Bain cashing out of Outback chain

TAMPA — The largest institutional holder of Bloomin' Brands shares is selling, with an eye on making $464 million in the process.

Bain Capital Partners LLC is parting ways with more than 18 million shares it owns from the Outback Steakhouse parent, representing its entire 15% stake in the company.

The shares, according to a filing with the U.S. Securities and Exchange Commission, will be sold to J.P. Morgan, who will in turn offer $70 million worth of that stake — approximately 2.8 million shares — back to Bloomin' Brands. It's part of an overall $100 million stock repurchase plan the Tampa restaurant chain already has approved, giving the company another $30 million leeway to purchase more of Bain stock, if necessary.

J.P. Morgan will offer the remaining shares on the open market, although that offering will be staggered over time.

Bain, which joined Catterton Partners to buy Bloomin' Brands for $3.2 billion in 2006, has been reducing its ownership in the company for the past year. Its last share sale also represented 18 million shares, back when it still owned nearly 30% of the company.

Bloomin' Brands shares, which trade on the Nasdaq under the symbol BLMN, closed Friday at $25.76, up slightly from the day before. It reported a net income for fiscal 2014 of $91.1 million, or 73 cents per share, on revenue of $4.4 billion, compared to an income of $208.4 million, or $1.69 per share, on revenue of $4.1 billion the year before.

Bloomin' Brands owns 1,344 restaurants and franchises 166 more in 48 states and 21 countries. Its brands also include Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse & Wine Bar.