Thomas H. Lee Partners will acquire listed, California-based CKE Restaurants Inc. for $928 million, including the assumption of more than $300 million in net debt.

Terms of the deal will have the target getting $11.05 per share; CKE Restaurants will solicit additional proposals for more than month before it commits to the deal; at the end of CKE’s shopping period, it will disclose its progress.

CKE Restaurants operates popular burger chain Carl’s Jr. From THL Partners, Todd Abbrecht worked on the deal. He said the company’s management will remain in place as it is bought.

While the deal meant good news for shareholders—CKE stock up rose about 25% in early Friday trading—the merger was not unanimously cheered. Levi & Korsinsky announced, immediately after the merger’s announcement, that it is investigating on behalf of shareholders breach of duty by the restaurant’s board, quoting an unnamed analyst that set a target price for the company’s stock at $15 per share.

TH Lee is poised to get back into a business in which it has plenty of experience. The fast food business (aside from being decried by documentarians) represents a positive investment aspect for financial investors looking to improve operations and capitalize on consumers’ increasingly likelihood to dine out in search of cheaper options.

In 2007, it bought Aramark, a food services company; the following year, it bought Dunkin’ Brands, operator of both Dunkin’ Donuts and Baskin-Robbins. TH Lee also invested in, in 2008, Michael Foods, a frozen foods company.

UBS acted as financial advisor to CKE. Stradling, Yocca, Carlson & Rauth is legal advisor to CKE. Ropes & Gray LLP is acting as legal advisor to THL. Ropes & Gray’s M&A partners Julie Jones and David Chapin worked on the deal; other partners on the sale included Jay Kim and Steve Rutkovsky.

BofA Merrill Lynch and Barclays Capital are acting as financial advisors to THL. Affiliates of those banks provided financing for the deal.