One of the restaurant industry’s largest franchise operators, Guillermo Perales’ 1,000-unit Sun Holdings, has added the IHOP brand to its fold by securing rights to 41 units in the Mid Atlantic area.
The stores were formerly operated by CFRA Holdings, which filed for bankruptcy protection in May. The restaurants were transferred to a holding of Perales, Suncakes LLC, in July. Terms of the acquisition were not disclosed, and the approval of Sun Holdings as an IHOP operator was not announced until Thursday. Financial terms of the arrangement were also not disclosed.
The IHOPs are located in Virginia, Tennessee, North Carolina and South Carolina.
“As the owner and operator of multiple iconic brands, Suncakes’ investment in IHOP reinforces the strength of our franchise opportunity and the future viability of our business,” Jay Johns, the president of IHOP, said in a statement. “We are thrilled to welcome Guillermo and the Suncakes team to the IHOP family and are confident that their immense industry and brand expertise will undoubtedly yield success.”
IHOP is franchised by Dine Brands Global, also the parent of Applebee’s Neighborhood Grill and Bar. The pancake chain consists of 1,841 all-day restaurants throughout the world.
With the addition of the IHOP restaurants, Sun Holdings now operates units of eight restaurant chains: Burger King (239 locations), Popeyes Louisiana Kitchen (165), Taco Bueno (135), Arby's (92), McAlister’s Deli (52), Cici's Pizza (20) and Perales’ first restaurant concept, Golden Corral (12), Its holdings also include 136 T-Mobile stores and 56 GNC diet supplement shops.
Perales started the company in 1997 with a single Golden Corral buffet, which he acquired through a Small Business Administration loan.