Fogo de Chão Signs Development Agreement for Costa Rica and El Salvador

Four-unit deal with leading developer Arguedas Group will bring the global restaurant brand to Central America for the first time

DALLAS, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Fogo de Chão, the internationally renowned restaurant from Brazil that allows guests to make discoveries at every turn, today announced plans to bring its award-winning dining experience to Costa Rica and El Salvador for the first time. Through the franchise development agreement, Arguedas Group, an experienced owner and operator of international restaurant brands in Central America, will open four Fogo locations in Costa Rica and El Salvador. The announcement continues Fogo’s global expansion momentum, following its recently announced plans to enter Asia and Canada and domestic openings in the U.S. The Arguedas Group joins Fogo’s existing international franchise partners in Mexico, the Middle East, the Philippines and Canada.

With 68 locations worldwide and growing, earlier in 2022 Fogo announced a 15 percent planned annual growth rate through company-owned restaurants, with an additional international capital light franchise development strategy. With the goal to bring the culinary art of churrasco to guests worldwide, the Company has 8-10 company-owned and 1-2 international franchise restaurant openings planned for 2022, supported by a strong pipeline of new restaurant development to meet demand in new and existing markets. Fogo’s newest openings include restaurants in El Segundo, Calif., Coral Gables, Fla., Fort Lauderdale, Fla., Pasadena, Calif., Friendswood, Texas, Rio de Janeiro, Brazil, and Monterrey, Mexico, with planned openings in Queens, N.Y., Reston, Va., and others expected later this year.

“We are thrilled to partner with Jozsef Arguedas, CEO and Founder, and his accomplished team at Arguedas Group, whom we recognize for their impressive growth and success developing reputable, global restaurant brands in both Central and South America,” said Barry McGowan, Chief Executive Officer of Fogo de Chão. “We look forward to working together to bring the one-of-a-kind Fogo experience to Costa Rica and El Salvador guests for the first time as we continue to scale our brand globally.”

The Arguedas Group is a leading owner and operator of multi-unit restaurant brands in Costa Rica and El Salvador. With a current total footprint of more than 99 locations, Arguedas Group’s impressive portfolio includes iconic global brands such as Burger King, Domino’s and Arby’s.

“We are honored to be partnering with Fogo de Chão to bring their distinctive menu and innovative dining experience to Costa Rica and El Salvador,” said Jozsef Arguedas, CEO and Founder of the Arguedas Group. “As a longtime fan and guest of Fogo locations around the world myself, I believe Fogo will be a unique addition to the local dining scene in Central America and look forward to introducing new guests to the culinary art of churrasco.”

Founded in Southern Brazil in 1979, Fogo de Chão is a nearly 45-year-old brand known for its dining experience of discovery and showcasing the culinary art of churrasco where guests can watch as gaucho chefs butcher, hand-carve and grill high-quality cuts of protein over an open flame. With a modern, timeless design and signature offerings including a fresh and seasonal Market Table and an award-winning Bar Fogo menu featuring hand-crafted cocktails and South American wines, Fogo has become a destination of choice by both brand advocates and new guests globally.

For more information about Fogo de Chão, visit fogo.com. To learn more about global franchising opportunities, visit fogo.com/global-development/.

About Fogo de Chão
Fogo de Chão (fogo-dee-shown) is an internationally renowned restaurant that allows guests to discover what’s next at every turn. Founded in Southern Brazil in 1979, Fogo elevates the centuries-old cooking technique of churrasco – the art of roasting high-quality cuts of meat over an open flame – into a cultural dining experience of discovery. In addition to its Market Table and Feijoada Bar – which includes seasonal salads and soup, fresh vegetables, imported charcuterie and more – guests are served simply-seasoned meats that are butchered, fire-roasted and carved tableside by gaucho chefs. Guests can also indulge in dry-aged or premium Wagyu cuts, seafood a la carte, All-Day Happy Hour including signature cocktails, and an award-winning South American wine list, as well as smaller, sharable plates in Bar Fogo. Fogo offers differentiated menus for all dayparts including lunch, dinner, weekend brunch and group dining, plus full-service catering and contactless takeout and delivery options. For locations and more information about Fogo de Chão, visit fogo.com.

Media Contact:
FogoPR@icrinc.com

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