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.”
