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Argonne group nabs 148 more IHOPs in FMS buyout

ATLANTA An affiliate of Argonne Capital Group, based here, has acquired FMS Management Systems Inc., the largest area licensee of IHOP, with 148 restaurants owned, operated and sub-franchised throughout Florida and southern Georgia. Terms were not disclosed.

North Miami Beach-based FMS’s assets and development rights are now held by Sunshine Restaurant Partners LLC, which intends to retain FMS’ management team.

FMS generated an estimated $189 million in sales in fiscal 2006.

In 2004, another Argonne affiliate, ACG Texas LP, bought IHOP’s largest individual franchisee, which included 35 restaurants in Texas and rights to develop 31 more units there. Since then, ACG had opened or acquired 16 more IHOPs, bringing its total in Texas to 51.

IHOP Corp., based in Glendale, Calif., and its franchisees operated 1,306 restaurants in 49 states, Canada, Mexico and the U.S. Virgin Islands as of March 31.

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