|
|
Article: Wall Street likes the taste of CKE's sale of La Salsa chain: David Kim buys fast food chain from Carl's Jr. parent.(RESTAURANTS)
- Article from:
- Los Angeles Business Journal
- Article date:
- June 11, 2007
- Author:
CopyrightCOPYRIGHT 2007 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
THE myriad madre y papa taco stands in Southern California will prevent Santa Monica investor David Kim from ever owning the whole enchilada when it comes to Mexican fast food, but he's taking a run at it.
He recently put together a deal to acquire the 96 La Salsa fast food restaurants from the Santa Barbara Restaurant Group Inc., a wholly-owned subsidiary of CKE Restaurants Inc. That's on top of last October's $30 million acquisition of the 300-outlet Baja Fresh chain from Wendy's International Inc. last October.
Dean Haskell, analyst of Morgan Joseph & Co. Inc. wasn't surprised at the news.
"On the CKE side, it was a brand that really wasn't ...