What is the relationship between Roark Capital Management, LLC and Hardees' affiliated franchise programs?
Hardees Franchise · 2025 FDDAnswer from 2025 FDD Document
anchise Programs**
Through control with private equity funds managed by Roark Capital Management, LLC, we are affiliated with the following franchise programs ("Affiliated Programs"). None of these affiliates operate a Hardee's Restaurants franchise.
GoTo Foods Inc. ("GoTo Foods") is the indirect parent company to seven franchisors, including: Auntie Anne's Franchisor SPV LLC ("Auntie Anne's"), Carvel Franchisor SPV LLC ("Carvel"), Cinnabon Franchisor SPV LLC ("Cinnabon"), Jamba Juice Franchisor SPV LLC ("Jamba"), McAlister's Franchisor SPV LLC ("McAlister's"), Moe's Franchisor SPV LLC ("Moe's"), and Schlotzsky's Franchisor SPV LLC ("Schlotzsky's"). All seven GoTo Foods franchisors have a principal place of business at 5620 Glenridge Drive NE, Atlanta, GA 30342 and have not offered franchises in any other line of business.
Source: Item 1 — The Franchisor and any Parents, Predecessors, and Affiliates (FDD pages 9–22)
What This Means (2025 FDD)
According to Hardees' 2025 Franchise Disclosure Document, Roark Capital Management, LLC is connected to Hardees through private equity funds. These funds manage Hardees' affiliated franchise programs. However, it's important to note that none of these affiliated programs operate a Hardee's Restaurant franchise.
The affiliated franchise programs include GoTo Foods Inc., which is the indirect parent company to several franchisors. These franchisors include Auntie Anne's Franchisor SPV LLC, Carvel Franchisor SPV LLC, Cinnabon Franchisor SPV LLC, Jamba Juice Franchisor SPV LLC, McAlister's Franchisor SPV LLC, Moe's Franchisor SPV LLC, and Schlotzsky's Franchisor SPV LLC. All seven of these franchisors operate from the same principal place of business in Atlanta, GA.
For a potential Hardees franchisee, this information highlights the broader network and potential resources available through the connection with Roark Capital Management. While these affiliated franchise programs are distinct from Hardees, they may offer opportunities for collaboration or shared best practices within the larger Roark Capital Management portfolio. However, the FDD clearly states that these affiliates do not operate Hardee's franchises themselves.