The $3.5bn (£1.77bn) buyout of OSI Restaurant Partners, the parent company of Outback Steakhouse, by an investment consortium including some of the firm’s management, its founders and two private equity groups, has been completed.
The new owners of OSI include Bain Capital Partners, which has been an investor in Burger King and hold stakes in Domino’s and Dunkin’ Brands.
The current senior management team, led by chief executive Bill Allen and chief operating officer Paul Avery, which has acquired a minority stake, will continue to operate the business.
The new owners of OSI, which is the operator or franchisor of eight brands across approximately 1,450 restaurants, said that they would concentrate on the turnaround of its flagship concept, the 953-strong Outback chain.
They said that they planned to slow growth of the chain, while redesigning restaurants and testing new menu formats.
The company also said it planned to continue developing its smaller brands such as its 127-strong Bonefish seafood chain.
However, analysts believe that the company could sell Bonefish for $350m, while other smaller brands such as Roy’s and Carrabba’s could also be put on the market.
