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Outback Steakhouse is a popular restaurant chain known for its Australian-inspired menu and casual dining atmosphere. Founded in 1988, the restaurant has become a household name with locations across the United States and around the world. However, ownership of Outback Steakhouse has changed hands several times over the years, leaving many diners wondering who actually owns the restaurant chain. In this article, we will explore the history of Outback Steakhouse’s ownership, from its founding to the present day, and take a closer look at the companies and individuals who have bought and sold the restaurant over the years.
The founding of Outback Steakhouse
Outback Steakhouse was founded by four friends in 1988: Chris Sullivan, Bob Basham, Tim Gannon and Trudy Cooper. The group had previously worked together at a Florida-based steakhouse chain called Chili’s, where they gained experience in the restaurant industry before deciding to strike out on their own.
The idea for Outback Steakhouse came from Sullivan, who had spent time travelling in Australia and fell in love with the country’s casual dining culture. He believed he could bring a taste of Australia to the United States by creating a restaurant that offered quality food in a relaxed and welcoming atmosphere.
The first Outback Steakhouse opened in March 1988 in Tampa, Florida. The restaurant was an instant success, with diners flocking to taste the restaurant’s signature dishes such as the Bloomin’ Onion and the Outback Special Steak.
Thanks to the founders’ experience in the restaurant industry and their innovative approach to casual dining, Outback Steakhouse quickly expanded across the United States, with new locations opening in cities across the country. By 1993, just five years after the first restaurant opened, there were more than 100 Outback Steakhouse restaurants in operation.
The early years of Outback Steakhouse
In the early years of Outback Steakhouse, the restaurant chain focused on expanding across the United States and establishing itself as a household name. The founders were committed to providing quality food and exceptional service to every customer who walked through the door.
One of the keys to Outback Steakhouse’s success in its early years was its focus on creating a unique dining experience for its customers. The restaurant’s Australian-inspired décor and menu items, such as the aforementioned Bloomin’ Onion, helped set it apart from other casual dining chains.
Another factor in Outback Steakhouse’s success was its commitment to using high-quality ingredients and preparing food from scratch. The restaurant’s steaks were hand-cut and grilled to order, and its salad dressings and sauces were made in-house.
As Outback Steakhouse continued to expand, the restaurant chain also began to introduce new menu items and promotions to keep customers coming back. In the 1990s, for example, the restaurant introduced a range of pasta dishes and a loyalty programme called the Outbackers Club, which offered discounts and special benefits to frequent diners.
Expansion and growth
Throughout the 1990s and 2000s, Outback Steakhouse continued to expand its reach both in the United States and internationally. The restaurant chain opened new locations in cities across the country, from New York to California, and also expanded into new markets such as Canada, Mexico and South Korea.
One of the ways Outback Steakhouse expanded its reach was through strategic partnerships and acquisitions. In 1995, the restaurant chain acquired the Carrabba’s Italian Grill chain, adding a new dining concept to the company’s portfolio. Outback Steakhouse also partnered with other restaurant chains, such as Fleming’s Prime Steakhouse and Wine Bar and Bonefish Grill, to create a family of brands under the Bloomin’ Brands umbrella.
As Outback Steakhouse continued to grow, the restaurant chain also introduced new menu items and promotions to keep customers coming back. In the early 2000s, the company launched a line of lunch specials, and in 2016, it introduced a loyalty programme called Dine Rewards.
Despite facing challenges in the competitive casual dining industry, Outback Steakhouse has remained a popular destination for diners looking for quality food and a relaxed atmosphere. Today, the restaurant chain operates more than 700 locations in 23 countries and continues to expand its reach through strategic partnerships and acquisitions.
Change in ownership
Over the years, Outback Steakhouse has changed hands several times, being bought and sold by various companies and investors. In 2007, Outback Steakhouse was sold to a private equity firm called Bain Capital, along with several other restaurant chains owned by its parent company, OSI Restaurant Partners.
Under Bain Capital’s ownership, Outback Steakhouse underwent several changes, including a focus on international expansion. The company opened new locations in countries such as Brazil, China and Indonesia, and introduced new menu items tailored to local tastes.
In 2012, Outback Steakhouse and the other restaurant chains owned by OSI Restaurant Partners were sold to another private equity firm, Roark Capital Group. Roark Capital Group has continued to focus on expanding Outback Steakhouse’s reach, with the restaurant chain opening new locations in markets such as Vietnam and the Philippines.
Despite the changes in ownership, Outback Steakhouse has remained a popular restaurant chain with a loyal following of diners. The company’s commitment to quality food and a relaxed dining atmosphere has helped it weather the ups and downs of the casual dining industry and maintain its position as a major player in the market.
Recent developments
In recent years, Outback Steakhouse has continued to evolve and adapt to changing consumer trends and tastes. The restaurant chain has introduced new menu items such as Bloomin’ Fried Chicken and Steakhouse Quesadilla, and has also made changes to its décor and branding to keep up with modern design trends.
One area of focus for Outback Steakhouse in recent years has been technology. The restaurant chain has introduced online ordering and delivery options, allowing customers to place orders for pick-up or delivery from their mobile devices or computers. Outback Steakhouse has also launched a mobile app that allows customers to easily make reservations, view menus and track their rewards and loyalty points.
Another area in which Outback Steakhouse has made progress is sustainability and social responsibility. The restaurant chain has introduced a programme called “Dine Rewards for Good”, which allows customers to donate a portion of their restaurant purchases to a charity of their choice. Outback Steakhouse has also made efforts to reduce its environmental impact by implementing policies to reduce waste and conserve energy.
Conclusion
Since its foundation in 1988, Outback Steakhouse has become a major player in the casual dining industry with hundreds of locations around the world. Over the years, the restaurant chain has changed hands, being bought and sold by various companies and investors.
Despite the changes in ownership, Outback Steakhouse has remained true to its core values of quality food, exceptional service and a relaxed dining atmosphere. The restaurant chain has continued to evolve and adapt to changing consumer trends and tastes, introducing new menu items, technology and sustainability initiatives.
Today, Outback Steakhouse remains a popular destination for guests seeking a quality dining experience that balances affordability with exceptional quality. As the restaurant chain continues to expand and innovate, it is poised to remain a major player in the casual dining industry for years to come.
FAQs
Who founded Outback Steakhouse?
Outback Steakhouse was founded in 1988 by four friends: Chris Sullivan, Bob Basham, Tim Gannon, and Trudy Cooper. The group had previously worked together at a Florida-based steakhouse chain called Chili’s.
Who currently owns Outback Steakhouse?
Outback Steakhouse is currently owned by a private equity firm called Roark Capital Group. The restaurant chain was sold to Roark Capital Group in 2012, along with several other restaurant chains owned by parent company OSI Restaurant Partners.
Who previously owned Outback Steakhouse?
Outback Steakhouse has changed hands several times over the years. In 2007, the restaurant chain was sold to a private equity firm called Bain Capital, along with several other restaurant chains owned by parent company OSI Restaurant Partners. Prior to that, Outback Steakhouse was publicly traded on the NASDAQ stock exchange.
Has Outback Steakhouse ever been part of a larger restaurant group?
Yes, Outback Steakhouse has been part of a larger restaurant group for many years. The restaurant chain was originally owned by parent company OSI Restaurant Partners, which also owned other restaurant chains such as Carrabba’s Italian Grill and Bonefish Grill. Today, Outback Steakhouse is part of a