High Bluff Capital Partners acquiring 81 Hardee’s locations

The private investment firm that owns Quiznos, Taco Del Mar and Church’s Texas Chicken is making another acquisition in the quick-serve space. 

High Bluff Capital Partners has agreed to buy 81 Hardee’s restaurants that were formerly operated by Summit Restaurant Holdings. The move follows a court-approved auction process for the assets of Summit Restaurant Group and related entities, a former Hardee’s operator that filed for Chapter 11 bankruptcy protection in May.

The transaction is expected to close in August. Terms of the deal were not disclosed. 

With locations in Alabama, Florida, Georgia, Kansas, Missouri, Montana, South Carolina, and Wyoming, the portfolio is consistent with High Bluff’s strategy of investing in consumer-facing brands, with a strong presence in historically underserved markets, that have the opportunity for significant growth and value creation, the company said.

“We are excited about the additional scale and diversity the Hardee’s opportunity brings to our platform,” said Coady Smith, a principal at High Bluff Capital Partners. “Over the next few years, we plan to continue to aggressively pursue new acquisitions, with a goal of growing our platform to six to ten restaurant concepts with $75 to $100 million of EBITDA.”

CKE Restaurant Holdings is the parent company of Hardee’s.

“Throughout this process, we have maintained that the restaurants would be sold to a qualified and well-capitalized buyer with demonstrable success across the restaurant, food and beverage markets,” said Max Wetzel, CEO,  CKE Restaurant Holdings. “With an impressive track record of growing numerous consumer brands, High Bluff is the ideal partner to support our efforts to deliver outstanding service and the foods our core customers crave, while making critical investments in restaurant remodels and other initiatives designed to boost traffic and sales.”

Dave Dixon, a QSR sector leader with extensive experience driving sales and growing EBITDA, will oversee the operations of the acquired Hardee’s locations. He has worked with restaurants brands including KFC, Burger King, Culver’s, Popeyes, Church’s Chicken, Slim Chickens and Hardee’s, where between 2000 to 2003 he led the turnaround of 116 Hardee’s locations, increasing sales by 35%.

High Bluff acquired Quiznos and Taco Del Mar in 2018, and Church’s Texas Chicken in 2021.

CKE owns and operates Carl's Jr. and Hardee's With both a U.S. and international footprint, Carl's Jr. Restaurants and Hardee's Restaurants have more than 3,800 franchised or company-operated restaurants in 44 states and 43 foreign countries and U.S. territories.