So how do you make $347 Million in one day? Don’t know how? Well, just ask Julia Stewart chairman and CEO of IHOP. Just yesterday I was talking about how IHOP was planning on selling off all of their Applebees restaurants (which was breaking news at the moment) and just as they were planning on selling they were already positioning themselves to sell off 187 of their locations. Just as you’re suspecting that adds up to $347 million. They’ll pocket about $294 million after Uncle Sam takes his cut, which is not bad for a days work.
IHOP plans on using the proceeds from this sale to pay down debt. The buying group includes Drawbridge Special Opportunities Fund LP and Drawbridge Real Assets Fund LP, which are affiliates of Fortress Investment Group, a New York-based asset manager.
The deal isn’t actually final now, but IHOP has filed with federal regulators which are unlikely to bar the deal.