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Fogo de Chão

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Fogo de Chão, Inc.
Company typePrivate
Nasdaq: FOGO (2015–2018)
IndustryRestaurants
GenreFine dining
Founded1979; 45 years ago (1979)
FoundersArri and Jair Coser[1]
Headquarters
Dallas, Texas
,
US
Number of locations
62
Area served
United States, Brazil, Mexico, Saudi Arabia, UAE
Key people
Barry McGowan (CEO), Wagner lacort (director), Tony Laday (CFO), Rick Lenderman (COO), Janet Gieselman (CMO), Selma Oliveira (CPO/CCO),[2] Andrew Feldmann (Pres Int'l)
ProductsChurrasco
Owner
Websitefogodechao.com

Fogo de Chão, Inc. (Brazilian Portuguese: [ˈfoɡu dʒi ˈʃɐ̃w]; Portuguese for 'Ground Fire') is a Brazilian chain of rodízio-style steakhouses (churrascarias) founded in 1979 by brothers Arri and Jair Coser. The restaurant chain specializes in Southern Brazilian cuisine, primarily serving churrasco barbecued meats and traditional side dishes.[3] First established in the Brazilian city of Porto Alegre, the chain has over 70 locations throughout Brazil, the United States (including Puerto Rico), Saudi Arabia, the UAE, and Mexico as of 2023.[4]

Description

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View of "open kitchen" broilers at Carle Place, New York location
Extensive bar display at Rockville, Maryland location

The name Fogo de Chão means "ground fire", and refers to the traditional gaúcho method of roasting meats over an open fire. They offer either a "full churrasco experience", which includes continuous servings of fire-roasted beef, lamb, pork, chicken, and other meats, as well as a buffet or à la carte service.[5]

The restaurants are typically located in busy metropolitan areas throughout the US. Restaurants measure on average 10,600 square feet (980 m2), and typically consist of restaurant seating, a buffet-style salad bar (the "Market Table"), and a bar (referred to as "Bar Fogo").[citation needed]

The midtown Manhattan location is a flagship restaurant with three levels measuring 16,000 square feet (1,500 m2) with private and semi-private dining areas for special events.[citation needed]

The design of the locations is considered "warm and contemporary yet timeless – meant to really enhance the guests' experience".[6] The restaurant has been renovating older restaurants to match the new design aesthetic throughout the chain.[citation needed]

In addition to on-site restaurant service, the company has started to offer takeout service of its most popular food items. Pickup, delivery, and full-service catering at customer sites are now available.[7]

History

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The founders of Fogo de Chão, Arri and Jair Coser, grew up on a traditional Southern Brazilian farm in the Serra Gaúcha. It is here that they learned to cook in the churrasco grilling tradition. The founding brothers left the countryside of Rio Grande do Sul and traveled to Rio de Janeiro and São Paulo for formal training, while developing the Fogo concept. Their first restaurant, a wood structure in the countryside of Porto Alegre, was followed by a second restaurant in São Paulo. As Arri Coser told São Paulo-based writer Rafael Tonon, tourists who came to the São Paulo restaurant encouraged him to open a churrascaria style restaurant abroad.[1]

In 1997, the Cosers opened their first US branch in Addison, Texas.[8] Between 1997 and 2020, the restaurant continued its expansion globally, with 57 restaurants across the US, Brazil, Mexico, and the Middle East. The company announced plans for further growth around the world.[9]

Ownership

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The Brazilian private equity firm, GP Investments, made their initial investment in Fogo de Chão in 2006 and sold its shares to American private equity firm Thomas H. Lee Partners in 2012. On April 20, 2015, the company filed for an initial public offering on the Nasdaq stock exchange.[10] It traded there under the symbol FOGO until April 5, 2018, when it was acquired by Rhône Capital.[11][12] In August 2023,[13] Bain Capital acquired the restaurant chain for a reported $1.1 billion.[14][15]

Other activities

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In April 2019 the Boerne, Texas-based agri-tech company, HerdX announced that it would be partnering with Fogo de Chão to use blockchain technology and digital tagging to trace the provenance of the beef Fogo de Chão serves in its restaurants—ultimately allowing diners, who can scan in a HerdX-generated QR code, to know the name and location of the ranch that raised the cattle.[16] HerdX recently completed a similar project with United Parcel Service shipments of Texas ranch-raised beef to Japan.[17]

During the COVID-19 pandemic, Fogo de Chão restaurants in Troy, Michigan,[18] San Francisco,[19] and in other cities, have worked with the non-profit, No Kid Hungry to donate meals to needy families, hospitals, and other institutions.

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Fogo de Chão was mentioned on Amazon’s original series The Boys, Season 1, episode 2.

In the Epic Rap Battles of History Season 6 video, Vlad the Impaler vs Count Dracula, Vlad mentions Fogo de Chão in his first rap verse.

See also

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References

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  1. ^ a b Tonon, Rafael (6 October 2016). "How the Brazilian Steakhouse Chain Fogo de Chão Swept America". Eater. Vox Media Inc. Retrieved 2019-04-04.
  2. ^ "Selma Oliveira". Women Worth Watching. Retrieved 2 September 2020.
  3. ^ "Brazilian steakhouse opening at Bridgewater Commons". Courier News. Retrieved 2023-02-02.
  4. ^ Burch, Christopher (2023-01-25). "Brazilian steakhouse Fogo de Chão sets date for N.J. debut, selects 2 more N.J. locations". NJ.com. NJ Advance Media. Retrieved 2023-02-02.
  5. ^ Beilfuss, Lisa (June 18, 2015). "Shares of Fogo de Chao Jump in Trading Debut". WSJ.com. Dow Jones Company. Retrieved 1 September 2020. known for their grill-to-table meats and extensive buffets
  6. ^ Dixon, July 2017 Alex. "Fogo de Chão Pays Homage to its Roots with Revamped Design". FSR magazine. Retrieved 2022-09-08.{{cite web}}: CS1 maint: numeric names: authors list (link)
  7. ^ "Catering". Fogo de Chão - US. Retrieved 2023-10-13.
  8. ^ Blaskovich, Sarah (February 13, 2017). "13 new restaurants and shops, from fried chicken to pizza to candy, open in Dallas-Fort Worth". The Dallas Morning News. A. H. Belo Corporation. Retrieved 1 September 2020. The first Fogo de Chao restaurant in the United States opened in Addison, Texas, a town 20 miles north of Dallas, in 1997
  9. ^ "Fogo de Chao Form 10-K 2017". www.sec.gov. March 5, 2017. Retrieved 2018-01-26.
  10. ^ "Brazilian Steakhouse Fogo de Chao Discloses IPO Plan". The Wall Street Journal. Retrieved 2015-04-27.
  11. ^ "Rhône Completes Acquisition of Fogo de Chão, Inc". NASDAQ: Globe Newswire (Press release). 5 April 2018. Retrieved 17 April 2018. The acquisition was announced on February 20, 2018, and the transaction closed and became effective today. ... As a result of the completion of the acquisition, Fogo's common stock has ceased trading as of today on the NASDAQ Global Select Market.
  12. ^ PC, Monteverde & Associates. "URGENT: Monteverde & Associates PC Reminds Investors Of April 5, 2018 Deadline To Seek Appraisal of Shares In Fogo de Chão, Inc. - FOGO". www.prnewswire.com (Press release). Retrieved 2022-09-08.
  13. ^ "Brazilian steakhouse Fogo de Chão acquired by Bain Capital Private Equity". Nation's Restaurant News. 2023-08-15. Retrieved 2024-06-02.
  14. ^ "Bain Capital buys Brazilian steakhouse chain Fogo de Chão in $1.1 bln deal". Reuters. Retrieved 2023-08-15.
  15. ^ "Fogo de Chão starts new chapter under new ownership". Nation's Restaurant News. 2023-10-31. Retrieved 2024-06-02.
  16. ^ Bandoim, Lana (April 30, 2019). "Can Blockchain And Chip Technology Improve Beef Sourcing Transparency?". Forbes.com. Retrieved 28 August 2020.
  17. ^ "UPS and HerdX Deliver Blockchain-Verified Beef From U.S. to Japan". Food Logistics. November 19, 2019. Retrieved 1 September 2020.
  18. ^ "Helping hands: Organizations help during COVID-19 crisis - Fogo de Chão of Troy partners with No Kid Hungry". Oakland Press. MediaNewsGroup, Inc. April 7, 2020. Archived from the original on 10 April 2020. Retrieved 1 September 2020.
  19. ^ Barringer, Daisy (March 31, 2020). "How to Support Local SF Restaurants During the COVID-19 Pandemic". Thrillist.com. Group Nine Media Inc. Retrieved 1 September 2020.
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