Bain may sell Outback Steakhouse in Korea, elsewhere
Bain Capital is reportedly in talks to sell the successful Asia Pacific operations of its investee company, Australian-themed restaurant chain Outback Steakhouse, with the sale of the Korean assets most advanced.
Around 10 strategic and financial bidders, including some private equity firms, are reportedly seeking the chain's 100 Korean outlets out of 118 in total in Asia, in a process managed by Goldman Sachs. Further sales of Hong Kong and Japanese franchises are also apparently in prospect.
Bain originally bought the Outback Steakhouse chain in November 2006 for some $3.2 billion, in partnership with Catterton Partners. The sale could yield some $200-300 million to help revitalize the parent group.
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