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Is Fogo de Chão Owned by Private Equity?

Yes — Fogo de Chão is owned by Bain Capital, which acquired it in 2023.

PRIVATE EQUITY OWNED

Fogo de Chão

brazilian steakhouse · Dallas, TX

PE Firm
Bain Capital →
Year Acquired
2023

Three private equity firms in eleven years, but sure, this time it's about 'accelerating growth.'

What They Did

  1. Passed through three PE owners since 2012 — Thomas H. Lee ($400M), Rhône Group ($560M), and, since 2023, Bain Capital ($1.1B) — each one flipping the chain for a bigger payout while loading more debt
  2. Bain financed the $1.1 billion deal with a $550 million bank loan and $75 million credit facility — over half the purchase price is borrowed money strapped to the restaurants
  3. Thomas H. Lee took the chain public in 2015 at $20/share, but the stock never gained traction — Rhône swooped in to take it private again for $560M in 2018, then sold to Bain for nearly double
  4. Rhône filed for a second IPO in 2021 targeting $200 million, then withdrew it when Bain offered $1.1 billion instead — PE firms keep passing Fogo around like a churrascaria skewer

Since the Acquisition

  • The 'Best of Brazil' menu now runs $49 a head — $54 in New York, New Jersey, and California — and that's the promo price
  • Customer satisfaction has cratered to 1.7 out of 5 stars on PissedConsumer, with recurring complaints about declining meat quality, inconsistent service, and management ignoring follow-up
  • Bain's expansion plan targets 100 locations and $1 billion in revenue within five years — rapid unit growth funded by borrowed money is the classic PE recipe for stretching quality thin

Sources

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Also owned by Bain Capital

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What people ask

Is Fogo de Chão owned by private equity?

Yes. Fogo de Chão is currently owned by Bain Capital, which acquired it in 2023. Three private equity firms in eleven years, but sure, this time it's about 'accelerating growth.'

What happened to Fogo de Chão after the acquisition?

The 'Best of Brazil' menu now runs $49 a head — $54 in New York, New Jersey, and California — and that's the promo price. Customer satisfaction has cratered to 1.7 out of 5 stars on PissedConsumer, with recurring complaints about declining meat quality, inconsistent service, and management ignoring follow-up.

Who owns Fogo de Chão?

Fogo de Chão is owned by Bain Capital, which acquired it in 2023.

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