A Mississippi-based owner of franchised restaurants across the country has entered a purchase agreement to acquire 33 St. Louis area Applebee’s for $25 million.
Mid River Restaurants, based in Natchez, Miss., is set to close on the acquisition in the first quarter of 2011 from Glendale, Calif.-based DineEquity Inc., the parent company of Applebee’s Neighborhood Bar & Grill and IHOP restaurants.
In a statement, DineEquity said the sale is part of the company’s efforts to convert its restaurants from company-owned to franchisee-owned. As of June 30, 2010, more than 88 percent of DineEquity’s restaurants were franchised.
