We sometimes forget that it isn't just technology companies who head to the public markets for cash. Carl’s Jr. and Hardee’s owner CKE Inc. filed this week to raise an estimated $100 million in an initial public stock offering.
The fast food chain was founded by Carl Karcher in the 1940's, when he and his wife borrowed $311 on their Plymouth automobile and purchased a hot dog cart. It now has 3,000 restaurants across the country and a corporate headquarters in the surfer-firendly town of Carpinteria, in Southern California (just south of Santa Barbara), and it seems they'll be packing their Western Bacon Cheeseburgers and heading to New York City to list themselves on the New York Stock Exchange.
Under the corporate banner CKE, the company was taken private in 2010, when it was bought by private-equity firm Apollo Management for nearly $700 million. The company had revenue of $1.3 billion last year, and it looks like Apollo wants to cash out, and take it public once again. We're unsure if they'll be using their old slogan "If it doesn't get all over the place, it doesn't belong in your face" to woo investors.
Source: Los Angeles Times