CKE Restaurants sold for $619 million
Carpinteria, Calif. CKE Restaurants, the owner of fast-food chains such as Hardee’s and Carl’s Jr., agreed to sell itself to the private-equity firm THL Partners for $619 million in cash as the leveraged buyout industry continues to revive.
Under the terms of the deal, THL will pay $11.05 a share, a 24% premium to CKE’s closing share price of $8.91 on Thursday. THL will also assume about $309 million of CKE’s debt.
“We believe this transaction provides excellent value to our shareholders and represents an exciting opportunity to continue the growth and development of CKE Restaurants in partnership with THL,” said Andrew F. Puzder, CKE’s CEO.
The deal is expected to close in the second quarter, although CKE will be free to look for better offers until April 6.
CKE was advised by UBS and the law firm Stradling, Yocca, Carlson & Rauth. THL was advised by Bank of America Merrill Lynch and Barclays Capital, who are also providing financing, and the law firm Ropes & Gray.
Best Buy opens Magnolia concept in Orange County, Calif.
MINNEAPOLIS and ORANGE COUNTY, Calif. Best Buy announced that it has expanded its Magnolia Home Theater concept in the Orange County area. The retailer will open a new Magnolia Design Center in the Costa Mesa Best Buy store.
According to the company, the new design center is the first-of-its-kind within a Best Buy store in Southern California and one of only eight Magnolia Design Centers the nation. The new store will offer high-performance audio and video solutions with a broad assortment of premium brands, such as McIntosh, MartinLogan, Pioneer Elite, Sonus faber and Control4. The design center will also offer state-of-the-art services like solar solutions, whole home automation and outdoor electronics.
“Magnolia Designs Centers provide a unique shopping environment for the home theater enthusiast,” said Steve Delp, COO of Magnolia Audio Video. “We believe our customers in the Orange County area will benefit from not only having exclusive brands, services and selection but also unparalleled experts to help create customized entertainment and home automation systems to fit their lifestyle.”
Lowe’s announces promotions
MOORESVILLE, N.C. Lowe’s has announced two promotions in its human resources and store planning areas.
Cedric Coco was recently promoted to SVP, learning and organizational development, having served as VP in that role since joining the company in 2008 from Microsoft. He is responsible for enterprise-wide leadership development, talent acquisition, talent management and learning strategies as well as the company’s diversity efforts.
Ronnie Damron has been promoted to SVP store planning and environment. Damron has served since 2006 as VP, new store set-up and remerchandising. He joined Lowe’s in 1979 in the Pikeville, Ky. store and has served as store manager, district manager and regional vice president.
Damron replaces long-time merchandising and store planning executive Vaughn Hayes, who announced his retirement, effective March 5, after nearly 39 years with the company.