Applebee's International, Inc., a wholly owned subsidiary of DineEquity, Inc., (NYSE:DIN), announced that AppleGrove Restaurants, the second-largest franchisee of Applebee's Neighborhood Grill & Bar Restaurants, has closed the sale of an 80 percent interest in its company to a subsidiary of AmRest Holdings N.V. (WSE: EAT). AmRest is the largest independent quick service and casual dining restaurant operator in Central and Eastern Europe.
"We are pleased to welcome AmRest to the Applebee's system. Their investment is an indication of the confidence they have in our brand and our efforts to re-energize Applebee's," said Mike Archer, president, Applebee's International, Inc. "We look forward to working with AmRest and are pleased the senior management team of AppleGrove will have continued involvement in the day-to-day operations of the business."
Steve Grove, the founder of AppleGrove, remains a minority owner in the company. Grove is a charter franchisee of the Applebee's system, beginning in 1985, and expanded AppleGrove to more than 100 Applebee's locations in eight states. He was named Franchisee of the Year in 2003 and 2006.
"AppleGrove's growth strategies and operating principles of our company were very similar to that of AmRest," said Grove. "We strongly believe this transaction will jointly enhance our abilities to reach our business potential and further strengthen the Applebee's brand."
AmRest, established in Poland in 2000 as a joint venture of American Retail Concepts and the Yum! Brands Company (earlier operating as Tricon Global Concepts), operates in two restaurant sectors: Quick Service Restaurants (QSR) -- KFC, Burger King, Starbucks and freshpoint and Casual Dining Restaurants (CDR) -- Pizza Hut, Rodeo Drive and Applebee's(R). With this acquisition of AppleGrove, AmRest significantly diversified its portfolio by strengthening its Casual Dining Restaurants' arm. In total, AmRest franchises and manages seven restaurant brands in seven countries.
"We're excited to join the Applebee's family," said Henry McGovern, co-founder and Chairman of Supervisory Board of AmRest. "We share a common passion for operational excellence and a thirst for new growth and development. Working with Steve and the team at AppleGrove and partnering closely with Applebee's, I'm looking forward to leveraging our combined experience and expertise to ensure that we continue to build the brand. "
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