The manager Vinci Partners agreed to purchase 67% of the Brazilian operation of Bloomin’Brandsowner of Outbackfor R$ 1.4 billion (US$ 243 million), the company reported this Friday morning (8), together with the release of its quarterly results.
“I am confident that our scale and brand leadership in Brazil, combined with Vinci’s local expertise, will maximize future growth potential,” stated Mike Spanos, CEO of Bloomin’Brands, in a message to shareholders.
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The acquisition by Vinci suggests a market value for Bloomin”s Brazilian operation of R$2.06 billion – a multiple of 6.5 times the operating profit (Ebitda) of the last 12 months.
The purchase price will be paid in two installments: 52% on the closing date and 48% on the first anniversary of the closing date. Bloomin’ will retain 33% of the business and will have the option to sell the remaining stake in 2028.
In total, Bloomin’Brands’ Brazilian operation has 200 restaurants, 174 of which are Outback, 17 from the Italian food chain Abbraccio and two from Aussie.
