TAMPA Fla. OSI Restaurant Partners LLC, the parent of Outback Steakhouse and other brands, said today it had agreed to sell the majority of its stake in the six-unit Lee Roy Selmon’s chain to an entity led by Outback Steakhouse founders Bob Basham and Chris Sullivan.
Terms of the deal, which at press time were still subject to a definitive purchase agreement, were not disclosed. A company spokeswoman had no further comment.
Lee Roy Selmon, founder of the brand known for Southern hospitality and comfort food, would remain a partner in the business, OSI said. Buyers Basham and Sullivan also were part of the buyout group behind OSI’s 2007 going-private deal.
OSI, which operates nearly 1,500 restaurants, has said its long-term plan is to sell its secondary concepts, which also include Roy’s, Cheeseburger in Paradise and Blue Coral Seafood and Spirits. Its core concepts include Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar.
Late last year, OSI had a preliminary agreement to sell Lee Roy Selmon’s to an investor group by the brand founder and chain president Peter Barli, but the deal fell through because of the tightened credit markets.