Alex Behring
Co-Managing Partner, 3G Capital. On 2 shows, 2 appearances. The Shows tab opens the full record on each.
investorfounderexecutiveoperator3g-capital.com ↗Wikipedia ↗
Alex Behring is the co-founder and co-managing partner of global investment firm 3G Capital. He previously served as the chief executive officer of América Latina Logística and chaired the boards of Burger King Worldwide and Kraft Heinz.
2shows
2appearances
37statements
16resolved
11supported
2contradicted
69%fully supported
7said about them ↓ Everything Alex Behring said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Behring: Bulk of 3G's RBI returns came from growth, not cost-cutting
“If you look at the amount of money we've made at RBI, and then you try to decompose that. Okay. How much Of it was because we did zero base budget successfully in a couple of instances. And how much of it is because we grew the businesses originally, we had 12…”
Behring: Most 3G Value Creation Came From Growth, Not Zero-Based Budgeting
“In spite of all the publicity the zero-based budget gets, the portion of that value creation that is directly associated with the efficiencies and therefore with the zero-based budget is small. I mean, frankly, the majority of that growth came from, again, the…”
Behring: Scaling Stores Is Easy When Brand Awareness Outpaces Business Footprint
“Because to grow a brand like that is very hard. A lot of time and dollars. In case of Burger King, yes, we can grow the brand further, but it was about... Easy to open stores of a brand that everybody already wants.”
Behring: 3G Capital Generated 28x Return and 30% IRR on RBI
“We had this big returns in companies like RBI and where I think we made 28 times the original billion plus capital we put in, and we had a 30% IRR in 14 years and all, and things like that”
Behring: 3G Capital uses single-deal funds where partners are largest investors
“If you were to compare and contrast the approach at Three G Capital with a more traditional private equity, Approach. I think the three main points I would make is one, we are the largest investors. We, the partners and affiliated entities are the largest inve…”
Behring: Kraft investment broke even, validating 3G's capital preservation floor
“Then we had the Kraft investment, which was merged with the Heinz investment, but it was a totally separate vehicle. That investment, we just basically got our money back. Wasn't a successful investment, but he validated a fundamental premise of ours, which is…”
Behring: 3G rejects deals primarily over downside risk, not upside potential
“If you were to look at businesses that we didn't buy or deals that we didn't do over a long period of time, I think more often than not, that would be a function of us not being comfortable with a potential downside scenario or a downside case, as opposed to u…”
Behring: 3G Capital avoids 'high IQ' businesses in favor of simplicity
“We're not well suited to manage businesses that require high IQ.”
Behring: 3G Capital's partners are the largest equity investors in every deal
“We and our group of co-founders and partners and whatnot are the largest investors on each and every deal that we do, number one.”
Behring: Investment Firms Should Always Be Owned by Active Leaders
“And this is a place where we think that over time, the firm should always be owned by the people driving it.”
Behring: Publicly ranking engineers cut railroad fuel consumption by 30%
“We were able to then capitalize on that by having onboard computers, rank people on their fuel, And safety performance nationwide. I mean, railroaders are very proud people, and that drove a 30% reduction in fuel, for example, which was the number one cost in …”
Behring: Buffett Immediately Praised Tim Hortons' Business Quality
“I mean, I remember 10 seconds into the call with Warren, he really, really praised the quality of the business. And then and I always go back to that and saying how right he was, and we didn't even fully appreciate how good a business it ultimately was, which …”
Behring: Tim Hortons' Brand Power in Canada Has No US Equivalent
“Tim Hortons is a brand of a magnitude that I almost want to say that I'm unsure whether it exists in the U.S. It's just so, so large, the brand in Canada and so important for the Canadians”
Behring: Outsized achievement for age and extreme desire predict young talent's success
“The two comments I would make are when you look at those resumes and when you talk to people, you're trying to identify the people that achieved a lot for their age. On the young cohort, because that's indicative of them being hardworking and ambitious in a po…”
Behring: Burger King grew France from zero to over €2B in sales
“Zero, and now it's the second two billion euro in sales. Largest market in the world for us and so on and so dark.”
Behring: Most US CPG Companies Have Heavy Retailer Concentration
“Pretty much any CPG company in the US is going to have a third of the business or so, sometimes more with Walmart or another big chunk with Costco or, and it's short in other countries as well, where between one and three retailers, you're going to have the bu…”
Behring: 3G's model places a partner directly as CEO of acquired companies
“To the extent that the partners were able to acquire a good business, one of the partners would take a CEO role in that business.”
Behring: Burger King's business was significantly smaller than its brand
“The business of Burger King was significantly smaller than the brand. I mean, it turned out that I wasn't alone. So the brand was a much bigger thing than the business, which is a great opportunity, meaning of course there is growth of the brand, but growing t…”
Behring: 3G returned 130% of capital on Burger King IPO while keeping 70%
“We ended up going public in 2012, year and a half into this, mid-twelve, and this was a late 2010 closing, and between the dividend that was paid and the proceeds of selling quarter of the business or whatever that was, we returned a 130% of capital, give or t…”
Behring: Popeyes sales tripled after seven years under RBI ownership
“Then you fast forward to today on a company three times as big in sales than what we bought. And again, a function of fast international and domestic expansion or restaurant count and basically launching A boneless product, which is a chicken sandwich.”
Behring: 3G Capital receives two-thirds of its RBI equity in annual dividends
“The company pays a lot of dividends today, by the way, we receive two thirds of our notional equity check a year.”
Behring: Franchised Fast Food Is Non-Cyclical and Grew EBITDA in 2008 Crisis
“Incidentally, that's one of the things that's so great about this fully franchised quick service restaurant businesses, which is they're really not cyclical at all. Meaning on downturns, people trade down, look at what happened to the EBITDA of McDonald's or B…”
Behring: Long-term investing requires great businesses, not operational turnarounds
“There is no substitute for that, particularly if you're going to hold it for a long, long multi-decade period. It needs to be a good business. I don't know that we are one of these people like a Steve Jobs or someone that's really, really smart and the genius …”
Behring: 3G Capital was founded in 2004 to back one company at a time
“When I started the firm in New York in 2004, we already had those Things pretty clearly understood, and that was a premise that to the extent that we would get involved with businesses on a strategic long term basis, it would be one at a time.”
The other half of the tape: Alex Behring's own voice is left out of every number here. Other people bring the name up 5 times in 1 episode across the shows. 2 statements on the record name them. every mention, with the transcript →
Who brings them up most Patrick O'Shaughnessy 5
Statements about Alex Behring, by other people (2)
Seides: 3G Capital's Burger King deal is among best in PE history
“I had the great opportunity to interview the guys at three G Alex Baring and Daniel Schwartz talking both about three G and their Burger King deal, which is one of the most successful private equity deals ever.”
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Invest Like the Best 5
One line per show, most statements first. The link opens Alex's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
| INVEST LIKE THE BESTLEDGER | Co-Managing Partner, 3G Capital | 1 | 20 | 75% 6/8 | full record on Invest Like the Best → |
 CAPITAL ALLOCATORSLEDGER | Co-Managing Partner, 3G Capital | 1 | 17 | 63% 5/8 | full record on Capital Allocators → |