DineEquity (NYSE:DIN), the parent company of Applebee’s Neighborhood Grill and IHOP Restaurants, said Friday that Applebee’s franchisee, Neighborhood Restaurant Partners, is buying Apple Restaurants Inc.
The franchisee is scooping up 40 Applebee’s franchise-operated restaurants, located in and around Atlanta, as part of the deal. Terms were not disclosed.
Neighborhood Restaurant Partners, an affiliate of private investment company Argonne Capital Group, employs Applebee’s founder Bill Palmer. The group was started in 2010 when eight Applebee’s were bought out.
DineEquity, formerly called IHOP until it bought Applebee’s in 2007, has been converting some company-owned restaurants into franchises in an effort to save costs.