GP Investments, the largest Latin American private-equity firm, sold Fogo de Chão Churrascaria Holdings, a chain of Brazilian steakhouses, for $400 million to U.S. buyout firm Thomas H. Lee Partners, according to a securities filing on Tuesday. The deal is subject to a series of undisclosed terms that GP expects will happen by the end of the third quarter.

Fogo de Chão has 18 restaurants in the United States and seven in Brazil. Thomas H. Lee Partners is paying for Fogo de Chão the equivalent of 3.4 times the amount GP invested in the company when it first bought a stake six years ago, the filing added. Fogo de Chão's investment returned a total 25 percent to GP Investments, the filing added.

This article is copyrighted by Reuters