Romulus Inc. is buying 16 IHOP (International House of Pancakes) franchises in Ohio and Indiana.
The buyer, with the addition of the new restaurants, will own 75 IHOP locations in nine states. Romumlus is owned by Chris Milisci, who has served on the IHOP's board of advisors. The company is headquartered in Scottsdale, Arizona.
GE Capital's Franchise Finance business provided $35 million in two separate term loans to fund the acquisitions, as well as refinance existing debt and provide a dividend recapitalization. For more on financing for restaurant deals, see Finance Finesse: Debt Markets Nourish M&A.
There have been several recent franchise transactions recently. In October, Apollo-backed Chuck E. Cheese agreed to merge with Peter Piper Pizza. In June, NPC International Inc. bought 56 Wendy's restaurants for about $58 million. In May, Bain Capital picked up Australian franchise company Retail Zoo, which owns Boost Juice Bars, Salsa's Fresh Mex Grill, Cibo Espresso and Hatch Chicken Shop Franchises.