Shareholders in OSI Restaurant Partners, owner of the Outback Steakhouse restaurant chain, have approved the acquisition of the company by Kangaroo Holdings, controlled by an investor grou
Shareholders in OSI Restaurant Partners, owner of the Outback Steakhouse restaurant chain, have approved the acquisition of the company by Kangaroo Holdings, controlled by an investor group comprising funds advised by Bain Capital Partners and Catterton Management.
OSI’s founders, as well as members of the management and certain other shareholders will exchange part of their stakes for shareholdings in Kangaroo Holdings alongside the private equity investors.
The transaction is expected to be completed by June 19. Under the revised agreement, outstanding shares of OSI’s common stock will be acquired at a cash price of USD41.15 in cash. OSI’s founders will receive USD40 for those shares that are not being converted into investment in Kangaroo Holdings.
Based in Tampa, Florida, OSI Restaurant Partners is best known for its chain of Australian-themed Outback Steakhouse restaurants, but its portfolio of brands also includes Carrabba’s Italian Grill, Bonefish Grill, Fleming’s Prime Steakhouse & Wine Bar, Roy’s, Lee Roy Selmon’s, Blue Coral Seafood & Spirits, and Cheeseburger in Paradise. It has operations in 50 US states and 20 countries worldwide.
Bain Capital Partners is a global investment firm that manages various pools of capital including private equity, venture capital, public equity and leveraged debt assets with approximately USD40bn in assets under management. It has its headquarters in Boston and offices in New York, London, Munich, Tokyo, Hong Kong and Shanghai.
Since its establishment in 1984, Bain Capital has made private equity investments and add-on acquisitions in more than 230 companies worldwide, including fast-food chains Domino’s Pizza, Dunkin’ Donuts and Burger King, and retailers including Toys ‘R’ Us, AMC Entertainment, Staples and Burlington Coat Factory.
Founded in 1990, Catterton is a US private equity firm focused exclusively on the consumer industry with more than USD2bn under management. The firm invests in all major consumer segments, including food and beverage, retail and restaurants, consumer products and services, and media and marketing services, and has led investments in companies including Build-A-Bear Workshop, Cheddar’s Restaurant Holdings, PF Chang’s China Bistro, Baja Fresh Mexican Grill, First Watch Restaurants, Frederic Fekkai, Kettle Foods, Farley’s and Sathers Candy and Odwalla.
