Ignite Restaurant Group Inc. has entered into a definitive agreement to sell its Romano’s Macaroni Grill subsidiary to the Phoenix, Arizona-based Redrock Partners LLC. Under terms of the agreement, Ignite Restaurant Group will receive approximately $8.0-million in cash, prior to any adjustments for transaction related costs. The transaction is expected to close within 30 days, subject to customary closing conditions. Ray Blanchette, CEO of Ignite Restaurant Group pointed out that the divestiture will enable the company to focus its resources on building momentum at Joe’s Crab Shack, while growing Brick House Tavern & Tap. Romano’s Macaroni Grill currently operates 146 locations in the United States and eight other countries along with 136 fast casual Romano’s Kitchen Counter units. Romano’s Macaroni Grill franchises 26 locations. John Gilbert, currently President of the chain, will continue to serve as CEO of Romano’s Macaroni Grill, Dean Riesen will serve as Chairman and with investor Dick Monfort, the three principals will complete the new board of directors. The restaurant company will remain based in Houston, Texas.
Ignite Restaurant Group Inc. – 9900 Westpark Dr., Suite 300, Houston, Texas 77063 (713/336-7500 www.igniterestaurantgroup.com)
Romano’s Macaroni Grill – (www.macronigrill.com)