Private Equity Deals with Capital Allocators

By: Ted Seides – Allocator and Asset Management Expert
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  • Summary

  • Allocator and asset management expert, Ted Seides, conducts in-depth interviews with interviews with top institutional money managers across private markets. Guests include principals and senior leaders from private equity, private credit, real assets, and other alternatives. We dive deep into individual deals to learn about deal dynamics, companies, and ownership that make private equity a force in institutional portfolios and the global economy. Learn more and join our community at capitalallocators.com.
    © Capital Allocators
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Economics Leadership Management Personal Finance
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Episodes
  • Classic Deal - Burger King by 3G Capital (S3.EP.09)

    Classic Deal - Burger King by 3G Capital (S3.EP.09)
    May 6 2024
    3G Capital’s buyout of Burger King may be the most successful private equity deal you’ve never heard about. Over the last fourteen years, or the length of a typical private equity fund, 3G turned a $1 billion investment into $28 billion in value. The annual dividends from the investment accruing to 3G today are around 70% of its invested capital. The deal is one of the highest earning buyouts ever. 3G is an organization with a storied history. Founded by Jorge Paolo Lemann, Carlos Alberto Sicupira, and Marcel Herrmann Telles, the group created an owner-operator model of investing. They rose to prominence through building the largest beer company in the world, initially buying local brewer Brahma in 1989, expanding it and merging with a competitor to become AmBev in 1999, merging with Interbrew to become ImBev in 2004, and taking over Anheuser Busch in 2008 to become AB InBev. Twenty years ago, Alex Behring, a young star on their team, moved to the US to form 3G Capital and take the approach abroad. Burger King was the second largest hamburger fast food chain after McDonalds in 2010 when 3G took it private. What it accomplished since then has been extraordinary. My guests to discuss 3G and the deal are Alex Behring and Daniel Schwartz. Co-Managing Partners of 3G Capital. Our conversation covers the history of 3G, Alex's journey to form 3G Capital, and the 3G playbook. We then dive into the deal, covering the sourcing and deal dynamics, improving operations, growing the business, taking the company public unexpectedly, and reloading to buy Tim Horton’s, Popeye’s, and Firehouse Subs. Today’s Burger King is part of Restaurant Brands International (QSR), a public company with a $32 billion market cap and $50 billion enterprise value. This classic deal will widen your aperture on what’s possible with a long-term, compounding holding period and operational excellence. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership
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    1 hr and 12 mins
  • DealCloud – Ben Harrison (DealCloud), (S3. Sponsored Insight)

    DealCloud – Ben Harrison (DealCloud), (S3. Sponsored Insight)
    Dec 20 2023
    This Sponsored Insight features Ben Harrison, Founder and Co-President of DealCloud, our sponsor for Season 3 of Private Equity Deals. Ben discusses how DealCloud’s vertical software supports alternative investment professionals through deal sourcing, relationship and pipeline management, and workflow efficiencies. We are incredibly grateful of DealCloud for sponsoring Private Equity Deals, and we are eager to highlight their value to the alternative investment community. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership
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    30 mins
  • Ironclad Environmental Services – Chris and Rob Michalik (Kinderhook Industries), (S3.EP.08)

    Ironclad Environmental Services – Chris and Rob Michalik (Kinderhook Industries), (S3.EP.08)
    Dec 13 2023
    On episode eight of season three of Private Equity Deals, Chris and Rob Michalik discuss Kinderhook Industries’ investment in Ironclad Environmental Services. Chris and Rob are twin brothers and co-founders of Kinderhook, a twenty-year-old private equity firm that manages $5 billion specializing in middle-market businesses across healthcare services, environmental services, and automotive/light manufacturing. Ironclad Environmental Services is a leading provider of logistics-based solutions focused on the containment of industrial waste. It has 50 branches and a fleet of 29,000 specialized rental assets that store, separate, and transport liquid and solid industrial waste. Our conversation covers Kinderhook’s identification, due diligence, and negotiation of the deal. We discuss a significant early add-on acquisition, progress-to-date, and the future of Ironclad. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership
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    39 mins

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