This week's chain operating report takes a look at a couple of chains' IPOs, expansion plans for several players and some transaction news.
Self-serve frozen yogurt chain 16 Handles plans to expand into the Boston market by opening a store in Brookline, Mass., later this year. In addition, the company launched a search for franchisees in the region.
Another Broken Egg Cafe, a 22-unit restaurant chain operating in the breakfast, brunch and lunch segment, reached a multi-unit franchise agreement with Double R Restaurant Group to open 10 restaurants in the Atlanta market over the next five years. The chain expects to open the deal's first restaurant in October 2012 in Alpharetta, Ga., and another in Dunwoody, Ga., in November 2012.
Applebee's' parent company DineEquity, Inc. (NYSE: DIN) has agreed to sell 65 company-operated Applebee's restaurants located in Michigan. The agreement does not contain financing contingencies, but closing remains subject to regulatory processes related to liquor license transfers and other closing conditions. DineEquity has sold or entered into agreements for all of the 510 domestic Applebee's company-operated restaurants that were acquired in the acquisition of Applebee's in 2007, with the exception of 23 test market restaurants, according to a company release.
Del Frisco's Restaurant Group, Inc. priced its initial public offering of 5.8 million shares of common stock at $13 per share. The shares began trading on the NASDAQ Global Select Market under the symbol "DFRG" and the offering is expected to close on Aug. 1, 2012.
Frisch's Restaurants, Inc. announced plans to purchase up to 450,000 shares of the company's common stock on the open market and in privately negotiated transactions. This represents approximately 9 percent of the Frisch's total outstanding shares, according to a company release.
Jamba Juice opened a franchise store at McCarran International Airport, Las Vegas, representing the chain's 21st airport location system wide.
In a deal valued at approximately $1 billion, Joh. A. Benckiser has acquired Peet's Coffee & Tea, Inc. As a result of this transaction, Peet's becomes a privately owned company. Previously, the company was publicly traded. Peet's current management team and employees will continue to operate the company. The company's headquarters remain in Emeryville, Calif.
For the second quarter of its 2012 fiscal year, Ruth's Hospitality Group reported company-owned comparable restaurant sales for Ruth's Chris Steak House increased 6.0 percent and company-owned comparable restaurant sales for Mitchell's Fish Market increased 2.3 percent.
Saladworks reported same-store sales for the second quarter increased 4 percent over the same quarter last year and 9.3 percent growth for year to date.