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Bloomin’ Brands finalizes Roy’s sale

Bloomin’ Brands finalizes Roy’s sale

Applebees franchisee completes acquisition of 29-unit chain

Bloomin’ Brands Inc. has finalized the sale of Roy’s Restaurants to Dallas-based Applebee’s franchisee Sunil Dharod, the company said Tuesday.

Terms of the deal were not disclosed. The sale was to United Ohana LLC, a newly created division of Dharod’s SSCP Management Inc., which owns 69-unit Applebee’s operator Apple Texas, as well as several commercial real estate properties. Dharod is a 30-year veteran of the restaurant business.

“Roy’s is a very exciting and successful brand,” Dharod said in a statement. “I look forward to its further growth by capitalizing on its established foundation.”

Roy’s existing management team will remain in place, the company said. Current president Rick Scott will lead the brand.

Chris Dharod, a vice president at SSCP Management, worked extensively with Bloomin’ to close the deal. “Bloomin’ Brands was a pleasure to work with throughout the entire acquisition and closing process,” he said.

Bloomin’ Brands sold Roy’s after deciding last year to concentrate on its “core four” brands: Outback Steakhouse, Fleming’s Prime Steakhouse & Wine Bar, Bonefish Grill and Carrabba’s Italian Grill. Roy’s is far smaller than those four brands, and Bloomin’ executives indicated that it needed more attention.

Chef Roy Yamaguchi, a James Beard Award winner, founded Roy’s in 1988. The chain is known for its Pacific Rim cuisine and has 29 locations, including 20 in the continental U.S., six in Hawaii, one in Japan and one in Guam.

Contact Jonathan Maze at [email protected].
Follow him on Twitter: @jonathanmaze

TAGS: Finance News
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