At least since 2022, the operators of Outback and the Abbraccio restaurant chain began analyzing the entry of initially a partner into the company, and then a buyer for the entire business
It is not new that Bloomin’ Brands is trying to sell its business in Brazil, but the lack of concrete proposals for the business, in a turbulent period after the pandemic, made a positive outcome more complex, Valor found.
The command of the global group reported today that it is looking for alternatives for operations in the country.
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Since at least 2022, the operators of Outback and the Abbraccio restaurant chain have started to analyze the entry of initially a partner into the company, and then a buyer for the entire business.
But the caution of investment funds with this food chain operation, and the difficulties experienced by large restaurant chains in the country, such as SouthRock (manager of Starbucks in the country), which would be able to write a larger check, limited interested parties.
The information that circulated in the market two years ago, when rumors emerged in the sector, was that control of Outback Brasil is in the hands of Peter Rodenbeck, who remains as “chairman”, and he was already looking for an exit from the business. Foreign funds were approached last year, when business was recovering, after falling sales until 2021.
It was Rodenbeck who brought McDonald’s to the country in the 70s, and alongside his wife, Maria Luisa, who died in 2007, he participated as a partner in Starbucks’ entry into Brazil.
“He’s been with the Outback operation for more than two decades, and he’s old enough, so it makes sense for him to pass it on,” says a source.
The need to accelerate growth more quickly also motivated the search for partners in the business and then the possibility of selling.
BofA Securities has a mandate to sell the operation in Brazil.
Valor also found that representatives last year probed RBI, owner of Burger King and Popeyes around the world, but the conversations did not progress at the time. In Brazil, Zamp operates Burger King.
According to a high-ranking source at the company, the group should not comment on the matter until the issue progresses.
With information from Pro Valuereal-time news service from Economic value
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