From the Tampa Tribune: “Outback’s parent to sell Buffett-inspired burger chain”
Once a rising star at OSI Restaurant Partners, the Jimmy Buffett-inspired Cheeseburger in Paradise chain is leaving the company umbrella.
On Friday, Tampa-based OSI revealed in a Securities and Exchange Commission filing that it plans to sell Cheeseburger in Paradise for $2 million to an entity controlled by the chain’s president, Steve Overholt.
OSI, which operates Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and other brands, formed a partnership with Buffett and opened the first Cheeseburger in Paradise in 2002.
Buffett was known to occasionally perform at new restaurant locations.
However, by 2005, the singer sold his stake in the fledgling chain back to OSI, and in return OSI agreed to pay him a larger royalty for use of his likeness and the “Cheeseburger in Paradise” song.