YouSaid · the spoken record

Alex Behring

lines on the record: 96
first: 2024-12-30
most recent: 2024-12-30
sittings or episodes: 1
sources: podcast

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“I could have said about China or Brazil. So I think the horizon was an important enabler of us to make some of the decisions that we made.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“On the growth side, I think one interesting thing I think is this investment horizon difference that we have Because, do I think we are any smarter than any of the prior owners, for example, of this business? There's no way. I mean, there's some of the smartest people that exist in this industry. That's not the case. I think we did have a very different time horizon. And then, for example, some of this expansion opportunities that Dan alluded to, we were talking about France. France became a big deal, but that's now 14 years to the making. But he had to spend a lot of money and attention and focus and actions, first to source the right master franchisee, then to make sure organize the capitalization of that franchisee and help him with that, then local sourcing of ingredients, customization of menu, then slowly real estate, if you want to get quality locations that can be done overnight. So a lot of actions that do create a lot of value, but on a longer horizon, same thing that I said about”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“And it was being humble about the zero-based budget that was done there. I mean, there were some real opportunities in the near term to increase a bit. There was a lot of money being spent away from the business, meaning on more bureaucratic corporate layers and things that really had little impact on sales and little impact on opening restaurants. There were some meaningful dollars there.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“You break down those two aspects of that initial goal setting. So the first is efficiencies and the second is growth. As you describe it, it sounds really simple. Put a bunch of goals in place that are tied to these financial metrics and then it happens. What are the aspects of driving what seems like a very simple way of improving efficiencies and actually making that happen at the company?”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, when we bought the business in France, there were no Burger King restaurants in France. It's one of our competitors more profitable markets globally. But I think we crossed two billion in France.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“What was so great about this business is that it was a mature business in the sense that it had a 50 year history, but there was so much opportunity to make it way, way bigger. And so after making the business more efficient, we really set our sights on how do we make this the fastest growing restaurant company globally. And we noticed in certain countries the brand was stronger than in other countries, depending on how we'd go to market. And we as a team and board developed a view that we should have large, well-capitalized master franchise partners with great local operating expertise in some of the bigger markets. So then we set our sights on creating these partnerships around the world. And in the first couple years, we created partnerships in Brazil, in China, in France as an anecdote.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“But as a result of that, we probably, as a result of that first phase, ended up owning the business of a price to earnings ratio of five, four.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“And we've posted those goals all around the organization to give everyone visibility on how we were doing. So behind people's desks, you'd see their goals for the year, red, yellow, and green metrics to create a lot of transparency and visibility within the organization of where it is that we were taking the business and how we were progressing. And then as Alex said, we felt that there was an opportunity to run the business more efficiently. And so as part of the zero-based budgeting effort, we compartmentalized costs around the organization and made groups accountable for what it is that they were going to spend. We gave people budgets and we tried to benchmark inside and outside. And so if one group was spending X dollars a year on travel per person, then the other group should try to match that. Little things like this. It wasn't overly complicated”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Had a new leadership team, which was a combination of folks from 3G. I joined as ZFO, one of our partners joined as CEO. We elevated a couple really good people within the company, brought in someone from the beer business that Alex mentioned earlier to help out in terms of people and reorganization. We set a bold, ambitious goal for the business of”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“So once you have control over it, you now are going to start operating this company. What are those first steps that you took over the first, say, six months or year to bring in your people and start to make changes happen”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“It was around 12,000 stores operating in around 80 plus countries. But I think what was interesting about the time is that it wasn't growing all that much. I don't know, one and a half, it was growing a couple hundred units on a base of 12,000 and our competitors were growing a whole lot more. We paid around $4 billion and it was doing around $450 million or so of EBITDA, maybe $150, $175 million of trailing CapEx at the time, so high 200s, 300-ish of unleverage free cash flow. And that's what the business looked like at the time.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“So we ended up in a very similar point to where we started. We started at 24. But then the markets became very different and the leverage markets became very different and the equity markets corrected a lot. We went down our offer, which is not the usual intuitive path. We're bidding against ourselves stuff. And then we went back up, but the stock was down. So, anyway, so it was a long convoluted, volatile process that ended up in a similar place.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Interesting in one of the conversations you would have at that time after the great financial crisis was basically convincing the sellers in that case that you would have financing because it's hard even to conceive of that today but a $4 billion LBO in 2010 was by far the largest deal after the crisis. I needed a long road show that was a long process and also after the financial crisis there was still significant volatility to markets and to stock prices which further complicated matters.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“I had a good relationship with one of the three private equity owners. I called the managing partner there. And he was a bit surprised. But amenable to a conversation introduced me to the chairman and CEO at the time. I traveled to Miami, had lunch with him. I think he was properly incentivized. He had to be in a position for many years, had done a good job because, I mean, the payback for everybody was happy. And of course, that meant he was also that meaningful equity holder at the business. So they were amenable on both sides, both management and the anchor shareholders were interested in the conversation.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“As you go to get ready to make a bid. A lot of times companies, you've got embedded constituents. So you do have the private equity owners who may want to be exiting, but you also have a management team who has their jobs. How did you decide how to go about the approach to make the bid for the company?”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Of the very reasonable pushbacks that we got as we discussed this in committee was the owners of this businesses were some really respectable private equity firms, ultra successful ones, which had made a lot of money, by the way. So what was it that we saw that we wanted to pay, I think at the time an orph of 40% premium market to take this thing private? What was it that we're thinking that we could accomplish that would justify that?”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“True, and sometimes it's hard to differentiate that. And I think we're lucky that in this case our analysis helped us and Dan did great work on this and the team that was working on this deal to really give us comfort around the nature of the structural advantages of the business and the short-term nature of the issues.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Centered around a dollar double cheeseburger sandwich that was a money loser for franchisees, which is one of the key things in this business is it's a great business to have a fully franchised brand, but it needs to be very good for everyone to be sustainable, meaning your franchisees making money is left right and center of this business. So this was a real problem. People were very disgruntled as a function of that. They were sowing the company. I think what we were able to do is we're able to separate the short-term issues and the short-term noise associated with those issues from the fundamental promising long-term tenets of the business. I think that's one of the key things on investment analysis. Usually things are depressed, valuation of things is depressed for a reason. And again, that reason may or may not be structured.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Probably worth also adding a couple things. One, it was a very good deal for the prior owners. They had made several times their money. And two, at the time, the business was struggling objectively. It wasn't growing all that much. I think the trailing growth rate for restaurants was around one and change percent.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Also, we had a sense of actionability at Burger King, which sometimes you can see something that's very interesting, but you don't see a path to completion. And in Burger King, we saw that path because it was a company that had been taken private years before. It was a successful LBO, had been taken back to the public markets. And the sponsors were in the process of sequentially exiting the business through blocks. We couldn't really see any strategic buyer for the business. So we figured that they might be amenable to an approach for someone that wanted to pay a premium to market and take the company private again.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Probably the best way to explain it is we'll only buy one business every few years, but we study a lot of that. Mutual friend of ours asked, Didn't Dan Daniel bring you the Burger King idea? And he said, Yeah, but you should have seen the hundred other. We look at a lot of different businesses. We go pretty deep in many of them. I'd say we definitely went”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“You're doing all this work before you even try to buy it. And I'm curious in your research process how many different types of projects or different companies are you studying with that intensity? Decide okay, that's the one you're going to go, knowing from the beginning, you may or may not be able to buy anyone in the public markets that you like”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“I know it sounds cliche, but with any investment, making sure that there is a large enough margin of safety, if you will, that Pro forma entry multiple was low enough that even folks like us probably wouldn't mess it up.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Many months of intense in-depth research studying the industry, studying the history of the company, studying the company, studying its peers, spending a lot of time visiting restaurants, both of the company and the peers. I remember Alex and I developed relationships with several franchisees. We tour the country developing relationships with people and just learning and asking questions about how the business is being run and how it could be run better. Detailed benchmarking around the number of restaurants that the brand had in certain countries compared to what the peers had, understanding those underlying unity economics of how profitable the Burger King restaurants were compared to the peers in certain countries, ultimately getting comfortable that”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“While it didn't make the investment memo, the enterprise value of the deal was around $4 billion. It was just over a billion in change of equity to buy the company. I had asked my then fianc ⁇, who was a physician and my mom, who's an attorney. I said, look, McDonald's is around $80 billion or so. Yum, I think at the time is $30 billion. What do you think Burger King is worth? And so for us, it was that billion of equity. The typical answer was, I don't know, half. McDonald's is worth $80, baby burgering's worth $40 billion.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Ultimately, that the business of Burger King was significantly smaller than the brand. And it turned out that I wasn't alone. So the brand was a much bigger thing than the business, which is a great opportunity, meaning, of course, there is growth of the brand, but growing the business to become the size of the brand is a better proposition.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, I first came to the US in the early 70s to Miami. I had family live in there. And I used Twitter, Burger King every day. It was the store on 41st Street in Miami, which we still own. It's a company store. And I used to go there every day. And then, of course, after the deal became successful, there was some degree of suspicion, even amongst my dear partners, whether that story was true or not. And ultimately, several years later, my mom passed. She had a habit of keeping everything. So I found this letter at her home from me in January 16th of 1975 basically describing, I went to Burger King and ate whoppers every single day. I never liked to go to McDonald's. It was a hardcore Burger King fan. And it was interesting to see because as one of the outputs of the analysis was”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Cost structure, growth profile relative to its peers and to other companies that we were familiar with, we felt like there would be an opportunity if we were to take this business over to run it better. I remember we did some initial work and Alexa shared it with you and you grew up in Brazil and you told me, you understand, I'm very, very familiar with Burger King, which I was surprised at the time.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Studying the history of the business from the start from the 1950s. And if you went back in time, you'd learn that the business after being founded by McLamore and Edgerton was subsequently sold several times between the 1950s and early 2000s. And that resulted in a series of management changes over the years. What we found interesting was that notwithstanding this frequent changing in ownership and management, the company flourished into the second largest fast food hamburger restaurant chain globally at the time around 12,000 restaurants, 80 plus countries, and to replicate something like that, it just felt like it would be really, really hard to do. And so I felt like it was very good business operating on a really good business model. And when we compared its organizational structure.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“We were looking at businesses to buy. This was back in 2009. We're looking at all sorts of different companies and we found Burger King, one of the regular screening exercises that we do of consumer businesses that are trading below a certain multiple, below a certain total enterprise value. And we saw it. We did a whole bunch of outside in research on the business and we developed a thesis basically around the company that looked something like the following great business, great business model. I think we were probably early to have an appreciation of the fully franchised business model and the value of the franchise business model. We felt that it was an iconic brand that had been around 50 plus years. Actually, we spent a lot of time”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Sometimes there's a delineation in our organizations. We don't like to think of it being delineation between ownership and management. 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 owner's lens to the business, thinking about what's in the best interest of the company, which is also what's in the best interest of the shareholders as opposed to think, oh, what's in the best interest of the management. In our world, we like those to be blended together. And I think the reason it's compelling, if you look at the history of restaurant brands and Burger King, I'd say we're willing to give people a shot, maybe a little bit earlier than they get a shot elsewhere. And I think that allowed us over the history of the company to attract very talented, very ambitious people, who, as Alex mentioned, or frankly, the folks who are running the business today.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Think about the type of culture you'd like your portfolio companies to breed. To sound repetitive, but it's culture that if there's one word I could use, it would really be ownership. People who genuinely care and act like owners of the business that they're running. And so there's this line that”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Leadership that comes from someone that's a partner here, typically, mini CO, sometimes CFO, some backhand functions with people that have experience in our system that worked in different deals with us, people from the business that have experience and knowledge. And by the way, people that will take advantage of a great opportunity to invest themselves or to roll their equity or to get more equity in the deal into the front of the house roles. And then over time, we bring a lot of young talent in so that the company breeds its culture and breeds its talent over time. And you can see the result of that in the company like RBI, where today 80% of the leadership team is people that are grown into the company.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Highest investment, but it was a totally separate vehicle. That investment we just basically got our money back wasn't a successful investment, but he validated a fundamental premise of ours, which is, I mean, we're not a venture capital for the downside case must be capital return or capital preservation like return of sorts. And of course, that's one of the key things that drives business selection and business quality, it drives capital structure decisions. For example, the next fund was the fund that bought Hunter Douglas, in which we only leveraged the business four times. So that's part of the approach again that we have. And then we have, of course, the ability to do another deal. So that's sort of the sequence.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Our say tolls in the water by virtue of not being involved in management just at the board was quite a successful investment for us multiple times our money on a declining market in the mid two thousand. And so there was a crisis which by the way favored people to focus on efficiencies and things that we could provide ideas. That was a good investment, but also it reinforced it to us that the end game was to control something and be involved in management. And that, in fact, happened at Burger King in 2010 and its subsequent acquisitions of another three brands in the course of the last many years. Then we had an acquisition of Heinz, the Heinz investment was successful. We made several times more money on the big private of Heinz. Then we had the craft investment, which was merged with the”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“You were to compare and contrast the approach to each e-capital with a more traditional private equity approach, I think the three main points that would make is one, we are the largest investors, we, the partners and affiliated entities, are the largest investors on these vehicles that do the deals. Number one, number two, each vehicle is deployed entirely in one situation. So it's 100% concentration. And thirdly, the intent with this business is always to be there for the long, long term. My co-founders have been investors of AB and Bev now coming on 35 years. We investors in RBI for 14 years now and counting. And in terms of your question on the sequencing, we had an investment in CSX, which was a railroad, which was our first way again.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Differently characterize it by saying we're trying to bring an owner operator approach to all facets of the business, be it cost or growth. You look at Burger King, this is a business that was operating at the time we bought it in 80 plus countries that had a 50-ish year history of successfully expanding into the second largest fast food hamburger chain in the world. Yet when we looked at it, it wasn't operating as profitably as its peers and it wasn't growing as fast. And so coming in, having a new refresh team with goals around cost management, goals around capital management, goals around growth in terms of the number of restaurants that this business should be opening each year and setting these bold, ambitious goals and hiring the right people and empowering the right people at the company to achieve them kind of allowed us to catalyze.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“The history of the deals you've done, you're buying what you think is a good business to begin with, and then you're applying this lens of efficiency. Examples of things that you found that you were able to, let's just say, take some costs out or drive efficiency that you might think from the outside, well, it's a good business. It's already run well.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“It brings ownership and accountability to cost. It's about looking at cost as if you are the owners of the business as opposed to just the employees who are fine spending whatever budget is set for them. If you look at”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“At that moment, what would you need? And then, of course, you're going to have to compare that with what you have, what the peers have to make sense of it and derive actions and so on. But it's an approach where you take an intellectually honest grassroots view of cost.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. I mean, Ted, I probably should preface this by saying 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 things like that. And 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 organic and the inorganic growth. But having said that as a means of introduction to your question, the zero-based budgeting process essentially attempts to look at the expense and the capital expenditure base without for a moment abstracting yourself from the existing numbers and from the peers, as if you were starting the business.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“Our way of doing business and driving efficiencies. 3G has been well known for a long time for this concept of zero-based budgeting. To hear how that actually works when you first step into a company.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“And we try to initially make this first phase the business more efficient, that frees up cash flow, it frees up focus to enhance or resume, however the case may be, organic growth. And hopefully by the time we've established the basis of a culture and the business is clicking, we are able to source inorganic M&A growth opportunities. So that is the process we typically go through.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“It ultimately means that we get very, very hands-on in the business. That we attempt Chart a path of value creation in the business that essentially typically has three phases to it. It does have an initial phase. Where we try to put together a team that combines some people that understand our ways of doing things, usually frankly on back and leadership like CEO and then backhand position, CFO purchasing and things like that. And we try to combine that with people from the business on the sales, marketing front of the business.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“So I had joined the organization approximately a little less than eight years or nine years before out of the Harvard Business School. I joined out of school in the predecessor of private equity firm. They were starting in Brazil. Initially, I started as an analyst. I evolved to become a partner and most of my time there, I spent running one of the portfolio companies. This company that was a result of multiple railroad privatizations in Brazil. And that was a continuation of the model that had worked so far to the extent that the partners were able to acquire good business. One of the partners would take a CEO role in that business. So I was a continuation of that approach. And I ran the company all the way to taking it public in early 2004, transitioned to a board role and moved my young family to New York City to start 3G Capital.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source
“So Ted, we started twenty years ago originally as a family office of my co founders, so just house capital. What we intended to do originally was to replicate this approach of being long term operating owners of good businesses, a model that was originally developed in Brazil, and it was subsequently companies took it all over the world, and then we wanted to attempt to do that outside of Brazil. And that was sort of the inspiration to set up 3G Capital in New York City at the time.”
2024-12-30 · Capital Allocators · Top 5 of 2024: #5: Alex Behring, Daniel Schwartz - EP.384 · IDENTIFIED FROM THE TRANSCRIPT · source