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Private Equity
FINANCE | Investment Firms & Funds
rhonegroup.com

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Investments

8

Portfolio Exits

7

Funds

8

Service Providers

2

About Rhone Capital

Rhone Capital is a private equity and global asset management firm with a focus on investments in market leading businesses with a pan-European or transatlantic presence and expansion prospects. Rhone has offices in London and New York and holds investments in a diversified portfolio of companies, including investments in the business services, chemicals, consumer products, industrial products, food, packaging, specialty materials, and transportation sectors.

Rhone Capital Headquarter Location

630 Fifth Avenue, Suite 3110

New York, New York, 10111,

United States

212-218-6700

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Latest Rhone Capital News

Fogo de Chao plots return to the public markets

Nov 18, 2021

Published Nov. 18, 2021 Dive Brief: Fogo de Chao, the Brazilian steakhouse chain, declared its intent to go public  on Tuesday. The number of shares that will be offered and the price range of the IPO haven't been determined. The company will trade on the New York Stock Exchange under "FOGO." The chain reported strong growth despite pandemic disruption in 2020. Average unit volumes were $7.9 million for the year ended in Q3 2021, according to an  S-1 Form filed with the U.S. Securities Exchange Commission. Fogo plans to use IPO funds to pay down $344.2 million in debt, and aims to grow its 60-unit network by 300 stores in the next 20 years. This would be Fogo's second foray into the public markets. The chain was taken private in 2018 in a sale to private equity firm Rhone Capital for $560 million. Dive Insight: Though Fogo wasn't immune to the impact of the COVID-19 crisis, the casual giant was more nimble than many full-service competitors in updating operations to meet new consumer demands — investments that have paid off this year. The chain recorded $296 million in revenue for the year ended in Oct. 3, 2021,  according to its S-1 filing . Restaurant contribution margin was 30% in the 39 weeks ended Oct. 3, which is also consistent with its pre-pandemic performance. Prior to the COVID-19 crisis, Fogo de Chao didn't offer off-premise service. But when dining room closures took effect, the company set up delivery with third-party partners in just three days, CEO Barry McGowan told Restaurant Dive in an interview earlier this year . This rapid pivot helped the chain return to 96% of pre-pandemic revenue with 60% capacity across its locations just seven months later. Sales are still going strong, and are positive. Relative to 2019 numbers, Fogo reported 39% comparable sales growth as of October 2021 compared to negative 5% for October 2020. "In recent years, we innovated differentiated, new revenue platforms to drive frequency across guest need states, including weekday lunch, dinner, weekend Brazilian brunch and group dining, plus Bar Fogo, full-service catering and takeout and delivery options," the company said in its S-1 filing. "Our revenue platform expansion has effectively generated new trial and increased frequency as evidenced by our six-year track record of consecutive year-over-year traffic growth through Fiscal 2019." Going public could position Fogo for long-term growth and continued off-premise innovation and help the full-service chain maintain its health as diner demand for quick, off-premise meal occasions holds steady. It's far from the only chain to do so this year — restaurants across segments are throwing their hats in the public ring in the hopes of more aggressive expansion and sales growth. Krispy Kreme , Portillo's , First Watch and Dutch Bros have also gone public in 2021, and Sweetgreen announced pricing for its initial public offering Thursday. Panera Brands also plans to go public. Follow Emma Liem Beckett on Twitter

Rhone Capital Investments

8 Investments

Rhone Capital has made 8 investments. Their latest investment was in Wahoo Fitness as part of their Private Equity - II on July 7, 2021.

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Rhone Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

7/7/2021

Private Equity - II

Wahoo Fitness

Yes

2

11/23/2020

Private Equity

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10

8/2/2018

Private Equity

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10

10/25/2017

PIPE

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$99M

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10

8/23/2017

Private Equity

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10

Date

7/7/2021

11/23/2020

8/2/2018

10/25/2017

8/23/2017

Round

Private Equity - II

Private Equity

Private Equity

PIPE

Private Equity

Company

Wahoo Fitness

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Amount

$99M

New?

Yes

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Co-Investors

Sources

2

10

10

10

10

Rhone Capital Portfolio Exits

7 Portfolio Exits

Rhone Capital has 7 portfolio exits. Their latest portfolio exit was Global Knowledge on October 13, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

10/13/2020

Acq - Pending

$99M

2

10/21/2019

Take Private

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$99M

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10

12/13/2018

Reverse Merger

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$99M

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10

11/3/2017

Reverse Merger

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10

6/7/2016

Acquired

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$99M

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10

Date

10/13/2020

10/21/2019

12/13/2018

11/3/2017

6/7/2016

Exit

Acq - Pending

Take Private

Reverse Merger

Reverse Merger

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

Acquirer

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Sources

2

10

10

10

10

Rhone Capital Acquisitions

16 Acquisitions

Rhone Capital acquired 16 companies. Their latest acquisition was Paragon Films on November 11, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

11/11/2021

$99M

Acq - Fin - III

1

6/30/2020

Series E+

$99M

$144.46M

Acq - Fin

1

6/30/2020

$99M

Acq - Fin

8

4/7/2020

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$99M

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10

2/26/2019

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$99M

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10

Date

11/11/2021

6/30/2020

6/30/2020

4/7/2020

2/26/2019

Investment Stage

Series E+

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

$144.46M

Note

Acq - Fin - III

Acq - Fin

Acq - Fin

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Sources

1

1

8

10

10

Rhone Capital Fund History

8 Fund Histories

Rhone Capital has 8 funds, including Rhone Partners VI.

Closing Date

Fund

Fund Type

Status

Amount

Sources

3/9/2022

Rhone Partners VI

$2,400M

1

6/30/2015

Rhone Partners V

$99M

10

6/30/2012

Rhone Partners IV

$99M

10

7/1/2006

Rhone Partners III

$99M

10

9/30/2003

Rhone Offshore Partners II

$99M

10

Closing Date

3/9/2022

6/30/2015

6/30/2012

7/1/2006

9/30/2003

Fund

Rhone Partners VI

Rhone Partners V

Rhone Partners IV

Rhone Partners III

Rhone Offshore Partners II

Fund Type

Status

Amount

$2,400M

$99M

$99M

$99M

$99M

Sources

1

10

10

10

10

Rhone Capital Service Providers

2 Service Providers

Rhone Capital has 2 service provider relationships

Service Provider

Associated Rounds

Provider Type

Service Type

Private Equity

Investment Bank

Financial Advisor

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Service Provider

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Associated Rounds

Private Equity

Provider Type

Investment Bank

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Service Type

Financial Advisor

Partnership data by VentureSource

Rhone Capital Team

5 Team Members

Rhone Capital has 5 team members, including current Founder, Managing Director, Steven M. Langman.

Name

Work History

Title

Status

Steven M. Langman

Founder, Managing Director

Current

Franz-Ferdinand Buerstedde

Managing Director

Current

Patrick Mundt

Rothschild & Co, and Electrocomponents

Managing Director

Current

Sebastien Mazella di Bosco

Managing Director

Former

Martin F. Lewis

Greenhill & Co., Wasserstein Perella, Blackstone, Chemical Financial Corporation, Rothschild & Co, and PwC

Managing Director

Former

Name

Steven M. Langman

Franz-Ferdinand Buerstedde

Patrick Mundt

Sebastien Mazella di Bosco

Martin F. Lewis

Work History

Rothschild & Co, and Electrocomponents

Greenhill & Co., Wasserstein Perella, Blackstone, Chemical Financial Corporation, Rothschild & Co, and PwC

Title

Founder, Managing Director

Managing Director

Managing Director

Managing Director

Managing Director

Status

Current

Current

Current

Former

Former

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