DENVER Biscuits and Burgers LLC, based here, secured $8.5 million in financing to fund the previously announced purchase of 18 Hardee’s units in Atlanta from franchisor CKE Restaurants Inc., the Carpinteria, Calif.-based parent of the Hardee’s and Carl’s Jr. fast-food chains.
Longtime franchisees Steve Rosenfield and Dewey “Buddy” Brown formed Biscuits and Burgers earlier this year with the purpose of buying the Atlanta-area units. Including the Atlanta units, they own 50 Hardee’s and Carl’s Jr. restaurants, with others located in Wyoming, Montana, Colorado and California.
CKE divulged plans earlier this year to sell 200 of its Hardee’s locations to franchisees so the company could better focus on development in its core markets. The company also sold seven units in Alabama and Georgia to franchisee Ponder Enterprises Inc., co-owned by Dan Ponder, who is a member of CKE’s board of directors.
CKE owns or franchises 1,906 Hardee’s, 1,087 Carl’s Jr., and 96 La Salsa Fresh Mexican Grill restaurants in 43 states and 13 countries.
Biscuits and Burgers obtained the financing from Scottsdale, Ariz.-based GE Capital Solutions, Franchise Finance. The deal includes $6.5 million to acquire the 18 Hardee’s units in the Atlanta area, as well as a $2 million line of credit.