Osi Restaurant Partners, Llc Announces Agreement In Principle To Sell To Lee Roy Selmon Group
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Osi Restaurant Partners, Llc Announces Agreement In Principle To Sell To Lee Roy Selmon Group

October 29, 2007 // Franchising.com // Tampa, Florida, - OSI Restaurant Partners, LLC (OSI) announced today that it has reached an agreement in principle to sell a majority interest in the Lee Roy Selmon's restaurant brand to an investor group led by Lee Roy Selmon, founder, and Peter Barli, president of the restaurant brand.

"This is a great day for all of us who have been working together to build our restaurant brand since we first opened in 2000," said Selmon. "Our success is a reflection of what the founders of OSI created 20 years ago. They made a commitment to putting people first, and to offer restaurant operators the opportunity to share in their success. Peter and I are truly excited to have this opportunity to acquire majority ownership of the brand and to have OSI remain as our partner in the business. "

Selmon, Barli and their investor group will own 80% of the business while OSI Restaurant Partners, LLC will maintain 20% ownership.

"Over the past seven years, Lee Roy Selmon's has evolved to be much more than a sports bar. We have taken casual dining to another level where family and friends can gather to share good times, and enjoy soul-satisfying comfort food and heartwarming hospitality in a superior sports viewing environment," adds Barli.

The transaction is subject to execution of a definitive purchase agreement and is expected to close effective December 31, 2007.

Lee Roy Selmon's restaurants are located in Tampa's Westshore business district and Tampa Palms areas, St. Petersburg, Sarasota, Bradenton, and Ft. Myers. A Lee Roy Selmon's is scheduled to open at 13830 West Hillsborough Avenue in Oldsmar in April 2008.

According to Barli, plans for future development include Jacksonville, Gainesville, Orlando, Daytona and Naples. "We anticipate having 30 restaurants within the next five years which will include substantial growth outside of Florida," he adds.



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