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.
The Cheeseburger chain is probably unfamiliar to many in the Tampa Bay area because most of its restaurants are in the Midwest and Mid-Atlantic region.
Two of the 36 locations listed on its Web site are in Florida, in Fort Myers and Miramar Beach, which is in the Florida Panhandle.
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.
Overholt could not be reached for comment Friday afternoon.
OSI has been trying to sell some of its smaller brands in recent years to focus on Outback and other major brands. Late last year, OSI announced it was selling its stake in the Lee Roy Selmon's to OSI's founders, Chris Sullivan and Bob Basham.
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