardee’s picked up by Thomas Lee Partners for close to a billion, including debt assumption. Lee also holds big stakes in Dunkin’ Donuts and Baskin Robbins.
This is the second big food deal this week, with the news that Diamond Foods (DMND) of California has gobbled up Kettle Foods of Oregon (potato chips) for $615 mil. Seller Lion Capital exits w/ double their investment sale a few years ago.
Snack and “junk” foods usually do well in a downturn, although fast food has been challenged – but CKE has been doing better than most.