Almost a month after, just again was released by the parties. It was expected. Under a long -term investment profile, the private equity Founded by Brazilians gained fame in the market for its discreet profile.
His last businesses, however, signal to some precepts.
In the erasing lights of 2021 on December 31, the company created by billionaires trio Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Herrmann Telles closed the purchase of Hunter Douglas, Dutch multinational blinds, curtains and manufacturer of architectural products, for $ 7.1 billion.
By the negotiation, Ralph Sonnenberg, from the family that founded the company for over 100 years and then Co-CEO, had the chair of CEO. João Castro Neves, partner of 3G Capital, became the CEO. It was the realization of the strengthening of a relationship between family and manager who was built during the transaction.
At Skechers, the main ones. Robert Greenberg, current CEO, and Michael Greenberg, president, head ahead of the business. But the idea is the same: the conditions for the purchase of the shoe brand were aligned with an approximation of years from the family.
Strategically, the complementarity of founders’ views helps build the (very) long-term project that defines the firm’s investment philosophy with more than $ 14 billion under management at the end of 2023. Burger King purchase may be the best example of this.
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Long -term investment
Although it is not the acquisition of a family company – in fact – the pattern was similar: a dance of chairs in the high executive positions that makes room for members to put their hands on the dough with long -term returns.
In an investment of approximately $ 1 billion in equity in 2010, Restaurante Brands International, controller of Burger King, jumped to a market value of $ 28 billion, 3G partner Alex Behring told the “Allocators” podcast in May 2024.
The brand units (which also include networks such as Popeye’s, Tim Horton’s and Firehouse Sub) increased from 12,000 to 32,000. The return to shareholders was close to 30% per year.
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It is not always like that. In 2013, 3G Capital associated with Berkshire Hathaway to close the capital of Kraft Foods. In 2015, it would merge the company with Heinz. By 2023, 3G had already undone its position in the company result of the operation. The departure occurred in a short period for the manager of the manager – 35 years ago at AB Inbev and 15 years at Restaurante Brands International – and, at least in the case of Kraft, was in zero to zero.
The financing of 3G acquisitions are made mostly with equity in addition to a very select investor group. For each new endeavor, a new background. It was like the billionaire Warren Buffet Berkshire Hathaway. This is what helps the company to support a longer thesis.
“Unlike companies private equity Classic, 3G has no attachment to short -term vision, without pressure to pay dividends, dwolst up or close deals just by closing deals, ”says Deputy Professor at London Business School, Dominic Houlder.
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A study by McKinsey shows that the capture in the private equity It fell 24% in 2024 compared to the previous year, the third consecutive fall. It is not uncommon for the manager to decide business when the market is down – and with long spaces.
When he bought Hunter Douglas, 3G Capital’s last investment had been in 2015 with Kraft Heinz. Burger King’s business occurred five years earlier in 2010, shortly after the subprime crisis in the United States.
The difference of a few years between one investment and another will be maintained after the acquisition of Skechers, and 3G does not signal to new short -term endeavors. “Our team at 3G Capital was created to partner with companies such as Skechers,” said Alex Behring, co-founder and managing partner, and 3G Capital’s managing partner Daniel Schwartz in the acquisition announcement.
