IHOP executives bought out their Swiss parent.
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The executives were joined in the buyout by Kelso & Co. and other institutional investors. Terms of the leveraged buyout were not disclosed. The North Hollywood-based International House of Pancakes chain was acquired by Svido-Abwicklungsgesellschaft, a Zurich holding company representing several major banks, four years ago, when a past owner could not meet its debts. IHOP franchises and operates 452 International House of Pancakes Restaurants in 36 states, Canada and Japan.
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