Bain Capital Partners LLC is divesting itself of more than 18 million shares of Outback Steakhouse parent Bloomin’ Brands. The sale of its 15% stake in Bloomin’ Brands would bring in $464 million for Bain, which bought into the company with Catterton Partners for $3.2 billion in 2006. It’s the second time the company has sold off 18 million shares in Bloomin’ Brands under an ongoing divestment process.
At the same time, according to a filing with the U.S. Securities and Exchange Commission, Bloomin’ Brands is undertaking a $100 million stock repurchasing process. J.P, Morgan will acquire the Bain shares as part of a plan to sell $70 million back to the Tampa-based restaurant chain. Bloomin’ Brands owns 1,334 restaurants and franchises 166 more in 48 states and 21 countries. Its brands include Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse and Wine Bar.
