Bloomin' Brands

Last updated
Bloomin' Brands, Inc.
Company type Public
Industry Restaurant
FoundedAugust 1988;36 years ago (1988-08), in Tampa, Florida, U.S.
Founder
HeadquartersTampa, Florida, U.S.
Number of locations
1,489 restaurants (2017)
Area served
Worldwide
Key people
  • Michael L. Spanos (CEO)
Revenue US$ 4.67 billion (2023)
Number of employees
87,000 (2023)
Subsidiaries
Website Bloomin' Brands
Footnotes /references
[1]

Bloomin' Brands, Inc. is a restaurant holding company that owns several American casual dining restaurant chains. The company was established in 1988 in Tampa, Florida, where it is headquartered. [2]

Contents

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 was opened in Tampa, Florida. The company went public in 1991 as a 49-restaurant chain and changed its name to Outback Steakhouse, Inc. The Carrabba's Italian Grill was launched in 1993. The company's international expansion began with the first Outback Steakhouse to open 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 open. Cheeseburger in Paradise was launched several years later in 2002. The Wall Street Journal reported on November 7, 2006, that Bain Capital, Catterton Partners 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. [3] On April 1, 2019 David Deno became Bloomin' Brands CEO replacing Elizabeth Smith. [4] September 3, 2024, Michael L. Spanos replaced David Deno as CEO. [5]

Prior to 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, Carrabba's, Fleming's [6] and Zazarac brands.

The company formerly held the Cheeseburger in Paradise and Lee Roy Selmon's 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 in Orange County, and a second in San Diego, until deciding to close in 2009. [7]

On June 14, 2007, OSI Restaurant Partners completed a stock repurchase plan, and the company became privately held. In April 2012, OSI filed with the Securities and Exchange Commission to raise up to $300 million in an initial public offering. [8]

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." [9]

In August 2023, it was announced the New York-headquartered hedge fund, Starboard Value, had acquired a 5% stake in Bloomin’ Brands for an undisclosed amount. [10]

Restaurant chains

As of 2021, chains that the company owns and/or operates include:

Charitable contributions

In 2001, OS Restaurant Partners and other national restaurants helped to raise $1 million for Dine Out for America for Victims of 9/11. [11]

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, [12] typically those on Congressional committees overseeing its business sector. [13] 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 a total of $334,000 and spent a total of $301,000. During the 2017-18 period so far, 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. [14]

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<span class="mw-page-title-main">Carrabba's Italian Grill</span> American restaurant chain

Carrabba's Italian Grill is an American restaurant chain featuring Italian-American cuisine. It is owned and operated by Bloomin' Brands, and headquartered in Tampa, Florida.

<span class="mw-page-title-main">Cheeseburger in Paradise (restaurant)</span> Casual dining restaurant and chain

Cheeseburger in Paradise was a casual dining theme restaurant chain in the United States that operated between 2002 and 2020. The chain started in 2002 as a partnership of American musician Jimmy Buffett's company, the Orlando, Florida-based Margaritaville Holdings LLC, and OSI Restaurant Partners, with Buffett licensing the name and Outback Steakhouse operating the franchising of restaurants. After a change of ownership in 2012, most of the restaurants were closed by 2014. The last location, located in Secaucus, New Jersey, temporarily closed in March 2020 and this was made permanent in September 2020.

<span class="mw-page-title-main">Bonefish Grill</span> American casual dining restaurant chain

Bonefish Grill is an American casual dining seafood restaurant chain owned and operated by Bloomin' Brands, headquartered in Tampa, Florida. The company was founded on January 15, 2000, in St. Petersburg, Florida by Tim Curci and Chris Parker.

Chris T. Sullivan is one of the founders of Outback Steakhouse and OSI Restaurant Partners, LLC. He also formerly held the titles of director and chairman. He is currently a board member at Bloomin' Brands.

<span class="mw-page-title-main">Dave Deno</span>

Dave Deno is an American businessman and entrepreneur who had served as COO of Yum! Brands, Inc. and as the president of Quiznos. He was appointed as CEO of Bloomin' Brands and a member of its Board of Directors in April 2019 after serving as the company's CFO and CAO since November 2013. After five years in service, he retired in May 2024, although he still operates as an independent director in Krispy Kreme, Inc. as of June 2024, a position he has held since 2016.

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<span class="mw-page-title-main">Fleming's Prime Steakhouse & Wine Bar</span> American steakhouse restaurant chain

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References

  1. ↑ "Bloomin' Brands". Fortune . Retrieved January 21, 2019.
  2. ↑ Ruggless, Ron (March 27, 2019). "Bloomin' Brands plans fast-casual Aussie Grill in Florida". Nation's Restaurant News . Retrieved May 13, 2019.
  3. ↑ Janet Adamy (November 7, 2006). "Outback Steakhouse Owner OSI Agrees to $3 Billion Buyout Deal". Wall Street Journal . Retrieved April 15, 2012.
  4. ↑ Ruggless, Ron (Mar 8, 2019). "Bloomin' names David Deno to succeed Liz Smith as CEO". Nations Restaurant News . Retrieved March 8, 2019.
  5. ↑ "Bloomin' Brands Names Michael L. Spanos As Chief Executive Officer". Default. Retrieved 2024-08-27.
  6. ↑ Keller, Amy (February 1, 2006). "Changes Bloomin'". Florida Trend . Retrieved May 13, 2019.
  7. ↑ Luna, Nancy (September 28, 2012). "Archive: Restaurant Closures in O.C." Orange County Register . Retrieved May 13, 2019.
  8. ↑ "Outback Steakhouse owner Bloomin' Brands files for $300 million US IPO". Renaissance Capital. 9 April 2012.
  9. ↑ "About the company" (PDF). 14 December 2015.
  10. ↑ umeshell (2023-08-21). "Starboard Value acquires stake in Bloomin' Brands". Verdict Food Service. Retrieved 2023-08-21.
  11. ↑ "Inside the company, History" (PDF). OS Restaurant Partners, LLC. Archived from the original (PDF) on March 16, 2012. Retrieved April 14, 2012.
  12. ↑ "Blooming Brands Profile". Open Secrets. Retrieved 2020-05-23.
  13. ↑ "Disbursements". Federal Election Commission . February 10, 2018. Retrieved June 11, 2019.
  14. ↑ "Bloomin' Brands, Inc. Political Action Committee". Federal Election Commission . December 31, 2018. Retrieved June 11, 2019.
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