OSI Restaurant Partners files proxy for meeting to approve investor buyout

By Lisa Kerner

Charlotte, N.C., April 3 - OSI Restaurant Partners, Inc. filed a definitive proxy statement for a special meeting of stockholders to be held on May 8 in Tampa, Fla., for the purpose of voting on a proposed merger agreement with affiliates of Bain Capital Partners, LLC and Catterton Partners.

Stockholders of record as of March 28 are entitled to vote at the special meeting, according to a company news release. The merger, originally slated to close by the end of the April, is expected to close shortly after the meeting.

OSI's board of directors, on the unanimous recommendation of its special committee, approved the merger agreement and recommended that OSI stockholders do the same.

The transaction is valued at $3.2 billion, including debt. In March, OSI announced a proposed $1.35 billion senior secured credit facility to help fund the leveraged buyout.

In addition to Bain Capital Partners and Catterton Partners, the investor group includes company founders Chris T. Sullivan, Robert D. Basham and J. Timothy Gannon.

OSI is a Tampa, Fla., casual dining restaurants company with a portfolio of brands including Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse & Wine Bar, Roy's, Lee Roy Selmon's, Blue Coral Seafood & Spirits and Cheeseburger in Paradise.

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