Sun Holdings acquires 131 Applebee stores

Photography: Shutterstock

Sun Holdings, just weeks after announcing a deal to enter Papa John’s system, is now dabbling in casual dining.

The Dallas-based mega-franchisee, which owns Burger King, Arby’s, Popeyes and Taco Bueno, has acquired 131 Applebee locations from Acon Investments.

Terms of the deal were not disclosed, but the restaurants were owned by RMH Franchise Corp., the chain’s second-largest operator. RMH filed for bankruptcy in 2018, which sparked a legal battle with Applebee’s franchisor, Dine Brands Global, which RMH ultimately won.

John Peyton, CEO of Dine Brands, revealed the transaction during an investor presentation Thursday. He said the deal was “another signal of Applebee’s strong performance.”

Dine Brands announced Thursday that Applebee’s same-store sales rose 12.5% ​​on a two-year basis.

Sun Holdings, meanwhile, appears to be shifting into high gear. The company operates more than 1,000 restaurants in the United States and in 2019 acquired the Mexican chain Taco Bueno.

The operator, owned by Guillermo Perales, has signed a 100-unit development agreement for Papa John’s in Texas. His company also operates McAlister’s Deli stores as well as GNC and T-Mobile stores.

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