REUTERS/Paulo Whitaker/file photo Acquire Licensing RightsNEW YORK, Aug 15 (Reuters) - Private equity firm Bain Capital on Tuesday agreed to buy Fogo de Chão, in a deal people familiar with the matter said valued the Brazilian steakhouse chain at about $1.1 billion, including debt.
The deal marks a win for private equity firm Rhone Capital, which took Fogo de Chão private for $560 million in 2018.
The restaurant chain confidentially submitted paperwork for an initial public offering to regulators in late 2021, the sources said.
Earlier in August, the Pollo Tropical restaurant chain was sold to Authentic Restaurant Brands for $225 million.
Morgan Stanley & Co LLC is serving as financial adviser to Fogo de Chão and Rhône, while Sullivan & Cromwell served as legal counsel.
Persons:
Paulo Whitaker, Rhône, Bain, Burger King, Dunkin, Ellis, Morgan Stanley, Sullivan, Cromwell, Abigail Summerville, Anirban Sen, Jonathan Oatis
Organizations:
Fogo de Chao, REUTERS, Bain Capital, Rhone Capital, Dunkin ’ Brands Inc, Brands Inc, Benihana, Deutsche Bank, Kirkland, Thomson
Locations:
Fogo de, Fogo de Chao Brazilian, Sao Paulo, Brazil, Chão, Fogo, Rhone, Southern Brazil, dealmaking, Sandwich, New York