Is Outback Steakhouse Private Equity Owned?

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🟡 FORMERLY PE OWNED

Outback Steakhouse

Includes Outback

casual dining · Tampa, FL

PE FirmBain Capital →

Year Acquired

2007

“Bain Capital loaded it with debt right before the financial crisis. Genius timing.”

What Happened

•Bain Capital and Catterton bought Outback's parent for $3.2 billion in 2007 using mostly borrowed money — one year before the financial collapse
•The mountain of debt nearly sank the company during the 2008 recession — they barely kept up with payments and limped along until going public again as Bloomin' Brands in 2012
•Closed 41 restaurants in 2024 plus 21 more in 2025; stock lost 40% of value; stopped paying investors
•Laid off 100 corporate employees (17% of HQ staff) in 2025; chain now 10%+ smaller than its peak

The Damage Done

▸Closed 41 restaurants in 2024 and abruptly shuttered 21 more in late 2025
▸Menu slashed by 10-20% with Outback getting the deepest cuts — company admitted it needed to 'make fewer items'
▸Sales at existing restaurants have been declining for two straight years
▸Customers consistently report smaller portions, pre-made sides, and a shift from fresh-cooked to assembly-line food — the steakhouse that once hand-cut everything now feels like a chain

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Frequently Asked Questions

Is Outback Steakhouse owned by private equity?

Not anymore. Outback Steakhouse was formerly owned by Bain Capital starting in 2007, but the firm has since exited. The effects of PE ownership often linger.

What happened to Outback Steakhouse after the acquisition?

Closed 41 restaurants in 2024 and abruptly shuttered 21 more in late 2025 Menu slashed by 10-20% with Outback getting the deepest cuts — company admitted it needed to 'make fewer items'

Who owns Outback Steakhouse?

Outback Steakhouse is owned by Bain Capital, which acquired it in 2007.