Fogo Hospitality, a Brazilian steakhouse chain with 75 locations in the US and internationally, withdrew its plans for an initial public offering on Tuesday. It originally filed in November 2021 with an estimated deal size of $200 million.
In August 2023, Bain Capital agreed to buy Fogo from current owner Rhone Capital.
The Dallas, TX-based company was founded in 1979 and booked $576 million in revenue for the 12 months ended March 31, 2023. It had planned to list on the NYSE under the symbol FOGO. Morgan Stanley, BofA Securities, Jefferies, Credit Suisse, Piper Sandler, Raymond James, Stephens Inc., and Truist Securities were set to be the joint bookrunners on the deal.
