High Bluff Capital Partners to Buy Few Hardee's Locations Out of Bankruptcy

Private equity firm High Bluff Capital Partners that owns Church’s Texas Chicken and Quiznos, is acquiring 81 Hardee’s locations out of bankruptcy.

The PE firm is paying $16.23 million for the locations, which are in Alabama, Florida, Georgia, Kansas, Missouri, Montana, South Carolina and Wyoming and had been owned by Bighorn Restaurants, which declared Chapter 11 bankruptcy in May, report Restaurant Business Online.

The San Diego-based High Bluff had previously been chosen as the “stalking horse bidder,” or an initial bidder in the bankruptcy auction for the Bighorn Restaurants. 

The franchisee, also known as Summit Restaurant Holdings, operated 108 locations when it filed for bankruptcy after closing 39 restaurants.

CKE Restaurants, which owns Hardee’s and sister company Carl’s Jr., acquired nine other Bighorn-owned restaurants for $672,000, including $375,000 in cash and $357,000 in assumed liabilities. Another operator, known as Ozark Stars, acquired one other restaurant for $35,000 in cash and $33,000 in assumed liabilities.

“High Bluff has an impressive track record of growing numerous consumer brands and is an 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,” said Max Wetzel, CEO, CKE Restaurants.