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Bain Capital, an American private investment firm based in Boston, has acquired Fogo de Chao, a famous international restaurant brand that is known for its rodízio-style steakhouses. The PEF firm is buying the Brazilian chain from the Rhone Group.
Fogo de Chao is a fast-growing steakhouse chain that was already preparing for an initial public offering (IPO). However, the acquisition deal has changed the course in which the restaurant company has been traversing.
As per Restaurant Business, Bain Capital's purchase of Fogo de Chao represents a big change in the plans to go public. It is not clear if the IPO route will still be taken once the acquisition is completed.
It was reported that the deal's financial terms were not revealed to the public. The Boston, Masacchussets headquartered private equity firm will gain all of the 76 units of Fogo de Chao restaurants around the world.
The brand operates 58 dining places in the United States, and the rest are located in other regions, including Mexico, the Middle East, and Brazil. Previously, the company shared its ambitious plan of expanding to the Philippines, Canada, Bolivia, and Costa Rica, Forbes reported in April.
"Over the past several years, we made significant progress enhancing our unique offering and ability to bring the very best in experiential dining to more guests than ever before," Barry McGowan, Fogo de Chao's chief executive officer, said in a press release. "We thank the Rhône team for their partnership during a critical and successful period in our history. Bain Capital shares our vision, and we are excited to leverage their extensive experience investing in and supporting the global growth of restaurant businesses."
Mark Saadine, a principal at Bain Capital, also added that they "look forward to partnering with Barry and team, and supporting them with our experience and resources to help accelerate growth while maintaining Fogo's distinctive authenticity."
Photo by: Bain Capital Press Release
