Assertion Supported AI assessment confidence: 95% certainty 4/5 debate potential 1/5

Schwartz: Burger King hit a $10 billion valuation four years post-buyout

Daniel Schwartz · The Secretive PE Firm Behind Burger King, Tim Hortons, Skechers and Hunter Douglas (3G Capital) · Invest Like The Best · Feb 10, 2026 · at 28:42

Daniel Schwartz, Co-Managing Partner at 3G Capital and former CEO of Burger King, discusses the financial turnaround and valuation growth of Burger King leading up to their acquisition of Tim Hortons.

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“We had bought Burger King in 2010. Billion and change of equity. Within a couple of years, it was objectively a great outcome. Everyone got all their money and then some back, and by mid 2014, we were like a ten billion dollar company, and we had owned 70% of the company, so objectively good.”

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More from Daniel Schwartz

Insight
Schwartz: PE firms should buy one business and deploy top talent
“It's so hard to find great people. To be great CEOs. It's like, how are we gonna find 10? So I think it's great to be able to buy one business every once in a while and send in your A++ players to get involved.”
Daniel Schwartz Feb 10, 2026 ▶ 3:27 The Secretive PE Firm Behind Burger King, Tim Hortons, Skechers and Hunter Douglas (3G Capital) · Invest Like The Best
Disclosure
Schwartz: 3G routinely paid certain employees multiples of their peers' stock
“I did not allocate stock equally to people. I gave certain people multiples of what other people got based on our thoughts of people's existing and potential future contribution.”
Daniel Schwartz Feb 10, 2026 ▶ 49:27 The Secretive PE Firm Behind Burger King, Tim Hortons, Skechers and Hunter Douglas (3G Capital) · Invest Like The Best
Assertion Supported
Schwartz became Burger King CEO at 32; Kobza became CFO at 26
“Josh when he was 25, and when Alex promoted me to be CEO at 32, I think Josh became CFO at 26.”
Daniel Schwartz Feb 10, 2026 ▶ 42:42 The Secretive PE Firm Behind Burger King, Tim Hortons, Skechers and Hunter Douglas (3G Capital) · Invest Like The Best
Disclosure
Schwartz: Burger King memo projected 3x in five years, not platform M&A
“Well, I'd like to sit here and say the investment memo for Burger King said that it was going to be a platform company, and we were great visionaries... Well, there was a memo, it just didn't say that... No, it was after five years, this will be worth three ti…”
Daniel Schwartz Feb 10, 2026 ▶ 1:12:14 The Secretive PE Firm Behind Burger King, Tim Hortons, Skechers and Hunter Douglas (3G Capital) · Invest Like The Best
Insight
Schwartz: Retailers disintermediate CPG brands because they own customer relationships
“If you're a large retailer, be it a Walmart and Amazon or Costco. If you own the relationship with your customers, you have this ability to disintermediate the company selling to you.”
Daniel Schwartz Feb 10, 2026 ▶ 7:01 The Secretive PE Firm Behind Burger King, Tim Hortons, Skechers and Hunter Douglas (3G Capital) · Invest Like The Best
Disclosure
Schwartz: 3G Capital Sticks Exclusively to Simple, Long-Standing Moated Brands
“We've managed to stay pretty disciplined to stick to good, relatively easy to understand, well-moded businesses that we and our partners here could kind of wrap our heads around. Businesses that have ideally been around for a long time with strong brand franch…”
Daniel Schwartz Feb 10, 2026 ▶ 8:21 The Secretive PE Firm Behind Burger King, Tim Hortons, Skechers and Hunter Douglas (3G Capital) · Invest Like The Best
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