COMPANY DESCRIPTION

Carl’s Jr. (CKE Restaurants) was created and founded by Carl Karcher in 1941. In 1994, Carl’s Jr. became a wholly-owned subsidiary of CKE Restaurants, Inc. (CKE.) The CKE system includes 3,664 restaurants in 42 states and in 29 countries and U.S. territories world-wide generating approximately $3.9 billion in system revenues. The company employs a dual branding technique for Carl’s Jr. with Green Burrito. Similarly Hardee’s has a dual branding strategy with Red Burrito. Carl’s Jr. primarily operates in Western US and West Coast regions. In 2013, CKE Restaurants, Inc. was purchased by the private equity firm Roark Capital Group. Roark’s franchise and multi-unit portfolio includes 59 brands that collectively have more than 26,000 locations and $23 billion in system-wide revenues across 50 states and 75 countries. Since its inception, the Atlanta-based firm has raised over $6 billion in equity capital and commitments, with its largest investments targeted towards the food and restaurant industry. In 2016, Entrepreneur listed Carl\