DALLAS — Brazil-based international restaurant Fogo de Chão announced on Aug. 15 that private equity firm Bain Capital would acquire the company’s assets.

The deal is expected to close in September. Financial terms of the purchase were not disclosed. The chain of steakhouses has been owned by Rhône Capital since 2018.

Even with the acquisition, Bain plans for Fogo to continue to operate under its current management team, which is led by Barry McGowan, the chief executive officer.

“Over the past several years, we made significant progress enhancing our unique offering and ability to bring the very best in experiential dining to more guests than ever before,” McGowan said. “We thank the Rhône team for their partnership during a critical and successful period in our history. Bain Capital shares our vision, and we are excited to leverage their extensive experience investing in and supporting the global growth of restaurant businesses. We are excited by this next chapter and believe there is tremendous upside in our future as we continue to execute against our growth plans with Bain Capital.”

Founded in 1979, Fogo de Chao is a Brazilian churrascaria, or steakhouse, concept specializing in roasting premium cuts of meat over open flames. The meats are carved tableside by trained “gaucho chefs.”  There are currently 76 locations worldwide. The acquisition is expected to accelerate growth and expansion.

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