ALLENDALE, NJ—Locally-based Doherty Enterprises Inc. has acquired 38 Applebee's Neighborhood Grill & Bar locations in Florida and Georgia and plans to pump in $12 million in upgrades to the newly acquired restaurants.
The firm acquired the restaurants from a franchisee that was having financial difficulties, according to Ed Doherty, founder and chairman of the restaurant management company. The deal for 35 Applebee's in Florida and three in Georgia is the largest for the firm since its founding in 1985, according to The Record. No purchase price for the transaction was announced.
“We're very bullish on the Applebee's brand," Doherty says. "The management and the marketing of Applebee's has never been better. An opportunity arose when a franchisee who had these restaurants had some financial difficulties, so we felt it was time to go in and purchase them." He notes that the addition of the restaurants will push company sales to close to $500 million. See story in The Record.
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