GP Investments, an alternative asset investment firm in Latin America, has reached an agreement to sell 100 percent of FC Holdings, the holding company for Brazilian steakhouse Fogo de Chão Churrascaria, to U.S.-based private equity firm Thomas H. Lee Partners for an enterprise value of US$400 million. In partnership with co-investors, GP Investments acquired a 35 percent stake in Fogo de Chão in 2006 through its third fund and subsequently purchased the remainder of the company in 2011. GP Investments expects to generate a cash-on-cash multiple of approximately 3.4x from the sale, with a 25 percent estimated IRR.