New #1 at IHOP
Area Developer Acquires 148 Florida and Georgia IHOPs
With this acquisition the distinction of being IHOP’s largest U.S. area licensee and operator, will pass from FMS to Argonne. In August 2004 another Argonne affiliate ACG Texas LP acquired 35 IHOP restaurants in Texas along with the rights to develop an additional 31 locations in the state. Since the Texas acquisition ACG has opened or acquired 16 addtional locations and have 4 under development which will bring their total to 55.
The financial terms of the deal were not disclosed, however it was reported that FMS sales in 2006 were $189 million and that Argonne will retain FMS’s existing management team. FMS opened its first IHOP restaurant in N. Miami Beach in 1961.