In 2013, the Company plans to open as many as 14 new restaurants and to convert as many as four existing restaurants. Two Joe’s Crab Shack restaurants have opened to-date during the first quarter of 2013.
On February 6, 2013 the Company announced that it agreed to acquire Romano’s 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 in the second quarter of 2013 and expects the transaction to be accretive to earnings in 2014. Romano’s Macaroni Grill, which opened its first restaurant in 1988, currently owns and operates 186 units and franchises five units across 36 states. Additionally, the brand franchises an additional 19 units throughout nine U.S. territories and foreign countries.
We will host a conference call to discuss our fourth quarter and full year 2012 financial results today at 5:00 PM Eastern Standard Time. Hosting the call will be Ray Blanchette, Chief Executive Officer, and Michael Dixon, President and Chief Financial Officer.
The conference call can be accessed live over the phone by dialing 888-300-2342 or for international callers by dialing 719-325-4787. A replay will be available one hour after the call and can be accessed by dialing 877-870-5176 or 858-384-5517 for international callers; the password is 4058124. The replay will be available until March 27, 2013. The call will also be webcast live from the Company's website at
under the investor relations section.
About Ignite Restaurant Group
Ignite Restaurant Group, Inc. owns and operates 131 Joe's Crab Shacks and 15 Brick House Tavern + Taps. Each brand offers a variety of high-quality, chef-inspired food and beverages in a distinctive, casual, high-energy atmosphere. Joe's Crab Shack and Brick House Tavern + Tap operate in a diverse set of markets across the United States.