Vinci Partners closed a deal to purchase control of Outback Brasil. The manager purchased 67% of the company’s operations, while Bloomin’ Brands, Outback’s controller, maintains a 33% stake. The transaction was closed last Wednesday (6), and the deal should be completed before the end of the year.
“We are very excited about the society we are building with Bloomin’ Brands, especially given the fact that Outback is an iconic brand that has been part of Brazilians’ lives for almost three decades, with a value proposition and customer service that is difficult to achieve. we found in other operations in Brazil”, said Carlos Eduardo Martins, Co-Head of Private Equity at Vinci.
In addition to the Outback, the company also operates the Abbraccio and Aussie brands in Brazil, which have close to 200 units. The companies’ intention is to boost the expansion process of the three brands.
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“We are happy to have found a format with Vinci to maximize Bloomin’ Brands’ short-term goals while maintaining our long-term commitment to Brazil,” said Pierre Berenstein, Executive Vice President of Global Strategy of Customers and Brazil at Bloomin’ Brands and former CEO of Brazilian operations until 2023.
“We will continue to be a relevant shareholder and we intend to continue providing hospitality, high quality and the unique experience recognized by our customers”, says Berentein.
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Vinci was advised by Itaú BBA and Tauil & Checker Mayer Brown, while Bank of America and Lefosse advised Bloomin’ Brands.
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