Bloomin' Brands To Sell Roy's Restaurants To United Ohana

(RTTNews) - Bloomin' Brands, Inc. (BLMN) said FRiday that it has signed an agreement for the sale of all of its interests in the Roy's concept, including 20 company-owned restaurants, to United Ohana, LLC, a new company formed by Sunil Dharod.

Dharod, President and Chief Executive Officer of Apple Texas and Apple Houston, is the owner and operator of 69 Applebee's restaurants in Texas.

The deal is expected to close in the next 30-60 days.

Roy's, founded in Honolulu, Hawaii in 1988 by Chef Roy Yamaguchi, joined the Bloomin' Brands portfolio in 2000. Roy's has become well-known for its Pacific Rim Cuisine -- featuring the freshest local ingredients, European sauces and bold Asian spices with a focus on seafood. There are 29 Roy's locations around the world -- 21 in the continental United States, six in Hawaii, one in Japan and one in Guam.

Lazard acted as the exclusive financial advisor to Bloomin' Brands on the sale of Roy's.