TriArtisan Capital Partners is the top contender for the acquisition of restaurant group CKE Inc. The business was said to be valued at almost USD2 billion, sources familiar with the matter said. This was according to an exclusive report by Reuters.
CKE Inc is the restaurant group that owns fast food chains Hardees and Carl's J. Apollo Global Management LLC took CKE for almost USD700 million in 2010. Now, Apollo is considering a sale of the business after its inital public offering (IPO) plans were postponed last year, said the report.
TriArtisan is a private equity (PE) unit of investment bank Morgan Joseph.The company surpassed Roark Capital Group, Onex Corp, and Carlyle Group LP in the said bid. The acquisition process is now in its final stages, the report said.
The unnamed sources said the transaction with TriArtisan is not yet a confirmed deal. Apollo could still choose other parties with better offers or pursue its IPO goal. CKE Inc and its top bidders have yet to comment on this news, Reuters reported.
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