Burger King, the nation’s second-largest hamburger chain, is being sold to private equity firm 3G Capital, in a deal valued at more than $3 billion. The firm is funded by three wealthy Brazilian businessmen. It’s not 3G’s first foray into fast food. The company previously held a 6.7 percent stake in Wendy’s.

3G Capital agreed to buy Burger King Holdings for $24 per share, a day after the New York Times and Wall Street Journals’ reports on the deal sent shares upward more than 15 percent.

Burger King, which has more than 12,000 locations, has been struggling during the tough economic times while the nation’s largest burger chain, McDonald’s has been flourishing. Same store sales at Burger King have been in decline for the last five consecutive quarters.

Under the terms of the deal, Burger King’s chairman and chief executive, John Chidsey, will become co-chairman of the board. 3G managing partner Alex Behring will be the other co-chairman.

“We look forward to partnering with 3G Capital, whose proven track record as an investor, together with its financial and consumer brands experience, will serve to further strengthen the company, our restaurants and franchisees worldwide,” Chidsey says.

When this deal closes it will mark the second time in the last eight years that Burger King has taken itself private. During the last two decades Burger King has had many changes in its leadership, with the top spot turning over 10 times since 1989. Chidsey assumed the top post in April of 2006.

“We have great respect for the Burger King brand and the strong business that management, the employees and the franchisees have built,” Behring says. “The iconic Burger King brand, its solid franchisee network and great product offerings make this a perfect fit for 3G Capital, which has a strong track record in long-term investments in global consumer brands and retail companies.”

Burger King is based in Miami and was founded in 1954 by James McLamore and David Edgerton. Click here for a brief history of BK’s ownership changes.