Investment firm Bain Capital has acquired Brazil-based restaurant chain Fogo de Chao from Rhône Capital for an undisclosed sum.

As part of the agreement, the current management team led by CEO Barry McGowan will continue to oversee the chain’s operation. Founded in Southern Brazil in 1979, Fogo de Chao has 76 locations worldwide.

“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.”

The acquisition is expected to close next month.

Rhône Capital took the Fogo de Chao private in 2018. The chain is in its third year of 15 per cent annual growth.

Bain Capital’s global restaurant investments include Burger King, Dessert Holdings, Domino’s Pizza, Domino’s Pizza Japan, Dunkin’ Brands Group, and Skylark Restaurants.