Argonne Capital Group Acquires More IHOP Restaurants, and Applebee's
Atlanta-based private investment firm Argonne Capital Group, LLC today announced that an affiliate, Peak Restaurant Group, LLC, has acquired the restaurant assets, operations, and franchise rights to 40 IHOP restaurants located in seven states in and near the Rocky Mountain region including California.
With this acquisition, Argonne-controlled entities, including Sunshine Restaurant Partners and ACG Texas, currently operate or sub-franchise a total of 254 IHOP restaurants, further strengthening its position as the largest operator of IHOP restaurants in the system.
In December of 2010 an affiliate formed by Argonne, Neighborhood Restaurant Partners, acquired eight Applebee’s Neighborhood Grill & Bar restaurants located in San Antonio, Texas, previously owned by an Applebee’s franchisee.
The acquisition also included exclusive development rights for the region. This is Argonne’s first investment in Applebee’s restaurants. Applebee’s and IHOP restaurants are franchised by subsidiaries of DineEquity, Inc.
Argonne plans to use this acquisition as a platform to acquire additional Applebee’s restaurants located throughout the United States with a goal of owning and operating an increasing number of the restaurants in the near future.
Michael A. Klump, founder and president of Argonne Capital Group, says: “We are pleased to announce our expanding relationship with DineEquity and its IHOP and Applebee’s brands as we seek unique acquisition opportunities in the restaurant space.
“We have been pleased with our investment in IHOP as the brand continues to sustain its market leading position in family dining through comprehensive marketing, menu, operations and remodel strategies. Now, with a similar brand vitalization well underway at Applebee’s, we are optimistic about the brand’s future and eager to participate in a more meaningful way as the Applebee’s system continues to build momentum.”