Romano’s Macaroni Grill is proving to be a sweet deal for Golden Gate Capital. Ignite Restaurant Group said late Wednesday it had agreed to buy Romano’s Macaroni Grill for about $55 million.
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Golden Gate Capital has sold Romano’s Macaroni Grill to Ignite Restaurant Group for about $55 million. Ignite says it will fund the acquisition through a $50 million upsizing of the company’s existing credit facility. The deal is expected to close in late second quarter. KeyBanc Capital Markets provided financial advice to Ignite. Romano’s Macaroni Grill, which opened its first restaurant in 1988, currently owns and operates 186 units and franchises five units across 36 states.
CHICAGO (Reuters) – Brinker International Inc (EAT.N) said on Friday it completed the sale of a majority stake in its Romano’s Macaroni Grill business, helping to send the restaurant operator’s shares up nearly 28 percent. The final sale price for buyer Golden Gate Capital was nearly 40 percent less than the figure first announced in [...]