New Owners To Fuel Growth of Fogo de Chao

Bain Capital Private Equity will acquire international restaurant brand Fogo de Chao and help accelerate its growth and expansion. The deal will close in September, and financial terms were not disclosed.

Rhone Capital has owned Fogo since taking the company private in 2018. Founded in Southern Brazil in 1979, Fogo elevates the centuries-old cooking technique of churrasco in 76 locations worldwide. “Under Rhone’s ownership, Fogo experienced rapid growth across markets and is in its third year of 15% annual growth,” the release states. It also opened a flagship location last year in Florida.

Fogo will continue to operate under its current management team, led by CEO Barry McGowan. “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. We thank the Rhone team for their partnership during a critical and successful period in our history,” says McGowan in a statement. “Bain Capital shares our vision, and we are excited to leverage their extensive experience investing in and supporting the global growth of restaurant businesses.”