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Ignite Restaurant Group Inc Acquires Romano`s Macaroni Grill


Wednesday, 6 Feb 2013 04:01pm EST 

Ignite Restaurant Group Inc announced that it has agreed to acquire Romano`s Macaroni Grill (Macaroni Grill) for approximately $55.0 million in an all-cash transaction from private equity firm Golden Gate Capital, management and investors. The acquisition will be funded through a $50 million upsizing of the Company`s existing credit facility. The Company plans to close the acquisition late in the second quarter of 2013 and expects the transaction to be accretive to earnings in 2014.Romano`s Macaroni Grill, which opened its first restaurant in 1988, currently owns and operates 186 units and franchises five units across 36 states. Additionally, the brand franchises an additional 19 units throughout nine U.S. territories and foreign countries. For the twelve month period ending December 31, 2012, Romano`s Macaroni Grill generated approximately $385 million in revenues. Average unit volumes are approximately $2.1 million. 

Company Quote

7.55
-0.01 -0.13%
4:00pm EDT