New Parent For Romano’s Macaroni Grill

Romano’s Macaroni Grill will be under new ownership by mid-April. Its parent company, Ignite Restaurant Group, has announced a definitive agreement to sell the chain to Redrock Partners, a Phoenix investment group.

Houston-based Ignite, which also owns the 138-unit Joe’s Crab Shack and 21-unit Brick House Tavern + Tap brands, said it will receive about $8 million in cash prior to transaction-related costs. The deal is expected to close in 30 days.

The sale comes two years after Ignite bought Macaroni Grill for about $55 million in an all-cash deal from Golden Gate Capital. Then a 210-unit chain, the brand struggled with sales and closed or converted a number of locations; Macaroni Grill now has 167 outlets. Last fall, it added a fast-casual Kitchen Counter format to most units to provide a faster, less expensive alternative at lunch.

The chain, which was once owned by Dallas-based Brinker Int’l., will remain based in Houston.