Golden Gate Finalizes Romano's Macaroni Grill Sale
April 11, 2013
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Golden Gate Capital has sold portfolio company Romano's Macaroni Grill to Ignite Restaurant Group (NASDAQ: IRG) for approximately $55 million. The all-cash transaction included 186 company-owned and five franchised restaurants across 36 states, as well as 19 additional franchised units in nine U.S. territories and foreign countries. KeyBank National Association and Bank of America Merrill Lynch served as joint bookrunners on the transaction financing. Romano's had been a Golden Gate portfolio company since 2008 when the firm acquired 80% of the Italian restaurant chain from Brinker International.
