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Outback Steakhouse owner Bloomin' Brands files for $300 million US IPO

April 9, 2012

Bloomin' Brands, a leading casual dining restaurant company and the owner of Outback Steakhouse, filed on Friday with the SEC for a $300 million initial public offering. The Tampa, FL-based company operates 1,248 restaurants, including Outback (62% of sales), Carrabba's Italian Grill (18%), Bonefish Grill, Fleming's Prime Steakhouse and Wine Bar and Roy's, and has 195 franchises and joint ventures. Bain (66%) and Catterton (14%), the private equity backers, hold 79% of shares prior to the offering. In 2011, revenue increased 6% to $3.8 billion and operating income increased 26% to $213 million.

Bloomin' Brands, formerly Kangaroo Holdings, plans to list under the symbol BLM on an exchange to be announced. BofA Merrill Lynch, Morgan Stanley, J.P. Morgan, Deutsche Bank Securities and Goldman Sachs are the joint bookrunners on the deal.