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Daniel Schwartz

Co-Managing Partner, 3G Capital · 1 appearance on the record.

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investorexecutiveoperator3g-capital.com ↗Wikipedia ↗

Daniel Schwartz joined 3G Capital in 2005 and later served as CEO of Burger King and Restaurant Brands International. He currently serves as Co-Managing Partner at 3G Capital, leading the firm's concentrated investment strategy.

12statements → 5claims → 4claims resolved → 50%fully supported → 3.75/5average certainty → 1.33/5average debate potential → ≈4.5/5argument clarity, estimated → 3said about them ↓

2 supported 2 partly supported 0 contradicted 1 not checkable as stated how the 5 claims stand · each chip opens the sources

5 assertions · 3 insights · 4 disclosures · every statement was checked. The predictions and assertions are the 5 claims: statements the public record can support or contradict. 4 are resolved, and 1 names no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Daniel argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

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)

Expressed certainty vs assessment result

none yet certainty 1
none yet certainty 2
50% certainty 3
100% certainty 4
none yet certainty 5

weighted support: a fully supported claim counts one, a partly supported claim counts half. Each filled bar is clickable and opens exactly those claims; "none yet" means nothing said at that certainty level has resolved yet

How they sound: not measured why? →

We measure speaking style by listening to the audio itself, and a fair number needs at least 2,000 words from one person on tape we have measured. There is too little of Daniel Schwartz on measured tape to publish a rate. This says nothing about how they speak.

Everything Daniel Schwartz said on Capital Allocators that made the record, most notable first. Filter by type, assessment or year in the ledger →

Insight
Schwartz: Erasing the line between management and ownership drives entrepreneurial alignment
“We don't like to think of that being delineation between ownership and management. And like the people who are running the company are the people who own the company. And I think it results in them being more entrepreneurial. It results in them bringing this o…”
Daniel Schwartz May 6, 2024 ▶ 18:32 Classic Deal - Burger King by 3G Capital (EP.384)
Assertion Partly supported
Schwartz: Burger King Yielded ~25% Free Cash Flow on Equity in Year One
“Yeah, it's like a 25% free cash flow yield within the first year or so on our equity.”
Daniel Schwartz May 6, 2024 ▶ 35:12 Classic Deal - Burger King by 3G Capital (EP.384)
Disclosure
Schwartz: Burger King recruited MBAs with cold emails and spot offers
“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 …”
Daniel Schwartz May 6, 2024 ▶ 42:04 Classic Deal - Burger King by 3G Capital (EP.384)
Assertion Partly supported
Schwartz: Tim Hortons EBITDA grew 80% and cash flow doubled under 3G
“Which in hindsight, it's like, oh, it was really obvious that Tim Horton's EBITDA is now 80% higher or whatever it is, and the cash flow doubled. We've expanded it globally.”
Daniel Schwartz May 6, 2024 ▶ 51:04 Classic Deal - Burger King by 3G Capital (EP.384)
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)
Insight
Schwartz: Bet on high-potential talent before they are fully ready
“Don't be afraid to make a big bet on someone if you really believe in that person. Even if maybe that person isn't a hundred percent ready at the time, don't be afraid. Make the bet.”
Daniel Schwartz May 6, 2024 ▶ 1:15:08 Classic Deal - Burger King by 3G Capital (EP.384)
Disclosure
Schwartz: 3G Capital Only Acquires One Business Every Few Years
“We'll only buy one business every few years, but we study a lot of them.”
Daniel Schwartz May 6, 2024 ▶ 25:37 Classic Deal - Burger King by 3G Capital (EP.384)
Disclosure
Schwartz: 3G paid $4B for Burger King at $450M EBITDA
“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.”
Daniel Schwartz May 6, 2024 ▶ 32:24 Classic Deal - Burger King by 3G Capital (EP.384)
Assertion Not checkable as stated
Schwartz: Burger King cut 90% of FedEx costs by switching to email
“One example, many multi-million dollar FedEx budget that 90% of it converted to email instead.”
Daniel Schwartz May 6, 2024 ▶ 37:41 Classic Deal - Burger King by 3G Capital (EP.384)
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)
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)
Disclosure
Schwartz: 3G granted stock options to top 150 Burger King employees
“And so we granted sizable stock options for To top the 150 people in the organization to become owners of the business.”
Daniel Schwartz May 6, 2024 ▶ 39:24 Classic Deal - Burger King by 3G Capital (EP.384)

The other half of the tape: Daniel Schwartz's own voice is left out of every number here. Other people bring the name up 2 times in 2 episodes on Capital Allocators. 1 statement on the record names them. every mention, with the transcript →

Who brings them up most Ted Seides 1Alex Sloane 1

Statements about Daniel Schwartz, by other people (1)

Opinion
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.”
Ted Seides Dec 30, 2024 ▶ 12:59 Year in Review 2024 (EP.424)

Every mention by year

tap a year for its mentions
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011202420252026episodes it came up in
000.50.511202420252026episodesmentions per episode
2026 1 mention in 1 episode
2024 1 mention in 1 episode

Appearances (1)

EpisodeDateSpeaking time
Classic Deal - Burger King by 3G Capital (EP.384) May 6, 2024 25m
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