Burger King

“And after eight years at the bank, I started, let's say, a proprietary fund for three families who currently Are the largest shareholders of ABI InBev, Kraft Heinz, Burger King, and others.”

“One example, many multi-million dollar FedEx budget that 90% of it converted to email instead.”

“Yeah, it's like a 25% free cash flow yield within the first year or so on our equity.”

“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.”

“We paid around four billion, and it was doing around four hundred and fifty million or so of EBITDA. Maybe a 150, hundred and seventy five million dollars of trailing capex at the time. So high 203 hundred ish of unlevered free cash flow.”

“And so we granted sizable stock options for To top the 150 people in the organization to become owners of the business.”

“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.”

“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…”

“I would make regular trips to business schools, get the resume books in advance, and cold email folks who I thought had impressive resumes, and if you get an email from, say, Cold email CEO or CFO of this company. I'm on campus, and do you want to meet? I got …”

“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…”

“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.”

“While there would be back of the house synergies in terms of finance, procurement, supply chain, legal, we actually felt it was very important for the brands to maintain their own distinct brand identity and brand management. Part of that is real estate develo…”

“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…”

“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.”

“What we realized while building value in the Burger King business was that there was a massive opportunity to invest in fragmented markets, high quality businesses behind this baby boomer generational transition, 10 trillion of assets or so set to change hands…”

“We first invested in a 23 unit Burger King franchisee business that was based in the Garnett Street train station in Henderson, North Carolina. They gave us this shot. We were successful with that business that allowed us to grow. We ultimately got to 1100 fra…”

“When we took the business public, it was May of 19, and we reverse merged our 220 unit Burger King and Popeyes business into a larger Burger King business and became the largest shareholders of that company. The day we did the deal, we merged in at 8:35 a shar…”