Fogo de Chão goes public again – Dallas Business Journal – Dallas Business Journal






Brazilian-style steakhouse Fogo de Chão is going public again.  
The restaurant chain filed for an initial public offering Wednesday. The number of shares or price per share has not yet been determined.  
The steakhouse aims to open at least 300 restaurants across the U.S in the next 20 years and plans to start with the opening of eight to 10 restaurants and one to two international franchises in the next year. 
Beyond 2022, Fogo wants to grow its company-owned units by 15% annually and continue expanding its international franchise restaurants.  
The food chain opened six new restaurants since 2019. According to the filing, its three locations Bethesda, Md., Long Island, N.Y. and Irvine, Calif. saw an average weekly revenue of $169,000 during the 39 week period ending on Oct. 3. The company also saw average unit volumes of $7.9 million with a 30% contribution margin during that same period.  
Piper Sandler & Co, Morgan Stanley, Jefferies LLC, BofA Securities and Credit Suisse will be acting as the lead book-running managers for the offering. Raymond James, Stephens Inc., and Truist Securities are the acting book-running managers for the initial offering. 
The Dallas-based chain operates 60 locations with 46 of those restaurants located across 21 states, the District of Columbia and Puerto Rico.  
Fogo first went public in June 2015, and the company’s initial public offering brought in $88 million and its shares were priced at $20. The restaurant chain became private in 2018 after it was acquired by Rhône Capital, a New York-based investment management firm. The all-cash transaction was valued at $560 million.  
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