Transaction with Ignite Restaurant Group launches next chapter in popular chain’s story
Redrock Partners, LLC today announced the successful acquisition of Romano’s Macaroni Grill from Ignite Restaurant Group, Inc. (NASDAQ: IRG).
“Our entire team is excited to begin writing the next chapter of the Mac Grill story,” said John Gilbert, President and CEO of the new entity, which will operate under the name Romano’s Macaroni Grill.
Redrock Partners, LLC is a limited liability corporation based in Phoenix, Arizona.
“We believe in this brand more than ever,” continued Gilbert. “In fact, we’re so pleased with the way our new Romano’s Kitchen Counter service has been working that we bought the company. Since introducing the fast-casual option to our customers back in October, we’ve experienced double-digit traffic increases at lunch. We added dinner four weeks ago, and we’re already seeing a similar pattern.”
Dean Riesen, a Redrock partner and Chairman of the new company added, “With this acquisition, we were able to create or preserve over 7,000 direct jobs, and countless more with suppliers and Mac Grill business partners. We are committed to making this a seamless transition for everybody we touch – most importantly, our customers.”
“We’re eager to start growing this business again, and we think we know how to do it,” said Riesen, who is immediately traveling to the Middle East to meet with Macaroni Grill franchisees.
“We had to get a lot done to pull this transaction off in just over a month,” concluded Dick Monfort, the third partner in the deal. “We are very grateful to our bank, Bank of Colorado, for their immediate response to our financing needs as we moved very quickly on this acquisition. It is always refreshing to work with a finance partner who is willing to roll up their sleeves to help good business decisions come to fruition.”
Macaroni Grill has grown to nearly 150 company-owned locations in 33 states, plus 25 franchise locations in the U.S. and eight other countries. The company generates more than $300 million in U.S. sales and another $40 million through its franchise operations.
Romano’s Macaroni Grill is an Italian restaurant brand founded in 1988 by Phil Romano, one of the industry’s leading innovators. Inspired by the Italian country cuisine served in Romano’s grandmother’s kitchen, Macaroni Grill blends Italian traditions with progressive culinary inspiration from all regions of Italy and the U.S. An extensive wine list and the chain’s unique honor wine system finish out the experience in this polished casual atmosphere.
