The operator of 46 restaurants in Ohio, including the high-profile Outback Steakhouse chain, has agreed to be acquired by an investment group for $3.2 billion.
OSI Restaurant Partners Inc. told investors Monday that the offer by investors, which include some company co-founders and Bain Capital Partners, values the deal at $40 a share. The buyout, which is expected to close in the first quarter of next year, would see OSI Restaurant Partners go private.
The Tampa, Fla.-based company owns nearly 1,300 restaurants, including Carrabba’s Italian Grill, Bonefish Grill, Cheeseburger in Paradise, as well as Outback, its flagship chain — all of which operate in Central Ohio. The company owns 46 restaurants in the state and has a franchise agreement on another one in Ohio.
Its other operations include Fleming’s Prime Steakhouse & Wine Bar, Roy’s, Lee Roy Selmon’s and Blue Coral Seafood & Spirits.
OSI Restaurant Partners (NYSE:OSI) has seen its net income decline on modestly rising sales in recent years. The company posted a profit of $149.6 million on $3.6 billion in sales last year, down from net income of $156.1 million on sales of $3.2 billion in 2004.
The company’s board of directors has approved the merger agreement.
john henning on November 19th, 2007 at 9:31 pm
Have a great location for outback or any of your great restaurants Deland florida population has almost doubled in the last ten years I would be intersested in what critteria is needed for a restaurant to be build. my name is john and my phone number is 386 690 2543 thank you
Joseph L. Teagle on December 19th, 2007 at 2:49 am
My name is Joseph Teagle and I am interested in possible franchise ownership. The problem is, I do not what it takes or the process to become an owner. Things such as franchise fees or how much it would even cost to get the business started. If you could provide me with any helpful information or websites that I could go to for information. Thanks!!
David Polk on January 7th, 2008 at 12:56 pm
I have a piece of property that touches a cracker barrel resturaunt and ruby tuesdays resturaunt in Dickson, Tn. just off I-40 at the 182 exit. We need a steak resturaunt franchise at this exit. This property can be viewed through the Dickson Chamber.
donald breon on January 14th, 2008 at 1:08 am
I have a commercial property on a busy four lane highway with a traffic count of 30000 cars per day looking to find investor to join me in major resturant franchise.
donald breon on January 14th, 2008 at 1:14 am
My location is between state college pa. and williamsport pa. Great location for resturant or hotel major highway with heavy traffic count looking to sell or partner.