Behring: Franchised Fast Food Is Non-Cyclical and Grew EBITDA in 2008 Crisis
Alex Behring · Classic Deal - Burger King by 3G Capital (EP.384) · May 6, 2024 · at 1:07:28
Alex Behring, co-managing partner of 3G Capital, explains why fast-food franchise models are resilient during macroeconomic downturns.
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“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 Burger King or Domino's or all these brands in the great financial crisis. And the answer is not much. In most cases, it grew.”
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