The deal nets GP an IRR of 25 per cent and a 3.4 times return on its original 2006 investment in the company, according to a filing with the Brazilian Securities and Exchange Commission.
The Brazilian-themed steakhouse chain first expanded into the US in 1997 and has expanded its presence to 18 restaurants compared to seven in its home country.
Fogo CEO Larry Johnson said, “With three new restaurants opened in the past 12 months, Fogo has charted a compelling growth path.
“We couldn’t be more pleased to be partnering with an investor like THL.
“Their expertise in working with management teams to support and deliver profitable growth in consumer-driven businesses is a great match for Fogo, our passion for the guest experience and where we are heading in the future.”
The transaction is expected to close in the third quarter of 2012.
GP became the first listed alternative asset investment firm in Latin America following its 2006 IPO, and has raised more than $5bn since it was formed in 1993.
Last week veteran private equity investor Scott Schoen stepped down as vice chairman of THL after 26 years at the firm.
THL said Schoen would remain with the firm as a senior adviser, although a spokesman told AltAssets he had stepped down from day-to-day work several years ago.
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