TAMPA, FL-The acquisition of OSI Restaurant Partners Inc., which operates Outback Steakhouse and a half dozen other restaurant concepts, has reached completion. Ownership is now with an investor group that consists of the Bain Capital Partners LLC and Catterton Management Co. LLC private equity firms, the company’s founders and certain members of its existing management.

The transaction is valued at $3.5 billion in comparison with an initial agreement for $3.2 billion that was reached in early November 2006. With the close, OSI common stock, which last traded at $41.10 a share, ceased trading on the New York Stock Exchange.

Under the terms, OSI shareholders are entitled to $41.15 a share. However, founders Chris Sullivan, Robert Basham and Timothy Gannon are to receive $40 a share in cash.

The trio previously struck a deal with Kangaroo Holdings Inc., which is an entity controlled by funds associated with Bain and Catterton, based on $40 a share. Separately, each contributed shares to Kangaroo in exchange for its stock, and, with this transaction, those shares are now exchanged at the $40-a-share price.

Bain has an unspecified majority interest in the locally based company, and Catterton and the founders own a minority stake. The current OSI management team, led by Bill Allen, CEO, and Paul Avery, also has a minority stake and will continue to operate the business.

Both Bain and Catterton have other restaurant interests. Boston-based Bain has invested in Domino’s Pizza, Dunkin Brands and Burger King, and its retail investments have included Michaels, Toys R Us and Staples, among others.

Greenwich, CT-based Catterton’s restaurant investments have included Cheddar’s Restaurant Holdings Inc., PF Chang’s China Bistro and Baja Fresh Mexican Grill. Build-a-Bear Workshop is among its other retail investments.

In a statement, Allen refers to Bain and Catterton’s experience in the restaurant industry and says it “will help us open a new and exciting chapter in our company’s history. We believe that our restaurant concepts are better positioned to focus on opportunities and to execute our business initiatives as a private company.”

The OSI portfolio includes approximately 234 Carrabba’s Italian Grill units, 127 Bonefish Grill restaurants, 50 Fleming’s Prime Steakhouse & Wine Bar locations, 23 Roy’s, a smattering of Lee Roy Selmon’s, Blue Coral Seafood & Spirits, and Cheeseburger in Paradise units in addition to Outback Steakhouse. Of the latter, 684 in the US are company-owned and another 107 in the US are owned by franchisees or in joint ventures. Still another 167 are located abroad.

The company reported a net income of $100.2 million for 2006 on revenue just north of $3.9 billion. Same-store sales fell in this year’s first quarter across a majority of its brands. While total revenues rose 7.7%, compared with the first quarter of 2006, net income fell from $32.2 million to $27.6 million.

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