Bloomin’ Brands Inc., owner of the Outback Steakhouse restaurant chain, is seeking to raise $300 million in an initial public offering to help pay down debt.
Bank of America Corp., Morgan Stanley (MS) and JPMorgan Chase & Co. (JPM) will manage the offering, Bloomin’ Brands said in a filing yesterday. The Tampa, Florida-based company, owned by Bain Capital LLC and Catterton Management Co., will trade under the ticker BLM.
Bloomin’ Brands also owns the chains Carrabba’s Italian Grill, Bonefish Grill, Fleming’s Prime Steakhouse & Wine Bar and Roy’s Hawaiian Fusion Cuisine.
Private equity owners are taking their holdings public again as stock markets rebound and market volatility decreases. Fast-food chain Burger King Worldwide Holdings Inc. (BKC) said this week it would go public again after it was taken private in 2010 by investment firm 3G Capital Inc.
In 2011, Bloomin’ Brands had net income of $100 million, or 94 cents a share, on revenue of $3.84 billion, up from $52.9 million, or 50 cents, on revenue of $3.63 billion in 2010, the company said in the filing. The company first disclosed plans for a possible IPO last month.
Deutsche Bank AG and Goldman Sachs Group Inc. will also help on the offering, according to the IPO prospectus.
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