The owner of 134 Wendy’s restaurants wants to make a bid for the nation’s No. 3 hamburger chain with two private-equity firms.
David Karam, president of Cedar Enterprises Inc., said Wednesday that he and his partners have been invited by Wendy’s International Inc. to a second round of talks. He is backed by Kelso & Co. and Oak Hill Capital Partners.“I’ve been involved in the brand,” he said. “I see the great potential of it.”Cedar Enterprises, based outside Columbus, owns Wendy’s restaurants across the country that have a combined annual revenue of $200 million.
Karam’s first-round proposal was enough to garner entry into a second round next month, where bids are expected. He would not disclose how much he is willing to pay for Wendy’s, but said the company’s current stock price is rich.
Wendy’s shares rose 20 cents to $33.26 Wednesday.
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