Brazilian steakhouse chain Fogo de Chão introduced Aug. 14 that it has entered right into a definitive settlement to be acquired by Bain Capital Personal Fairness. Owned by Rhône Capital since 2018, Fogo de Chão will proceed to function underneath its present administration group led by CEO Barry McGowan.
Phrases of the deal, which is predicted to shut in September, weren’t disclosed. Beneath Rhône, which took the corporate personal, Fogo de Chão grew quickly throughout markets, and is in its third 12 months of 15% annual progress.
Based in Southern Brazil in 1979, Fogo de Chão focuses on churrasco, the artwork of roasting high-quality cuts of meat over an open flame; meats are tableside by gaucho cooks. The chain at the moment operates in 76 places worldwide.