Outback Steakhouse owner plans $300M IPO


Bloomin’ Brands Inc., the new Outback Steakhouse parent company, expects to raise $300 million in its initial public offering, according to documents filed Friday with the Securities and Exchange Commission.

The Tampa, Fla.-based Bloomin Brands evolved from OSI Restaurant Partners and Kangaroo Holdings Inc. It said proceeds from the IPO, which it first filed for last month, will pay off $248 million in debt. Additional proceeds will be used for working capital and general corporate use.

The SEC filing did not state how many shares would be sold, when it expects to offer the shares or what the offering per-share price would be.

Bloomin’ Brands owns and operates 1,248 restaurants and has an additional 195 restaurants under franchise or joint venture arrangements across 49 states and 21 countries and territories. Restaurant brands include Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse and Wine Bar. The company owns a minority interest in the Roy’s Hawaiian Fusion brand.

In 2011, Bloomin’ Brands reported profit of $100 million, or 94 cents a share, on revenue of $3.84 billion. A year earlier, the company booked earnings of $52.9 million, or 50 cents per share, on revenue of $3.63 billion, the SEC filing said. In fiscal 2009, OSI had reported a net loss of $64.5 million.

Bloomin’ Brands, who’s name reflects Outback Steakhouse’s signature Bloomin’ Onion, was formerly known as Kangaroo Holdings Inc./OSI Restaurants. Kangaroo Holdings was formed in 2007 following a $3.1 billion going-private deal with Bain Capital LLC, Catterton Management Co. LLC and three OSI Restaurant Partners founders Chris Sullivan, Robert Basham and J. Timothy Gannon. Bain reported holding 66 percent of equity and Catterton 14 percent.

In Bloomin’ Brands’ SEC filing, the company said it had seen its financials stabilize.

“In the U.S., each of our four core concepts generated positive comparable restaurant sales over the last seven consecutive quarters, and in 2010 and 2011, our combined comparable restaurant sales at our core concepts grew 2.7 percent and 4.9 percent, respectively,” the document stated. “Additionally, over the last two years, Outback Steakhouse, Carrabba’s and Bonefish Grill have significantly outperformed the Knapp-Track Casual Dining Index on traffic growth by 8.5 percent, 11.2 percent and 20.2 percent, respectively.”