Bain Capital to scoop up Brazilian restaurant brand Fogo from Rhône Capital

• Fogo will continue to operate under its current management team led by CEO Barry McGowan
• Rhône has owned Fogo since taking the company private in 2018
• Fogo was founded in Southern Brazil in 1979

Bain Capital Private Equity has agreed to acquire Brazilian restaurant brand Fogo de Chão from Rhône Capital. No financial terms were disclosed.

Fogo will continue to operate under its current management team led by CEO Barry McGowan.

Rhône has owned Fogo since taking the company private in 2018.

Fogo was founded in Southern Brazil in 1979.

“Barry and his team have done an impressive job building on the brand’s differentiated concept, strong value proposition, and rich Brazilian heritage,” said said Adam Nebesar, a partner at Bain Capital in a statement. “Fogo is the clear market leader, and we believe the business is poised to continue its rapid growth as consumers increasingly seek unique and authentic dining experiences.”

The transaction is expected to close in September.

Debt financing for the transaction is being led by Deutsche Bank, who is also serving as financial advisor to Bain Capital.

Morgan Stanley is serving as financial advisor to Fogo de Chão and Rhône.

Bain Capital Private Equity was founded in 1984.