T-Bird Restaurant Group Inc., the exclusive franchisee of the Outback Steakhouse chain in California, announced that is has been acquired by private-equity firm H.I.G. Capital LLC.
Terms of the deal were not disclosed. La Jolla-based T-Bird operates 63 Outback units across the state.
“T-Bird is proud to have successfully represented the Outback brand for more than 20 years in California,” Thomas Shannon, T-Bird founder and CEO, said in a statement. “The company is well positioned to extend its track record of growth and success, especially given the resources and motivation of H.I.G. Capital.”
Elliot Maluth, managing director of H.I.G., said the firm plans to accelerate growth of the Outback brand in California.
“The management team at T-Bird is well recognized as the best in the business,” he said in a statement. “Aided by the world-class support of the franchisor, Bloomin’ Brands, we are confident in T-Bird’s ability to both drive growth and sustain industry-leading profitability.”
At the close of the second quarter ended June 28, Bloomin’ Brands Inc. operated 649 Outback restaurants and franchised another 105 units in the U.S., for a total of 754 Outback locations. The Tampa, Fla.-based franchisor also operates and franchises the Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar brands.