Ignite to sell Romano's Macaroni Grill for $8M, 85 percent below what it paid 2 years ago

Two years after buying Romano's Macaroni Grill for $55 million, Ignite Restaurant Group Inc. says it is selling the pasta chain for $8 million.

Ignite says Romano's Macaroni Grill wasn't able to deliver results it wanted. The Houston company also owns Joe's Crab Shack seafood restaurants and the smaller Brick House Tavern & Tap chain, which serves burgers, pizza and beer.

Romano's Macaroni Grill will be bought by Phoenix-based Redrock Partners LLC, a new company founded by the chain's current President John Gilbert and two other partners.

The deal is expected to close in 30 days.

Redrock says Romano's Macaroni Grill has nearly 150 locations around the country and has revenue of about $300 million a year.