Private equity firm Bain Capital on Tuesday agreed to buy Fogo de Chão, in a deal people familiar with the matter said valued the Brazilian steakhouse chain at about $1.1 billion, including debt. The deal marks a win for private equity firm Rhone Capital, which took Fogo de Chão private for $560 million in 2018. Under Rhone's ownership, Fogo de Chão's financial performance improved and it has posted annual revenue growth of 15% since 2021.
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