Carl’s Jr. Parent Company to File for $100-million IPO
Facebook isn’t the only company with eyes set on a public offering this week, looks like the fast food game is looking to get in on some of the action.
CKE Inc., the parent company that operates Carl’s Jr. and Hardee’s chains, has just filed for an initial public offering of stock that could raise an estimated $100 million.
The registration statement filed yesterday with the Securities and Exchange Commission notes that the company has yet to determine the size of the offering or an estimated price range. This is also not the company’s first time in the public offering rodeo. In fact, the restaurant, started by Carl Karcher back in the 1940s, has had quite a roller coaster past.
In 1981, the company went public; in 1997 CKE acquired the Hardee’s chain and then in 2010 the entire company was taken private when it was bought by private equity firm Apollo Management for nearly $700 million.
There’s very little information out about why the move to go public is happening now. According to reports and recap by the LA Times, CKE’s last fiscal year suffered a $19.3-million net loss while revenue slipped 3.9% to $1.3 billion.
To CKE’s credit, before being bought by Apollo, they were a part of a series of declines when the recession hit.
According to rumors, the chain might be launching a new burger next week…possibly a Grilled Cheese Bacon Burger.
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