Fogo de Chão

Fogo de Chão (Brazilian Portuguese: [ˈfo.ɡu dʒi ʃɐ̃w]) is a fine dining, full-service Brazilian steakhouse or churrascaria, serving rodízio style, notable for it's roving waiters that serve barbecued meats from large skewers directly onto the seated diners' plates.[1]

Fogo de Chão, Inc.
Private
IndustryRestaurants
GenreFine dining
Founded1979 (1979)
Headquarters
5908 Headquarters Dr, Plano, Texas
,
U.S.
Number of locations
57
Area served
United States, Brazil, Mexico, UAE and Portugal
Key people
Barry McGowan (CEO), Larry Johnson (Chairman), Tony Laday (CFO), Antonio Bautista (COO), Janet Gieselman (CMO), Andrew Feldmann (Pres Int'l), Rick Lenderman (CPO)
ProductsChurrascaria
Websitewww.fogo.com

Description

The name Fogo de Chão means "ground fire" and summarizes the traditional gaúcho method of roasting meats over an open fire. They offer a "full churrasco experience" which includes continuous servings of fire-roasted meats and an extensive "gourmet market table" for brunch, lunch and dinner.

History
Fogo de Chão steakhouse in Washington, DC

The founders of Fogo de Chão 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 to Rio and São Paulo for formal training, all while developing the Fogo concept. This first restaurant, built of a wood structure in the countryside of Porto Alegre.After gaining a reputation among politicians, businessmen and celebrities who flocked from all over Brazil to taste the experience, Fogo opened its second restaurant in São Paulo.

At the requests of American customers, the Fogo concept was exported to the US with a stateside debut in Dallas, Texas. Between 1997 and 2020, the restaurant continued its expansion globally with 57 restaurants across the US, Brazil, Mexico and the Middle East. The company has plans for further growth around the world.[2]

In April 2020, Fogo de Chão applied for funding through the Paycheck Protection Program due to lost business during the 2019–20 coronavirus pandemic. It received $20 million.[3] Fogo de Chão was criticized for utilizing a loophole in the program which allowed it to qualify for monetary aid meant to help small businesses. Fogo de Chão CEO Barry McGowan came under public scrutiny[4] when he said, "The scale of our business doesn't matter. All of our restaurants count."[5]

Ownership

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.[6] It traded there under the symbol FOGO until April 5, 2018, when it was acquired by Rhône Capital.[7]

See also
  • List of steakhouses

References
  1. Tonon, Rafael (6 October 2016). "How the Brazilian Steakhouse Chain Fogo de Chão Swept America". Eater. Vox Media Inc. Retrieved 2019-04-04.
  2. "Fogo de Chao Form 10-K 2017". www.sec.gov. March 5, 2017. Retrieved 2018-01-26.
  3. "Ruth's Chris, Fogo de Chao and other restaurant groups that received Payment Protection Program loans". Nation's Restaurant News. 2020-04-21. Retrieved 2020-04-22.
  4. "Fogo De Chao Got A $20 Million PPP Loan And CEO Doesn't Give A Shit". Metroplex Social. 2020-04-21. Retrieved 2020-04-22.
  5. Chicago, Bob Davis in Washington and Heather Haddon in (2020-04-19). "How Ruth's Chris Got an Extra Helping of Small Business Aid Money". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-04-22.
  6. "Brazilian Steakhouse Fogo de Chao Discloses IPO Plan". The Wall Street Journal. Retrieved 2015-04-27.
  7. "Rhône Completes Acquisition of Fogo de Chão, Inc". NASDAQ: Globe Newswire. 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.
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