Thomas H Lee Buys CKE for $928M

CKE Restaurants Inc., the parent to the Carl’s Jr. and Hardee’s chains, agreed in February to a $928 million buyout offer from private-equity firm Thomas H. Lee Partners.But CKE said that the marriage is not yet finalized. It will continue until April 6 to look for a better spouse.

Both of CKE's brands have seen falling sales in recent months. Same-store sales at Carl's Jr. declined 8.7 percent in January, while Hardee's same-store sales slipped 2.5 percent. Both brands specialize in premium burgers, and CKE has been reluctant during the economic downturn to use the same deep-discounting practices of rival chains like McDonald's and Burger King. - NRN ($$)

Thomas H. Lee Partners is the private equity firm that took Dunkin' Donuts private in 2005.

... many predict THL will push for cost cuts and discounts to boost restaurant traffic and reverse recent sales declines. That’s a strategy Puzder has shunned since he took over as CKE’s CEO in 2000. - Bizjournal's Portfolio

Now Nelson Peltz of private equity firm Trian, the owners of Wendy's/Arbys, is rumored to be looking at the chain.