Apple American Group LLC, a company that owns and operates Applebee’s Neighborhood Grill and Bar restaurants, has received a strategic growth investment of undisclosed amount.
Backers include Goldman Sachs Capital Partners and Weston Presidio and Apple American’s management team, led by its founder, chairman and CEO Greg Flynn, who will maintain a significant ownership position in the company.
GS Capital Partners purchased a part of the stake from Weston Presidio, which first invested in Apple American in 2005 and will remain actively involved in supporting the company. GS Capital Partners had already invested in the company from 2001 to 2005.
The company intends to use the proceeds from the investment to grow through a variety of initiatives, including existing restaurant revitalizations, new restaurant development, and potential new acquisitions.
Founded in 1998, Apple American today owns and operates 270 Applebee’s Neighborhood Grill and Bar restaurants in California, Delaware, Indiana, Minnesota, New Jersey, Nevada, Ohio, Pennsylvania, Washington, West Virginia and Wisconsin.