Applebee’s is now completely franchise-owned after the Kansas City-based restaurant’s parent company sold off its remaining corporate-owned locations.
DineEquity sold 23 Applebee’s restaurants to American Franchise Capital LLC. Terms of the deal were not disclosed.
American Franchise Capital now operates 56 locations in five states. It bought 33 stores from Applebee’s for about $26 million in 2012.
Applebee’s franchisees own more than 1,990 locations across the U.S. and worldwide.