이 기사는 2021년 06월 16일 08:04 thebell 에 표출된 기사입니다.

The final round of bidding for Outback Steakhouse Korea, owned by SkyLake Equity Partners, will take place later this month as the private equity firm tries to find a buyer for the restaurant chain after the failed sale attempt a year ago.

Credit Suisse, which is managing the sale, is expected to receive binding offers at the end of this month, industry sources said.

SkyLake Equity Partners early last year mandated the Switzerland-based investment bank as financial adviser to sell its 100% stake in the steakhouse chain, but the attempt was not successful.

They began the sale process again earlier this year, receiving indicative bids in late April. Potential buyers interested in the chain have been conducting due diligence for the past weeks, with several suitors said to have attended a management presentation that was recently finished.

Outback Steakhouse has recorded continued growth despite an overall slowdown in the restaurant industry hit by the Covid-19 pandemic. Its earnings before interest, taxes, depreciation and amortization increased steadily from 15.4 billion won ($13.8 million) in 2017 to 21.8 billion won in 2018, 26.2 billion won in 2019 and 34 billion won in 2020. Revenue grew 47% to 298 billion won in the same period.

The seller relies on the chain’s high-quality image to attract interest from potential buyers. If the country’s steak restaurant market can be categorized into everyday meal places, mid-tier steakhouses, premium steakhouse chains and fine-dining steakhouses, Outback Steakhouse can be viewed as a premium steakhouse restaurant, having a differentiated positioning in the market, the seller said.

The seller also highlights delivery services, which drove the chain’s revenue growth last year. Outback Steakhouse launched its delivery services in 2019 even before the pandemic started.

The restaurant chain has been stepping up efforts to expand its delivery network through stores dedicated to delivery orders. It currently has 30 such stores nationwide. Additionally, 34 of the chain’s 76 existing locations can provide delivery services.

The share of delivery-only stores in Outback Steakhouse’s revenue from delivery services has grown rapidly in the past months. The company’s delivery services generated revenue of 6.8 billion won in December, of which 3.5 billion won, or 51.5%, came from delivery-only stores, with the rest coming from its existing outlets. (Reporting by Hee-yeon Han)