Bloomin' Brands, Inc. has announced an agreement for the sale of all of its interests in the Roy's Restaurants concept, including 20 company-owned restaurants, to United Ohana, LLC, a new company formed by Sunil Dharod.
The transaction is expected to close in the next 30 to 60 days.
Dharod, president and CEO of Apple Texas and Apple Houston, is also the owner and operator of 69 Applebee's restaurants in Texas.
Roy's joined the Bloomin' Brands portfolio in 2000. Roy's was founded in Honolulu, Hawaii, in 1988 by Chef Roy Yamaguchi and has become well-known for its Pacific Rim Cuisine, which uses fresh 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.