OSI Restaurant Partners Inc., which owns Outback Steakhouse announced Monday that it had a buyout deal with a private consortium.

The Tampa-based restaurant operator was valued at $3.04 billion or $40 per share, which represents a 23 percent premium since the close of its Friday share price. Included in the consortium were Bain Capital Partners LLC and the firm’s founders.

“We believe that this transaction is the best alternative for maximizing value for existing shareholders and has the full support of the senior management team and the Company's founders,” Bill Allen, Chief Executive Officer of OSI Restaurant Partners, Inc. said, “We believe that this transaction will be good for the company's partners, associates, franchisees and customers, as well as our shareholders.”

As a private company, OSI will possess greater flexibility to focus on long term business improvement initiatives and the inclusion of Bain Capital and Catterton will be a bonus, stated Allen, who added that the private equity firms had demonstrated strong track records in the restaurant sector.

“We are delighted to partner with the founders and management team of OSI as they continue to bring focus and passion to building and growing the Company's portfolio of restaurant brands, said Andrew Balson, a Managing Director at Bain Capital. Our experience in the restaurant and retail sectors has convinced us that the OSI concepts have significant opportunity for continued growth and profitability as they do what they have always done - deliver high quality food, great service and enjoyable customer experiences.”

The restaurant operator had been struggling as consumers reduced their spending on casual meals due to high gasoline prices. Further, the company recently disclosed a restatement of their accounts where liabilities were increased due to understated revenue.