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Slide #64. Ignite Restaurant Group — Romano's Macaroni Grill
Ignite Restaurant Group (IRG)
Romano's Macaroni Grill
Ignite Restaurant Group (NASDAQ:IRG) today 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.
Ignite Restaurant Group is a restaurant company that operates a portfolio of two restaurant brands, Joe's Crab Shack (Joe's) and Brick House Tavern + Tap (Brick House). Both of Co.'s restaurant brands provide a range of food and beverages in a casual atmosphere, and operates in a set of markets across the U.S. and internationally. As of Dec 28 2015, Co. operated 130 Joe's and 23 Brick House restaurants in 32 states. Joe's is a family restaurant, which provides an outdoor patio for guests to enjoy eating and drinking and a children's playground. Brick House is bar and grill, which include custom lighting, dark mahogany woods, open sight lines, High-Definiton television, and a fireplace.
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Strong Sell (0.00 out of 4)
(ranked lower than approx. 58% of all stocks covered)
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