Bloomin' Brands
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Bloomin' Brands, Inc. is a
restaurant A restaurant is an establishment that prepares and serves food and drinks to customers. Meals are generally served and eaten on the premises, but many restaurants also offer take-out and Delivery (commerce), food delivery services. Restaurants ...
holding company A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...
that owns several American
casual dining Restaurants fall into several industry classifications, based upon menu style, preparation methods and pricing, as well as the means by which the food is served to the customer. This article mainly describes the situation in the US, while categor ...
restaurant chain A chain store or retail chain is a retail outlet in which several locations share a brand, central management and standardized business practices. They have come to dominate many retail markets, dining markets, and service categories in many pa ...
s. The company was established in 1988 in
Tampa, Florida Tampa ( ) is a city on the Gulf Coast of the United States, Gulf Coast of the U.S. state of Florida. Tampa's borders include the north shore of Tampa Bay and the east shore of Old Tampa Bay. Tampa is the largest city in the Tampa Bay area and t ...
, where it is headquartered.


History

The company was founded in August 1988 as Multi-Venture Partners, Inc. in Florida by Tim Gannon, Bob Basham, Trudy Cooper, and Chris Sullivan. In 1988 the first
Outback Steakhouse Outback Steakhouse is an American chain of Australian-themed casual dining restaurants, serving American cuisine, based in Tampa, Florida. The chain has over 1,000 locations in 23 countries throughout North America, South America, Asia, and Aus ...
was opened in
Tampa, Florida Tampa ( ) is a city on the Gulf Coast of the United States, Gulf Coast of the U.S. state of Florida. Tampa's borders include the north shore of Tampa Bay and the east shore of Old Tampa Bay. Tampa is the largest city in the Tampa Bay area and t ...
. The company went public in 1991 as a 49-restaurant chain and changed its name to Outback Steakhouse, Inc. Carrabba's Italian Grill was launched in 1993. The company's international expansion began with opening the first Outback Steakhouse in Canada. Revenues for the company exceed $1 billion for the first time. In 1998, the first units of Roy's Restaurant, Fleming's Prime Steakhouse & Wine Bar, and Lee Roy Selmon's opened. Cheeseburger in Paradise was launched several years later, in 2002. ''
The Wall Street Journal ''The Wall Street Journal'' (''WSJ''), also referred to simply as the ''Journal,'' is an American newspaper based in New York City. The newspaper provides extensive coverage of news, especially business and finance. It operates on a subscriptio ...
'' reported on November 7, 2006, that
Bain Capital Bain Capital, LP is an American Investment company, private investment firm based in Boston, Massachusetts, Boston, Massachusetts, with around $185 billion of assets under management. It specializes in private equity, venture capital, credit, p ...
,
Catterton Partners L Catterton is an American multinational private equity firm. Founded in Greenwich, Connecticut in 1989, the fund has made over 250 investments in brands across all segments of the consumer industry. The firm is led by co-CEOs J. Michael Chu and ...
and founders Sullivan, Basham, and Gannon (collectively referred to as Kangaroo Holdings, Inc.), had reached an agreement to buy OSI Restaurant Partners Inc. for about $3 billion. On April 1, 2019 David Deno became Bloomin' Brands CEO replacing Elizabeth Smith. September 3, 2024, Michael L. Spanos replaced David Deno as CEO. Before the company becoming OSI Restaurant Partners, LLC, Outback Steakhouse Inc. owned Paul Lee's Chinese Kitchen, Cheeseburger in Paradise, Lee Roy Selmon's, Bonefish Grill,
Roy's Roy's is an upscale United States, American restaurant that specializes in Cuisine of Hawaii, Hawaiian and Japanese cuisine, Japanese fusion cuisine, with a focus on sushi, seafood and steak. The chain was founded by James Beard Foundation Award ...
, Carrabba's, Fleming's and Zazarac brands. The company formerly held the Cheeseburger in Paradise and
Lee Roy Selmon's Lee Roy Selmon's was an American casual dining restaurant chain located and founded in Florida by former NFL player Lee Roy Selmon. The concept was owned by OSI Restaurant Partners, LLC until 2008 when it was sold to MVP Holdings Tampa, Inc. owne ...
restaurant concepts. OSI also opened Blue Coral Seafood & Spirits in 2006 and planned 15 locations. They had opened two in California: one at
Newport Beach Newport Beach is a coastal city of about 85,000 in southern Orange County, California, United States. Located about southeast of downtown Los Angeles, Newport Beach is known for its sandy beaches. The city's harbor once supported maritime indu ...
in Orange County, and a second in
San Diego San Diego ( , ) is a city on the Pacific coast of Southern California, adjacent to the Mexico–United States border. With a population of over 1.4 million, it is the List of United States cities by population, eighth-most populous city in t ...
, until deciding to close in 2009. On June 14, 2007, OSI Restaurant Partners completed a
stock repurchase Share repurchase, also known as share buyback or stock buyback, is the reacquisition by a company of its own shares. It represents an alternate and more flexible way (relative to dividends) of returning money to shareholders. Repurchases allow s ...
plan, and the company became privately held. In April 2012, OSI filed with the
Securities and Exchange Commission The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market m ...
to raise up to $300 million in an
initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...
. On August 7, 2012, after their initial public offering, OSI Restaurant Partners was renamed Bloomin' Brands, named after the Bloomin' Onion, a menu item sold by Outback Steakhouse. The company began trading on NASDAQ under the ticker symbol "BLMN." In August 2023, it was announced the
New York New York most commonly refers to: * New York (state), a state in the northeastern United States * New York City, the most populous city in the United States, located in the state of New York New York may also refer to: Places United Kingdom * ...
-headquartered
hedge fund A hedge fund is a Pooling (resource management), pooled investment fund that holds Market liquidity, liquid assets and that makes use of complex trader (finance), trading and risk management techniques to aim to improve investment performance and ...
,
Starboard Value Starboard Value is an American hedge fund that was founded in 2002 by Jeffrey Smith and Mark Mitchell with Smith serving as CEO.Butt, Rachel; Here are the 10 biggest activist money managers and some of their most impressive bets; Business Inside ...
, had acquired a 5% stake in Bloomin' Brands for an undisclosed amount.


Restaurant chains

As of 2021, chains that the company owns and/or operates include: * Bonefish Grill * Carrabba's Italian Grill * Fleming's Prime Steakhouse & Wine Bar *
Outback Steakhouse Outback Steakhouse is an American chain of Australian-themed casual dining restaurants, serving American cuisine, based in Tampa, Florida. The chain has over 1,000 locations in 23 countries throughout North America, South America, Asia, and Aus ...


Political contributions

Bloomin' Brands has a political action committee called the Bloomin' Brands, Inc. Political Action Committee which gives overwhelmingly (75-95% of the time) to conservative and Republican and occasionally Democratic candidates, typically those on Congressional committees overseeing its business sector. Bloomin' Brands, Inc. Political Action Committee was a PAC during the 2016 election. As of the most recent 2018 financial filing from the Federal Election Commission (FEC), the committee raised $334,000 and spent $301,000. During the 2017-18 period, as of the most recent financial filing from the Federal Election Commission (FEC), the committee contributed to a mix of Democrats and Republican candidates and committees, as well as specific business sector oriented PACS such as the National Restaurant Association (NRA) PAC.


References


External links


Official website
{{OSI Companies based in Tampa, Florida American companies established in 1988 Restaurants established in 1988 1988 establishments in Florida Restaurant chains in the United States Companies listed on the Nasdaq 1991 initial public offerings 2007 mergers and acquisitions 2012 initial public offerings