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Tampa-based restaurant giant Bloomin’ Brands has sold a majority stake in its Brazilian Outback Steakhouse business to Vinci Partners, a $70 billion private equity firm. Vinci acquired 67% ownership of Outback Steakhouse Restaurantes Brasil for approximately $225.3 million, as detailed in documents filed with the U.S. Securities and Exchange Commission. The transaction was finalized on December 31, 2024.

The Brazilian Outback concept was described as a “gem overlooked by U.S. investors” by activist investor Starboard Value, which acquired a stake in Bloomin’ in August 2023. In an investor presentation, the New York hedge fund praised Outback Brazil's 25-year operational history, calling it a category leader in casual dining steakhouse concepts in Brazil.

Outback Steakhouse remains Bloomin’ Brands’ largest and most successful concept globally, with U.S. sales generating $1.7 billion, or 50% of the company’s total sales, during the first three quarters of 2024. Outback Brazil contributed $370 million during the same period, accounting for over 11% of Bloomin’s total restaurant sales.

Bloomin’ CEO Michael Spanos, who assumed leadership in September 2024, announced the refranchising deal in November. He emphasized that the agreement aligns with Bloomin’s strategic focus on streamlining operations and prioritizing domestic growth. Under the terms of the deal, Bloomin’ Brands will continue earning royalties from the franchise.

“It has been my experience living and working internationally with franchise partners that combining powerful classic brands with local capability and expertise is the optimal business model to maximize future growth,” Spanos said during the company’s last earnings call.

Pierre Berenstein, who served as president of Bloomin’ Brands Brazil from 2017 to October 2023 and has been the company’s chief customer officer since August 2023, will take on the role of CEO of Outback Steakhouse Restaurantes Brasil, according to regulatory filings.