Restaurant Brands International

also referred to as: rbi

10 statements across 1 episodes · 6 bullish · 0 bearish · 2 people on the record · first statement May 6, 2024 by Alex Behring · said 9 times in 1 episodes since 2024 · across every show →

Mentions by year

brought up most by Alex Behring (4), Ted Seides (3), Daniel Schwartz (2)

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2024 9 mentions in 1 episode

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Everything said about Restaurant Brands International, oldest first

May 6, 2024 positive
Disclosure
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.”
Alex Behring May 6, 2024 ▶ 1:04:12 Classic Deal - Burger King by 3G Capital (EP.384)
May 6, 2024 bullish
Assertion Supported
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”
Alex Behring May 6, 2024 ▶ 11:47 Classic Deal - Burger King by 3G Capital (EP.384)
May 6, 2024 positive
Assertion Partly supported
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.”
Alex Behring May 6, 2024 ▶ 58:09 Classic Deal - Burger King by 3G Capital (EP.384)
May 6, 2024 positive
Assertion Supported
Schwartz: RBI has 30,000 restaurants, $40B+ sales, and $50B enterprise value
“We have 30,000 restaurants, north of forty billion in sales, fifty billion plus or minus total enterprise value.”
Daniel Schwartz May 6, 2024 ▶ 1:02:47 Classic Deal - Burger King by 3G Capital (EP.384)
May 6, 2024 positive
Assertion Supported
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.”
Alex Behring May 6, 2024 ▶ 17:51 Classic Deal - Burger King by 3G Capital (EP.384)
May 6, 2024
Assertion Supported
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.”
Alex Behring May 6, 2024 ▶ 15:17 Classic Deal - Burger King by 3G Capital (EP.384)
May 6, 2024 positive
Assertion Supported
Schwartz: Popeyes 18x EBITDA multiple bought down to ~12x via synergies
“It's 18 times acquisition, buys down to about 12 times.”
Daniel Schwartz May 6, 2024 ▶ 58:02 Classic Deal - Burger King by 3G Capital (EP.384)
May 6, 2024 neutral
Insight
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…”
Alex Behring May 6, 2024 ▶ 11:47 Classic Deal - Burger King by 3G Capital (EP.384)
May 6, 2024
Insight
Schwartz: Multi-brand restaurant platforms must keep separate brand identities and real estate
“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…”
Daniel Schwartz May 6, 2024 ▶ 55:52 Classic Deal - Burger King by 3G Capital (EP.384)
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