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Slide #31. Bloomin' Brands, Inc. — Controlling Interest in Brazilian Joint Venture
Bloomin' Brands, Inc. (NASDAQ:BLMN)
Controlling Interest in Brazilian Joint Venture
Bloomin' Brands, Inc. (Nasdaq:BLMN) ("the Company") today announced that it entered into an agreement to acquire a controlling interest in its Outback Steakhouse operations in Brazil. Upon completion of the acquisition, the Company will hold a 90 percent interest in the Brazilian joint venture. The partnership's first restaurant opened in Rio de Janeiro in 1997. Today, the partnership operates 47 Outback Steakhouse restaurants with more than 5,000 employees. The acquisition is expected to close on or about Monday, November 4th.
Bloomin' Brands is a holding company. Through its subsidiaries, Co. is a casual dining restaurant company. Co. has four concepts: Outback Steakhouse, which is a casual steakhouse restaurant concept focused on steaks and Australian decor; Carrabba's Italian Grill, which provides Italian cuisine dishes; Bonefish Grill, which focuses on fish, wood-grilled items and cocktails; and Fleming's Prime Steakhouse & Wine Bar, which is a steakhouse concept featuring cuts of beef, chops, salads and side dishes. Co.'s segments are: U.S. and international. The U.S. segment includes all restaurants operating in the U.S. while restaurants operating outside the U.S. are included in the international segment.
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