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Advent International, a global private equity firm, has announced that it has acquired Frango Assado, an operator of roadside restaurants in Brazil, from the founding families. The value of the transaction was not disclosed.

Frango Assado, meaning “grilled chicken” in Portuguese, operates 12 large restaurants and retail outlets in São Paulo. The company is projecting sales of over $120 million (£64.7 million) and expects to serve more than 20 million customers this year.

The deal is the third Latin American investment announced by Advent this month, following its acquisitions of Aeropuertos Dominicanos Siglo, an airport group in the Dominican Republic, and Quero-Quero, a Brazillian home-improvement retailer.

It is also Advent’s sixth acquisition of a Latin American restaurant chain in the past two years and continues the firm’s strategy to consolidate the region’s fragmented, high-growth restaurant and casual dining segment.

Advent is forming a new company, International Meal Company (IMC), to hold all of its investments in the sector.

Javier Gavilán, CEO of IMC said: “With Frango Assado, Advent has achieved critical mass and established itself as the premier consolidator of casual dining restaurants in Latin America. Looking ahead, we have an active pipeline of additional M&A targets and plan to continue expanding the network organically through new store openings.”

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