Macaroni Grill selling majority stake for $132 million
8/18/2008
The parent company of Romano’s Macaroni Grill Italian Restaurant said Monday it is selling a majority stake in the chain to private equity firm Golden Gate Capital Inc.
There are three Macaroni Grill restaurants in the San Antonio area. Phil Romano opened the original Romano’s Macaroni Grill in Leon Springs in 1988. However, he sold the restaurant concept to Dallas-based Brinker International Inc. (NYSE: EAT) in 1989.
Brinker, which also owns the Chili’s, On the Border and Maggiano’s Little Italy restaurant chains, says San Francisco-based Golden Gate will pay $131.5 million in cash for an 80.1 percent stake in the chain.
Brinker has committed to offering corporate support services for up to a year, with an option for an extension, and will have members on the board of directors.
“Golden Gate is well-known for partnering with corporations to help grow established consumer and retail brands,” Brinker Chairman and Chief Executive Officer Doug Brooks says. “Brinker International will retain a minority position in order to both maximize the value to Brinker’s shareholders and contribute to the success of the Macaroni Grill as a standalone entity.”
The deal with Golden Gate is expected to close by the end of the year.
Founded in 1975, Brinker International has more than 1,800 franchises or corporate-owned restaurants in 24 countries. In its fiscal year ended June 27, 2007, it recorded $230 million in net income on $4.38 billion in revenue.
Online: sanantonio.bizjournals.com
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