Founder of Applebee's Neighborhood Grill & Bar Sells 40 Locations to Affiliate of IHOP's Largest Franchisee; Will Serve as CEO of Acquiring Organization

DineEquity, Inc. (NYSE: DIN), parent company of Applebee's Neighborhood Grill & Bar and IHOP Restaurants, today announced that existing Applebee's franchisee, Neighborhood Restaurant Partners, LLC, an affiliate of IHOP's largest franchisee, has purchased the assets of Apple Restaurants, Inc. including 40 Applebee's franchise-operated restaurants located in Atlanta and surrounding areas.

Julia Stewart, DineEquity's Chairman and CEO, said, "Today's announcement serves as confirmation of our franchise community's confidence in our efforts to revitalize Applebee's and the strength of the brand. The transaction is also very special because it involves Bill Palmer, the founder of Applebee's. We are thrilled; not only at the growth of Neighborhood Restaurant Partners, but that we will continue to benefit from Bill's involvement in the brand."

"Affiliates of Argonne already franchise or license a combined 260 IHOP and Applebee's restaurants. Our decision to further our relationship with DineEquity is a result of our confidence in the leadership provided by management," said Michael Klump, founder and President, Argonne Capital Group. "We have participated in the renewal of Applebee's, and this transaction allows us to expand our involvement while also benefiting from the experience and leadership of Applebee's founder, Bill Palmer," Klump added.