Benzinga | Aug 16, 2021 03:49PM EDT

Dine Brands Strikes Non-Traditional Restaurant Franchisee Deal with K2 Group For Undisclosed Sum

* Dine Brands Global Inc (NYSE:DIN) has signed an agreement with K2 Group, a Toronto-based investment company, for non-traditional restaurants across Ontario, Canada. The financial terms of the deal remain undisclosed.

* Dine Brands is planning to open five IHOP restaurants in Ontario over the next five years.

* The first restaurant is scheduled to open in a truck stop location in Belleville at the beginning of 2022.

* "We are optimistic that the market is well-positioned to get back to its pre-pandemic growth momentum," said Tony Moralejo, President, International, Dine Brands.

* Price Action: DIN shares are trading lower by 1.47% at $76.22 on the last check Monday.