Brazilian steakhouse chain Fogo de Chão on Feb. 20 agreed to be acquired by investment firm Rhône in an all cash transaction valued at $560 million.
Fogo’s stockholders will receive $15.75 per share, a 25.5% premium to the closing share price on Feb. 16, 2018.
The transaction has been approved by Fogo’s board of directors and is expected to be completed during the second quarter of 2018, subject to regulatory approvals and other customary closing conditions.
The new owner says it will facilitate Fogo’s domestic and international expansion plans.
The first Fogo de Chão churrascaria opened in 1979 in Porto Alegre in southern Brazil; it expanded to the U.S. in 1997. The steakhouse chain, which went public in 2015, now operates 38 restaurants in the U.S., nine in Brazil, two joint venture restaurants in Mexico, and two joint venture restaurants in the Middle East (Jeddah, Saudi Arabia and Dubai).