CKE Restaurant Holdings Inc. has agreed to refranchise 50 Hardee’s locations in the Carolinas, officials announced Monday.
The units are being acquired and remodeled by franchise operator Serazen LLC, based in Orange, Calif., which operates 69 Papa John’s locations.
Terms were not disclosed, but the deal was financed with a $30.7 million loan by GE Capital’s Franchise Finance division.
As part of the acquisition, Serazen has agreed to build 14 new Hardee’s units over the next six and a half years in the markets that include the existing units: Greensboro and Wilmington, N.C., as well as Columbia and Florence, S.C.
A new franchise operator for CKE, Serazen is part of a larger holding company called BLD Brands, which operates franchised restaurants under the Spaghetti Warehouse, Flat Top Grill and Stir Crazy Fresh Asian Grill brands.
CKE, meanwhile, has been refranchising both its Hardee’s and Carl’s Jr. brand restaurants in move toward a more asset-light model. Over the past 15 months or so, the company has sold about 500 corporate units and is now about 90-percent franchise operated.
Based in Carpinteria, Calif., CKE operates and franchises 3,500 restaurants under the Hardee’s and Carl’s Jr. banners, as well as Red Burrito and Green Burrito.
Update: This story has been updated to reflect additional information.
Contact Lisa Jennings at [email protected].
Follow her on Twitter @livetodineout
