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: 3G LP base favors families and sovereigns over traditional institutions
“Number two, the balance of the capital that's not ours is different from a traditional PE firm in the sense that that's a much higher component of high net worth individuals and families around the world. Some sovereigns also, but a very different LP base, and…”
Behring: 3G Capital has held Restaurant Brands International for 15 years
“We invested in RBI for 15 years and counting, and so on.”
Behring: Burger King directly operated nearly 2,000 corporate stores globally pre-acquisition
“That's something that we fixed, but it had almost 2000 restaurants around the world.”
Behring: 3G Capital Made Nearly 3x on Heinz Investment
“The Heinz investment turned out to be a pretty decent one. We make almost three times. Or money on it. And we're able to return our investors capital in the craft investment, which didn't do obviously as well.”
Behring: Skechers sells $9 billion in sneakers annually versus Adidas' $14 billion
“It's also surprising the distance, because Skechers sells nine billion. A year in sneakers, and Adidas sells 14.”
Behring: Skechers makes bulk of sales via 5,000+ own stores
“The bulk of the sales are done through your own 5000 plus stores and your sites. That's a big difference.”
Behring: 3G Capital maintains an exceptionally lean investment team
“I think they might be surprised how lean we are as a group of people, given the size and global footprint of some of these businesses.”
Behring: 3G founders have held AB InBev for 35 years and RBI for 14
“My co-founders have been investors of AB InBev now coming on 35 years. We investors in RBI for 14 years now and counting.”
Behring: 80% of RBI leadership was developed internally
“You can see the result of that in a company like RBI, where today, 80% of the leadership team is people that are grown into the company.”
Behring: A Franchised Brand Is Only Sustainable If Franchisees Profit
“It's a great business to have a fully franchised brand, but it needs to be very good for everyone to be sustainable, meaning your franchisees making money is left, right, and center of this business.”
Behring: Burger King was largest post-crisis LBO at $4B
“Convincing the sellers in that case that you would have financing, because it's hard even to conceive of that today, but a four billion dollar LBO in 2010 was by far the largest deal after the crisis.”
Behring: 3G reduced Burger King's leverage from ~6.5x to under 3x
“We levered, what, quasi seven times, six and a half times off the gates. And we were a few years into this process back to two and change, or three, or not even three.”
Behring: 3G Capital began as a family office replicating Brazilian operating model
“So Ted, we started 20 years ago originally as a family office of my co-founders, so just house capital, and what we intended to do originally was to replicate this approach of being long-term operating owners of good businesses, a model that was originally dev…”
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