Brazilian steakhouse chain Fogo de Chão announced Aug. 14 that it has entered into a definitive agreement to be acquired by Bain Capital Private Equity. Owned by Rhône Capital since 2018, Fogo de Chão will continue to operate under its current management team led by CEO Barry McGowan.

Terms of the deal, which is expected to close in September, were not disclosed. Under Rhône, which took the company private, Fogo de Chão grew rapidly across markets, and is in its third year of 15% annual growth.

Founded in Southern Brazil in 1979, Fogo de Chão specializes in churrasco, the art of roasting high-quality cuts of meat over an open flame; meats are tableside by gaucho chefs. The chain currently operates in 76 locations worldwide.