US private investment firm Bain Capital Private Equity has reached a definitive agreement with Rhône Capital to acquire Brazil-based restaurant brand Fogo de Chão.

Financial details of the deal have not been disclosed by the companies.

Funds affiliated with Rhône Capital have owned the restaurant brand since 2018.

Rhône Capital managing director Lucas Flynn said: “When we took the company private in 2018, we embarked on a new chapter to refine the Fogo concept and experience.

“Despite the challenges the restaurant industry has faced in the last few years, we collaborated with Fogo’s talented leadership team to strengthen an already exceptional business while successfully executing an ambitious expansion plan across the US and internationally.”

As per the terms of the deal, Fogo’s current management team, led by CEO Barry McGowan, will remain in place.

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The restaurant brand will use the investment from Bain Capital to further expand its footprint in the global arena.

Bain Capital partner Adam Nebesar said: “Barry and his team have done an impressive job building on the brand’s differentiated concept, strong value proposition and rich Brazilian heritage.

“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.”

Subject to customary closing conditions and regulatory approvals, the deal is expected to close in September this year.