Fogo Hospitality Inc.
We are Fogo de Chão (fogo-dee-shoun), an internationally renowned, growing restaurant brand. For more than 40 years, we have been known for creating lively and memorable experiences for our guests and serving high-quality cuisine at an approachable price point, all inspired by Brazilian family-style dining. Our menu is fresh, unique and innovative, and is centered on premium cuts of grilled meats, each expertly butchered and simply seasoned, utilizing the centuries-old cooking technique of churrasco, and carved tableside by our gaucho chefs. Fogo’s guests are invited to partake in The Full Churrasco Experience, which allows them to enjoy as many of our high-quality meats and Market Table offerings as they desire at an accessible fixed price. Our unique model enables us to compete across multiple dining occasions and formats, which results in a vast addressable market. As of January 2, 2022, our total footprint is 62 locations, of which 55 are company-owned and 48 of these are in the U.S. (across 21 states, the District of Columbia and Puerto Rico), with long-term domestic U.S. unit potential of at least 300 restaurants, representing a substantial 20-year growth opportunity.
The exceptional price-value of our offering appeals to a diverse population, and in particular resonates with Millennial and Generation X demographic groups, who collectively represent approximately 79% of our guests, based on a 2018 survey, providing an attractive guest composition to drive positive traffic growth for years to come. Our guests visit our restaurants across a wide range of dining occasions and dayparts, driving high restaurant traffic, averaging 142,000 guests per U.S. restaurant in Fiscal 2021. Our high traffic is further supported by fast table turns because our guests do not need to wait for their entrées to be prepared to order, as our gaucho chefs circulate on a continuous service model, providing a personalized experience that is tailored to each guest’s specific preferences and desired pace of dining. Our gaucho chefs’ dual role as both a chef and server enables them to earn comparatively higher income through a tip pool, which, combined with a path to management, drives a long average gaucho tenure of over four years as of January 2, 2022, while also driving passion in our employee base, better guest experience, and stronger performance in our restaurants.
Note: Revenue and net income figures in the chart below are for the fiscal year ended Jan. 2, 2022: Revenue of $430.56 million and net income of $22.25 million.
**Note: Revenue and net income figures for the 26 weeks ended July 3, 2022: Revenue of $259.96 million and net income of $16.62 million, according to an S-1/A filing dated Aug. 19, 2022.
(Note: Fogo Hospitality Inc. filed its S-1 on Nov. 16, 2021, after submitting confidential IPO documents to the SEC on Sept. 17, 2021. As of its most recent S-1/A dated Aug. 19, 2022, Fogo Hospitality still has not filed terms for its IPO. The Brazilian restaurant company updated its financial statements through the 26 weeks ended July 3, 2022, in its S-1/A filing dated Aug. 19, 2022.)
|Address||14850 Quorum Drive, Suite 500 Dallas, TX 75254|
|Phone Number||(972) 960-9533|
|View Prospectus:||Fogo Hospitality Inc.|
|Revenues||$430.56 mil (last 12 months)|
|Net Income||$22.25 mil (last 12 months)|
|Price range||$0.00 - $0.00|
|Est. $ Volume||$100.0 mil|
|Manager / Joint Managers||Morgan Stanley/ BofA Securities/ Jefferies/ Credit Suisse/ Piper Sandler/ Raymond James/ Stephens, Inc./ Truist Securities|
|CO-Managers||AmeriVet Securities/ Drexel Hamilton|
|Expected To Trade:|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|