Private equity firm SkyLake Investment is again trying to sell restaurant chain Outback Steakhouse Korea, only a few months after failing to reach a deal with potential suitors.

Deal manager Credit Suisse has started tapping potential buyers, with some already entering into talks with SkyLake, industry sources said on Thursday (November 12). It comes after the chain received seven preliminary offers from bidders in May, although none of them led to a deal.

SkyLake reportedly wanted about 250 billion won ($224 million) at the time for a 100% stake, a price tag equivalent to about 10 times the chain’s 2019 earnings before interest, tax, depreciation and amortization, which amounted to 26.2 billion won.

Outback Steakhouse’s growth potential will attract potential buyers, especially in the food delivery market, industry watchers said. The chain started home delivery of its menu from cloud kitchens – ghost or virtual restaurants – in the summer of 2019.

With its high-end steakhouse brand image, Outback Steakhouse has continued to grow in recent years, while rivals have seen their revenue fall. The chain’s revenue has grown at an average annual rate of 8.8% for the last four years. (Reporting by Ar-rum Rho)