Sunday, June 24, 2012
Ignite Restaurant Group IRG runs Joe's Crab Shack and some high end Brick House taprooms. They are 70% controlled by some group after the recent IPO, perhaps 68%. As a growth company still controlled by an entity they are not held to the same standards as other Nasdaq issues (this per the IPO documents). They have limited numbers of restaurants. They have room to grow, though the Crab thing has some limitations as they target being near water in an area already eating high end seafood. I'd have to visit a tap room to understand it better. If they can grow well this could be a good one to hold. Management- a lot of experience, not sure it is stellar. A guy retired from "Sizzler" is on board, is this a plus? I've seen Sizzler go downhill over past 20 years. Another guy from Applebees, which I picture closing its doors soon based on a recent visit. It is near recent highs but too close to IPO to own right now, I'll wait until 3 or 6 months is up but keep it on my watch list for now.
Posted by nursebee at 6:04 PM