Summit Restaurant Group LLC, the largest IHOP franchisee in the country, Thursday announced that its affiliate company, Neighborhood Restaurant Partners Florida LLC has acquired the assets and development rights of Casual Restaurant Concepts, Inc and CRC II, LLC .
It may be noted that Casual Restaurant Concepts Inc owned and operated 50 Applebee's restaurants in the Tampa and Orlando FL markets.
Summit Restaurant Group and Neighborhood Restaurant Partners are both affiliates of Argonne Capital Group, LLC, a private investment firm based in Atlanta, GA. This acquisition raises Argonne's combined holdings of Applebee's and IHOP restaurants to 352 units.
The parent company and franchisor of Applebee's and IHOP is DineEquity, Inc. (DIN), based in Glendale, CA.
DineEquity's Chairman & CEO, Julia Stewart, said, "Today's news is further affirmation of the strength of Applebee's and our franchisees. Franklin Carson is a recognized and admired icon within our franchise family and his contributions to Applebee's are exemplary. Moreover we are excited to witness Argonne Capital further strengthen its position as a highly respected franchisee in the DineEquity system. Both Franklin and Argonne represent the power of DineEquity's franchisee base, and we salute Franklin for his invaluable service and Argonne as they grow their investment in our brands."
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