Bloomin' Brands
An American restaurant holding company whose portfolio includes Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse & Wine Bar.
Last updated August 25, 2026
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Overview
Bloomin' Brands is a United States-based restaurant holding company headquartered in Tampa, Florida. Its operating portfolio is centered on full-service casual-dining and polished-casual restaurant concepts, with Outback Steakhouse serving as its best-known brand. The company also owns or operates Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse & Wine Bar. These concepts cover steak, seafood, Italian food, and premium steakhouse dining, giving the group a broad position within the American casual-dining market. The business began in August 1988 in Florida as Multi-Venture Partners. Founders Tim Gannon, Bob Basham, Trudy Cooper, and Chris Sullivan opened the first Outback Steakhouse in Tampa during the same year. The early concept emphasized an Australian-themed steakhouse identity and became the foundation for the company's later restaurant portfolio. In 1991 the company went public as a 49-restaurant chain and adopted the name Outback Steakhouse, Inc. Carrabba's Italian Grill was introduced in 1993, followed by the company's first international Outback location in Canada. The group subsequently expanded its restaurant concepts and exceeded $1 billion in revenue during the 1990s, although the reference material does not specify the exact year of that threshold. During the late 1990s and 2000s, the company broadened its portfolio. Roy's Restaurant, Fleming's Prime Steakhouse & Wine Bar, and Lee Roy Selmon's opened their first locations in 1998. Cheeseburger in Paradise was added in 2002. The company also operated or developed concepts including Bonefish Grill, Paul Lee's Chinese Kitchen, Zazarac, and Blue Coral Seafood & Spirits. Some of these brands were later discontinued, sold, or closed. Blue Coral, for example, opened two California locations before the concept was closed in 2009. A major ownership transition occurred in 2006, when Bain Capital, Catterton Partners, and company founders formed Kangaroo Holdings and agreed to acquire OSI Restaurant Partners for approximately $3 billion, according to contemporary reporting cited by the reference material. The transaction was completed in 2007, after which the company became privately held. In 2012, OSI filed for an initial public offering of up to $300 million. Following the IPO, the company was renamed Bloomin' Brands on August 7, 2012. The new name referenced the Bloomin' Onion, a signature Outback Steakhouse menu item, and the company began trading on the Nasdaq under the symbol BLMN. Bloomin' Brands remains principally a multi-brand restaurant operator rather than a consumer packaged-goods company. Its business depends on restaurant-level traffic, menu pricing, labor availability, food costs, franchising and licensing arrangements, and the performance of individual concepts. Its positioning spans accessible casual dining through premium steakhouse experiences, with brand differentiation built around menu specialization, hospitality, and recognizable restaurant formats. David Deno became chief executive officer in 2019, succeeding Elizabeth Smith, and Michael L. Spanos succeeded Deno on September 3, 2024. In 2023, activist investment firm Starboard Value was reported to have acquired a 5% stake in the company.
History
Bloomin' Brands traces its origins to Multi-Venture Partners, a Florida company established in August 1988 by Tim Gannon, Bob Basham, Trudy Cooper, and Chris Sullivan. The founders opened the first Outback Steakhouse in Tampa that year. Outback's Australian-themed steakhouse format became the central platform for the company and provided the basis for later expansion into a multi-concept restaurant group. The company went public in 1991, when it operated 49 restaurants, and changed its corporate name to Outback Steakhouse, Inc. Carrabba's Italian Grill was launched in 1993. International development began with the opening of an Outback Steakhouse in Canada. During the 1990s, the company expanded its range of concepts and passed $1 billion in revenue, according to the cited reference material. In 1998, first locations for Roy's Restaurant, Fleming's Prime Steakhouse & Wine Bar, and Lee Roy Selmon's opened. Cheeseburger in Paradise followed in 2002. The broader organization at different times included Outback Steakhouse, Carrabba's, Bonefish Grill, Fleming's, Roy's, Lee Roy Selmon's, Cheeseburger in Paradise, Paul Lee's Chinese Kitchen, Zazarac, and other experimental concepts. Blue Coral Seafood & Spirits was introduced in 2006 with plans for a larger rollout, but only two California locations opened before the concept was closed in 2009. Several other concepts were subsequently discontinued or ceased to be part of the principal portfolio. In 2006, Bain Capital, Catterton Partners, and founders Sullivan, Basham, and Gannon, acting through Kangaroo Holdings, agreed to acquire OSI Restaurant Partners for approximately $3 billion. The transaction was completed in 2007, and the company became privately held. In April 2012, OSI filed with the Securities and Exchange Commission for an initial public offering seeking to raise up to $300 million. After the offering, OSI changed its name to Bloomin' Brands on August 7, 2012, taking the name from Outback Steakhouse's Bloomin' Onion. The company began trading on Nasdaq as BLMN. Bloomin' Brands' current identity is based on operating a portfolio of full-service restaurant brands rather than relying on a single chain. Outback Steakhouse supplies the largest and most recognizable component, while Carrabba's, Bonefish Grill, and Fleming's address distinct dining occasions and cuisine categories. The group has also used international operations, franchising, licensing, and concept development as part of its growth model, although the supplied material does not provide a complete current geographic or unit breakdown. Leadership changed in 2019 when David Deno became CEO, replacing Elizabeth Smith. Michael L. Spanos replaced Deno on September 3, 2024. In August 2023, Starboard Value was reported to have taken a 5% stake. The company therefore combines a long-established restaurant operating history with the governance and capital-market characteristics of a publicly traded holding company.
- 2024
Michael L. Spanos becomes CEO
[1]Michael L. Spanos replaced David Deno as chief executive on September 3.
- 2023
Starboard Value acquires a reported 5% stake
[1]Starboard Value was reported to have acquired a 5% interest in the company.
- 2019
David Deno becomes CEO
[1]David Deno succeeded Elizabeth Smith as chief executive officer.
- 2012
Bloomin' Brands name adopted and Nasdaq listing begins
[1]After its IPO, OSI Restaurant Partners was renamed Bloomin' Brands and began trading under BLMN.
- 2007
Company becomes privately held
[1]The acquisition of OSI Restaurant Partners by Kangaroo Holdings was completed, and the company became privately held.
- 2002
Cheeseburger in Paradise launches
[1]The company added Cheeseburger in Paradise to its restaurant portfolio.
- 1998
Several restaurant concepts open
[1]First locations for Roy's Restaurant, Fleming's Prime Steakhouse & Wine Bar, and Lee Roy Selmon's opened.
- 1993
Carrabba's Italian Grill launches
[1]Carrabba's Italian Grill was introduced as the company's Italian-American restaurant concept.
- 1991
Initial public-market phase begins
[1]The company went public as a 49-restaurant chain and adopted the name Outback Steakhouse, Inc.
- 1988
Company founded and first Outback Steakhouse opens
[1]Multi-Venture Partners was established in Florida, and the first Outback Steakhouse opened in Tampa.
Products and positioning
A multi-brand full-service restaurant group spanning mainstream casual dining, polished casual dining, seafood, Italian-American cuisine, and premium steakhouse experiences.
Casual steakhouse · 1988
Outback Steakhouse
The group's foundational and most recognizable restaurant chain, Outback Steakhouse is an Australian-themed casual steakhouse known for steaks, seafood, hearty sides, and signature appetizers such as the Bloomin' Onion. It established the operating and brand platform from which the wider restaurant portfolio developed.
Italian-American casual dining · 1993
Carrabba's Italian Grill
Carrabba's Italian Grill is the portfolio's Italian-American concept. Its offer is built around pasta, chicken, seafood, grilled dishes, and other family-oriented Italian restaurant staples, providing a cuisine-led alternative to the group's steak and seafood brands.
Seafood casual dining
Bonefish Grill
Bonefish Grill is a polished-casual seafood restaurant concept. The brand broadens Bloomin' Brands' exposure beyond steak by focusing on seafood-centered meals, contemporary casual-dining presentation, and a menu designed for both everyday dining and special occasions.
Premium steakhouse · 1998
Fleming's Prime Steakhouse & Wine Bar
Fleming's is the group's premium steakhouse and wine-bar concept. It targets more formal or celebratory dining occasions than Outback Steakhouse, combining prime-steak positioning with an extensive wine-oriented restaurant experience.
Upscale dining · 1998
Roy's Restaurant
Roy's Restaurant was among the concepts whose first locations opened under the company's broader historical portfolio in 1998. The reference material identifies it as a former or historical company concept rather than one of the four principal current chains.
Casual dining · 2002
Cheeseburger in Paradise
Cheeseburger in Paradise was a casual restaurant concept launched by the company in 2002. It formed part of the group's historical expansion into additional themed dining formats but is no longer identified among the principal active chains.
Seafood restaurant · 2006
Blue Coral Seafood & Spirits
Blue Coral Seafood & Spirits was an experimental seafood concept introduced in 2006. The company planned a broader rollout, but the concept ultimately operated only two California locations, in Newport Beach and San Diego, before closing in 2009.
Brand decisions
2024
Chief executive transitionOtherBackground
Bloomin' Brands changed its top leadership after David Deno's tenure as CEO.
Action taken
Michael L. Spanos became chief executive officer on September 3, 2024.
Aftermath
The transition placed a new executive leader over the company's multi-brand restaurant portfolio.
2012
Return to public ownership under the Bloomin' Brands nameStrategyBackground
After several years as a privately held restaurant group, OSI Restaurant Partners pursued a public offering.
Action taken
The company filed for an IPO of up to $300 million, then changed its name to Bloomin' Brands after the offering and listed on Nasdaq as BLMN.
Aftermath
The new corporate identity connected the holding company to Outback Steakhouse's Bloomin' Onion and restored public-market access.
Proposed IPO proceeds. Up to $300 million (2012 filing)
2006
Agreement to acquire OSI Restaurant PartnersM&ABackground
The company entered a major ownership transition as Bain Capital, Catterton Partners, and founders Bob Basham, Tim Gannon, and Chris Sullivan formed Kangaroo Holdings.
Action taken
Kangaroo Holdings agreed to acquire OSI Restaurant Partners for approximately $3 billion.
Aftermath
The transaction was completed in 2007, after which the company became privately held.
Reported acquisition value. Approximately $3 billion (2006 agreement)
Recent events
- Unconfirmed
Bloomin' Brands agrees to acquire Out West restaurants and assets[2]
Bloomin' Brands agreed to acquire 61 restaurants and most other assets from Out West Restaurant Group for about $26.3 million. The agreement is a stalking horse bid in a court-supervised sale.
- Unconfirmed
Bloomin’ Brands bids to acquire Out West Restaurant Group assets[3]
Reported:
Bloomin’ Brands entered a $26.3 million bid, with stipulations, to acquire Out West Restaurant Group’s assets. The bid would set the floor for future offers if Bloomin’ is named the stalking-horse bidder; the acquisition is not reported as completed.
Sources3 sources
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