IHOP Sells Florida Franchise

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IHOP Corp. said Monday that Sunshine Restaurant Partners LLC, an affiliate of Atlanta-based Argonne Capital Group LLC, acquired the operations and development rights of Ihop’s Florida franchise licensee, FMS Management Systems Inc.


Financial terms of the deal were not disclosed. FMS owned, operated and franchised 148 Ihop restaurants in Florida and parts of Southern Georgia, making it the largest area licensee and operator of Ihop restaurants in the U.S. FMS reported sales of $189 million in 2006.


Glendale-based IHOP said Argonne will retain FMS’s existing management team.


In August 2004, Argonne affiliate ACG Texas LP acquired 35 IHOP restaurants in Texas along with the rights to develop an additional 31 in that state.


IHOP shares were up 19 cents to $55.54 in afternoon trading Monday on the New York Stock Exchange.

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