Headquartered in Houston, Texas, Ignite Restaurant Group (IRG) is owner/operator of three restaurant brands that are Joe's Crab Shack, Brick House Tavern + Tap and Romano's Macaroni Grill. During the course of the summer I have been selective on restaurant stocks and have been on the hunt for companies whose shares have pulled back. Pullbacks can occur for many reasons, but for Ignite Restaurant Group this pullback was due to second quarter earnings that did not meet expectations and the stock dropped over 25% since July 11.
When Ignite bought Macaroni Grill for $55 million in an all cash deal from Golden Gate Capital, investors appreciated this deal as the surge for higher revenue and profits increased...
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