Questions Submitted On 11 April 2023 To Roark Capital: 1) A statement as to under what commercial, financial, and operational conditions Roark Capital Group continues to operate Carl’s Jr. in the Russian Federation?  2) What other brands within the Roark Capital Group portfolio are operating or did operate within the Russian Federation?  3) What brands within the Roark Capital Group portfolio are operating or did operate within Ukraine?  No response As Of 14 April 2023.

Roark Capital Group is an American private equity firm with over $33 billion in assets under management. The firm is focused on leveraged buyout investments in middle-market companies, primarily in the franchise/multi-location, restaurant and food, health and wellness, and business services sectors. Wikipedia

Assets under management: 33 billion USD
Subsidiaries: Focus Brands, Miller's Ale House, Orangetheory Fitness, Primrose Schools
Headquarters: Atlanta, GA
Founded: 2001
Owner: Neal K Aronson bloomberg.com
Managing director: Paul D. Ginsberg
Key people: Paul D. Ginsberg; (President); Erik O. Morris; (Chief Investment Officer)

CKE Restaurants Holdings is an American fast food corporation and is the parent organization for the Carl's Jr., Hardee's, Green Burrito, and Red Burrito brands. CKE Restaurants is a subsidiary of the private equity firm, Roark Capital Group, and is headquartered in Franklin, Tennessee. Wikipedia

CEO: Ned Lyerly (Apr 12, 2019–)
Headquarters: Franklin, TN
Subsidiaries: Carl's Jr., Hardee's, Red Burrito, MORE
Owner: Roark Capital Group
Founder: Carl Karcher
Founded: 1966
Number of employees: 20,200 (Jan 2012)

Carl's Jr. Restaurants LLC is an American fast food restaurant chain operated by CKE Restaurant Holdings, Inc., with franchisees in North & South America, Asia, Oceania, Europe and Africa. Wikipedia

Founded: July 17, 1941, Anaheim, CA
CEO: Ned Lyerly (Apr 12, 2019–)
Parent organizations: Hardee's, CKE Restaurants
Customer service: 1 (877) 799-7827
Founders: Carl Karcher, Margaret Karcher
Formerly: Carl's Drive-In Barbecue (1941–1956)

Hardee's Restaurants LLC is an American fast-food restaurant chain operated by CKE Restaurants Holdings, Inc. with locations primarily in the Southern and Midwestern United States. The company has evolved through several corporate ownerships since its establishment in 1961 in North Carolina. Wikipedia

Headquarters: Franklin, TN
Founder: Wilber Hardee
Customer service: 1 (877) 799-7827
Founded: June 23, 1960, Greenville, NC
Number of locations: 5,812 (February 2016)
Parent: Imasco (1981–1997); CKE Restaurants; (1997–present)

From Roark Capital Group

Roark (https://www.roarkcapital.com/) is an Atlanta‐based private equity firm with $35 billion in assets under management. Roark focuses on investments in consumer and business service companies, with a specialization in franchise and franchise-like business models.

• “Neal [Aronson] founded Roark in 2001 and is a member of Roark’s Investment Committee. In addition to his responsibilities as Managing Partner, Neal is most actively involved in Roark’s investments in Inspire Brands, Driven Brands, FOCUS Brands and Primrose Schools, and was previously the Chairman of the Board of Roark’s prior investment in Wingstop. Prior to founding Roark, Neal was Co-Founder and CFO of U.S. Franchise Systems (“USFS”).  Neal helped transform USFS from one brand with 22 hotels in nine states to three brands with more than 500 hotels in 50 states and five countries, making USFS the tenth largest hotel company in the United States.  Prior to founding USFS, Neal was a Principal of Odyssey Partners, L.P., a private investment partnership founded by Jack Nash and Leon Levy.  Prior to Odyssey, Neal was a Principal and General Partner at Acadia Partners, L.P. (now Oak Hill Partners) and subsequently a Managing Director of a successor company, Rosecliff Inc. Neal began his career in the corporate finance department at Drexel, Burnham, Lambert Incorporated. Neal received a B.A. from Lehigh University.” 

Roark prides itself on being a trusted partner for management and business owners. We believe that successful partnerships begin with providing a compelling value proposition to all business constituencies. A win‐win‐win approach leads to a positive business environment where all stakeholders – customers, employees, franchisees, strategic partners, service providers, management and shareholders – share in the growth and success of our businesses. We want to partner with entrepreneurs and executives who share this vision.

Since inception, affiliates of Roark have acquired 105 franchise/multi‐location brands which generate approximately $70 billion in system revenues from ~67,700 locations located in 50 states and 89 countries.  Our portfolio companies span multiple industries including food, restaurants, consumer and business services, health, wellness and fitness, and education and youth activities.

Our largest sector, food and restaurants, encompasses investments in brands such as: Inspire Brands (the owner of Arby’s, Baskin Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and Sonic), Nothing Bundt Cakes, CKE Restaurants (the owner of Carl’s Jr and Hardee’s), FOCUS Brands (the owner of Auntie Anne’s Pretzels, Carvel Ice Cream, Cinnabon, Jamba, McAlister’s Deli, Moe’s Southwest Grill, and Schlotzsky’s), Miller’s Ale House, Culver’s, The Cheesecake Factory (the owner of North Italia and Flower Child), Jim ‘N Nick’s BBQ, and previously Corner Bakery, Il Fornaio, Naf Naf Middle Eastern Grill and Wingstop.

Our consumer products and services investments have included Driven Brands (the owner of ABRA, ATI, CARSTAR, International Car Wash Group, Maaco, Meineke, Take 5, Uniban, 1‐800 Radiator, Auto Glass Now, and others), ServiceMaster Brands (the owner of ServiceMaster Restore, ServiceMaster Clean, Merry Maids, and Two Men and a Truck), Pet Supermarket, Pet Valu, Orangetheory Fitness, Massage Envy, Mathnasium, Primrose Schools, Self Esteem Brands (the owner of Anytime Fitness, Basecamp Fitness, The Bar Method, Waxing the City, and Stronger U), Fitness Connection, Youth Enrichment Brands (the owner of US Sports Camps, US Baseball Academy, i9 Sports, Streamline Brands and KE Camps), Great Expressions Dental Centers, and previously Atkins Nutritionals, Batteries Plus Bulbs, Drybar, FASTSIGNS, and US Franchise Systems.

Our business services investments have included Divisions Maintenance Group, Driven Brands, ServiceMaster Brands, Installation Made Easy, and previously Solterra Recycling Solutions, Batteries Plus Bulbs, CyberCore, FASTSIGNS, Money Mailer, Peachtree Business Products, PSC, Quala, Waste Pro, and GFL Environmental.

The Meaning of Roark

Roark was named after Howard Roark, the protagonist in Ayn Rand's book The Fountainhead.  Our name signifies our admiration for the qualities embodied by Howard Roark but, as a firm of diverse viewpoints, it does not signify adherence to any particular political philosophy.  Howard Roark's unwavering commitment to his individualistic architectural style put him at odds with the then entrenched powers and prevailing popular whims. While many of his peers surrendered to those powers and whims to attain fortune and fame, he refused to succumb and stayed true to himself and his work, at great personal cost. Eventually, the prevailing architectural elites were exposed as frauds, and Howard Roark was vindicated and celebrated as visionary.  Integrity, as demonstrated by Howard Roark, is a commitment to one's own thinking, philosophy and viewpoint in the face of all opposition. Howard Roark's life exemplified the qualities of independence and integrity.  Our investment style and business philosophy is meant to emulate those principles of independence and integrity. We seek to invest in outstanding companies in partnership with exceptional operating executives in a manner that promotes and reflects our Core Values, regardless of conventional wisdom or fad. We are committed to being a good partner in good times, and a great partner in bad times.

Roark's Core Values

INTEGRITY.  We are open, honest, direct and trustworthy. We always deliver on our promises.
COMMITMENT.  We are hard working with a high sense of urgency and low egos.
COLLABORATION.  We are supportive, upbeat and energetic partners, good listeners and problem solvers. We are good partners in good times and great partners in bad times.
IMPROVEMENT.  We continually seek to identify and implement better and best practices. We strive for continual improvement within our companies, our firm and ourselves.
COMMUNICATION.  We seek and provide timely, effective and accurate communications.
EXPECTATIONS.  We do not settle for “good enough.”
ANALYTICAL.  We measure performance and make fact-based decisions.
RECOGNITION.  We recognize and reward exceptional performance.
ACCOUNTABLE.  We hold ourselves and our teams accountable for results.
TRANSPARENCY.  We seek transparency with our management teams and our investors.
RESPONSIBILITY.  We treat our investors’ money as if it were our own.
TRUST.  We trust each other and seek partnerships with people who we trust and who trust us.