Bloomin' Brands
An activist investor called Jana Partners revealed in a securities filing that it intends to explore the possibility of a sale or other “strategic alternatives” for Bloomin’ Brands after amassing 8.7% of the casual-dining giant’s stock. Wall Street expects the firm to press for a breakup of the company or the sale of at least one of Outback’s sister brands. In addition to the Australian-themed powerhouse, Bloomin’ operates Carrabba’s Italian Grill, Bonefish Grill and Fleming’s.
Bloomin' has responded, "We are aware of the filing and look forward to meeting with Jana representatives."
Among the members of Jana’s team is at least one restaurant-chain veteran, Neal Yanofsky, a former president of Panera Bread Co. and the chairman of Cheddar’s Scratch Kitchen until its sale to Darden Restaurants earlier this year.
A deal for all of Bloomin’ would not be unprecedented. The company, then known as OSI Restaurant Partners, was sold to Bain Capital and Catterton Partners in 2006 for $3.5 billion. It would fetch far more than that at today’s prevailing multiples.