GLENDALE, Calif. (AP) — Natchez-based Mid River Restaurants LLC recently purchased 36 Applebee’s Neighborhood Grill & Bar restaurants from DineEquity Inc., parent of Applebee’s Neighborhood Grill & Bar and IHOP Restaurants, for after-tax proceeds of about $26 million.

DineEquity said that the sale to franchise partner Mid River Restaurants LLC includes restaurants in St. Louis and parts of Illinois. The sale is anticipated to lower sale-leaseback related financing obligations by approximately $11 million associated with six restaurants. Annualized general and administrative savings are expected to be about $1.5 million.

Mid River Restaurants is led, in part, by Natchezian David Paradise.

The deal is targeted to close in the first quarter, subject to regulatory processes related to liquor license transfers and other customary closing conditions. It does not include a financing contingency.