High Bluff Capital Partners to take over 81 Hardee’s restaurants

High Bluff Capital Partners, a US-based private investment firm, is set to become the new owner of 81 Hardee’s restaurant locations after winning a court-approved auction for Summit Restaurant Group’s assets. Summit, the former operator of Hardee’s restaurants across various states in the US, had filed for voluntary Chapter 11 bankruptcy in May in the US Bankruptcy Court of the District of Colorado.

The sale hearing for this Chapter 11 case is scheduled to occur on 18th July, and the deal is expected to be finalized in August. High Bluff’s acquisition of Hardee’s will add to its existing portfolio of acquired restaurants, including Quiznos and Taco Del Mar in 2018 and Church’s Texas Chicken in 2021.

Anand Gowda, the founder of High Bluff Capital Partners, expressed enthusiasm about the acquisition, citing Hardee’s as a regionally strong brand known for its high-quality, hand-crafted menu. He acknowledged the significance of these restaurants as central neighborhood hubs, where people and families gather and connect.

High Bluff’s strategy revolves around investing in consumer-facing brands with substantial growth and value creation opportunities, and the acquisition of Hardee’s aligns perfectly with this approach.

Once the deal is finalized, the operations of the acquired Hardee’s locations will be overseen by Dave Dixon, a seasoned expert in the quick-service restaurant (QSR) sector. Dixon brings extensive experience from working with various renowned restaurant brands and is skilled in driving sales and boosting earnings before interest, taxes, depreciation, and amortization (EBITDA).

Looking ahead, High Bluff Capital Partners plans to continue aggressively pursuing new acquisitions, with the goal of expanding their platform to include six to ten restaurant concepts with $75 million to $100 million of EBITDA in the coming years.

Hardee’s is a subsidiary of CKE Restaurants Holdings, a Tennessee-based company that also owns and operates the Carl’s Jr. brand. Together, Carl’s Jr. and Hardee’s have an extensive presence, with over 3,800 franchised or company-operated restaurants spanning 44 states, US territories, and 43 other countries.

To get to know who are the industry key players, visit our Interview of the Week page.

To stay updated, visit our Franchise News section.

To learn more, visit our Franchising Tips section.

Leave a Comment

Your email address will not be published. Required fields are marked *