Press Release

Morgan Lewis Advises CKE Restaurants on Agreement to Sell to Roark Capital Group

November 19, 2013

NEW YORK, November 19, 2013: CKE Inc. announced today that an affiliate of Roark Capital Group has entered into a definitive agreement to acquire a majority stake in CKE with senior management retaining a minority stake. CKE is currently majority-owned and controlled by investment funds affiliated with Apollo Global Management, LLC (together with its consolidated subsidiaries). Terms of the transaction were not disclosed. The transaction is expected to close in the fourth quarter of 2013, subject to regulatory approvals and other customary closing conditions.

Carpinteria, Calif.-based CKE, through its subsidiaries, owns, operates and franchises some of the most popular brands in the quick-service restaurant industry, including the Carl’s Jr., Hardee’s, Green Burrito and Red Burrito restaurant brands.

Morgan Lewis is serving as legal counsel to the CKE on the transaction led by Business and Finance Practice partner Robert Robison and including Business and Finance partners R. Alec Dawson and Eric Tajcher and associates James Fang and Jessica Berkey. Also assisting on the transaction are Tax Practice partner Kenneth Kail, Antitrust Practice partner Harry Robins and associate David Brenneman and Employee Benefits and Executive Compensation Practice partner Gary Rothstein.

King & Spalding LLP is serving as Roark Capital Group’s legal counsel on the transaction led by partner Raymond Baltz. Roark Capital Group’s in-house counsel is General Counsel and Managing Director Stephen Aronson.

For further information about the transaction, please see CKE’s press release.