Greenwich-based American Franchise Capital Inc. is buying more than 30 Applebee”™s Neighborhood Grill & Bar restaurants, mostly in Missouri and Indiana, from DineEquity Inc.
American Franchise Capital is run by William Georgas and Trevor Ganshaw, with Georgas previously a co-owner of the Georgas Group, a franchise company that included nearly 50 Applebee”™s restaurants.
DineEquity, which also owns IHOP Restaurants, said the deal should result in net proceeds of $26 million. The Glendale, Calif. company has been transitioning to a franchise operation, having sold off more than 340 restaurants since acquiring Applebee”™s International in 2007. In Connecticut, DineEquity had 15 franchised restaurants at last report.
