Private Equity Frim Acquires Fogo de Chão for $560 Million
February 21, 2018
Walk in. Sit down. Sink your teeth into melt-in-your-mouth cheesy bread. Flip that little card in front of you from red to green, and let the frenzy begin.
All of a sudden, as soon as that card is flipped, waiters dressed as Brazilian cowboys carrying massive skewers of meat and a machete-like knife approach you. And they keep coming. You barely have time to eat before the next skewer arrives,
The question is not, "Well, what kind of meat do they have?" No no. The real question is what kind of meant DON'T they have. From their top sirloin, to filet minion, to the lamb chops, even venturing away from red meat to their Parmesan crusted chicken.
The service is impeccable. If a server comes around, and doesn't have the cut of meat that you like, all you have to do is ask and that cut will be there before you know it. Not only that, but however you prefer your meat cooked, that's how you get it. Even if that server doesn't have the meat cooked quite right, they disappear for a few minutes, then BAM! they're right back at your table with the exact thing you wanted.
They offer an extravagant salad bar and give the table sides of mashed potatoes, fried polenta, and fried plantains as well, but honestly, why waste your stomach power on those when there is an abundance of meat & cheesy bread to be eaten!
Fogo de Chão is by far, my favorite food establishment I have ever been to, and if I had the choice, I would choose Fogo over any other restaurant.
Whether you're a carnivore (like myself), or a vegetarian like some, people have different opinions, I understand that. But I am not the only person that sees value in this great chain. The global private equity firm, Rhône Group, also sees its value.
Rhône Group, the current parent company to Quicksilver, Liverpool F.C., Nestle, and many other major companies worldwide, has agreed to pay $560 Million in cash for the publically traded Fogo de Chão (FOGO). The deal is set to close in the 2nd Quarter of 2018. Fogo de Chão currently operates 38 restaurants in the United States, 9 locations throughout Brazil 2 joint-ventures in Mexico, and two joint-ventures in the Middle East (Saudi Arabia & U.A.E).