Fifty-five years of Brazilian operator-investor compounding — Banco Garantia, Brahma, AmBev, InBev, AB InBev, SABMiller, Burger King, Tim Hortons, Popeyes, Firehouse, Heinz, and Kraft — on one filterable page.
3G Capital Partners LP is the private-investment firm formally organized in 2004 by Brazilian partners Jorge Paulo Lemann, Marcel Herrmann Telles, and Carlos Alberto Sicupira — the three founders whose working partnership dates to Banco Garantia, the Rio de Janeiro investment bank that Lemann founded in 1971 and built into Brazil's largest. The 3G arc is properly read as a single fifty-five-year compounding record beginning at Garantia. The trio's 1989 acquisition of Cerveja Brahma (~$50M) launched the beer consolidation that ran through the 1999 AmBev merger (~$1B), the 2004 Interbrew combination (~$11.5B market cap), the 2008 Anheuser-Busch acquisition (~$52B), and the 2016 SABMiller acquisition (~$103B, one of the largest M&A transactions ever). In parallel, 3G built the Restaurant Brands International quick-service empire (Burger King in 2010, Tim Hortons in 2014, Popeyes in 2017, Firehouse Subs in 2021), and partnered with Berkshire Hathaway on the 2013 H.J. Heinz acquisition and the 2015 Kraft Heinz merger. The signature operating template — zero-based budgeting combined with aggressive leverage and deeply aligned equity compensation — became the private-equity playbook of the 2010s. This page catalogs the material record from Banco Garantia's 1971 founding through today, including the post-2019 recalibration following the Kraft Heinz $15.4B writedown. This page is the natural companion to the Institute's AB InBev acquisition record, AB InBev brands ledger, Berkshire acquisitions, and the eventual Kraft Heinz record. It is intentionally a living reference: as new deals close or divestitures are announced, the row is added, the roll-ups reflow, and the sitemap timestamp bumps. Nothing here is investment advice. Everything here is a fact-checkable practitioner reference for a very specific question — what does fifty-five years of Brazilian operator-investor CPG-and-restaurants compounding actually look like in list form?
3G Capital is properly read as the fifty-five-year working partnership of three Brazilian founders — Jorge Paulo Lemann, Marcel Telles, and Carlos Sicupira — before it is read as a firm with a 2004 formation date. Lemann founded Banco Garantia in Rio de Janeiro in 1971 as a small brokerage, and by the early 1990s it was the largest and most prestigious investment bank in Brazil, deliberately modeled on Goldman Sachs's meritocratic partnership culture. Telles joined Garantia in the 1970s and rose through trading and banking. Sicupira joined and became the operating architect of the 1982 Lojas Americanas turnaround. The three used Garantia both as an income-generating institution and as the acquisition-financing vehicle for their industrial holdings — most consequentially for the 1989 Brahma deal.
The AB InBev arc is the flagship. Brahma (1989) → Antarctica merger to form AmBev (1999) → NYSE IPO (2000) → combination with Interbrew to form InBev (2004) → Anheuser-Busch acquisition to form AB InBev (2008) → SABMiller acquisition (2016). Each transaction applied the Telles operating discipline — zero-based budgeting, aggressive plant rationalization, aligned equity compensation — to the acquired brewer. AB InBev today is the largest brewer in the world by volume and revenue. The Institute's separate AB InBev acquisition record and AB InBev brands ledger track the beer-portfolio detail; this page frames the 3G ownership-and-governance arc.
The Restaurant Brands International (RBI) empire is the second pillar. 3G took Burger King Holdings private in 2010 for approximately $4B, executed the operational turnaround, brought it back public in 2012 via the Justice Holdings SPAC, and then in 2014 combined Burger King with Canadian coffee-and-donut chain Tim Hortons for approximately $12.5B to form RBI. Popeyes Louisiana Kitchen was added in 2017 for approximately $1.8B, and Firehouse Subs in 2021 for approximately $1B. RBI today operates approximately 30,000+ restaurants across four brands globally.
The Berkshire partnership on Heinz and Kraft is the third pillar. In February 2013, 3G Capital and Berkshire Hathaway jointly acquired H.J. Heinz Company for approximately $23B enterprise value. In March 2015, Heinz merged with Kraft Foods Group to form Kraft Heinz (~$46B combined equity), with 3G and Berkshire jointly retaining approximately 51% control. The February 2019 Kraft Heinz $15.4B writedown and 36% dividend cut marked a public inflection point for the 3G doctrine.
Six columns. Year of announcement or close. Target or portfolio event. Sector (Beer, Restaurants, Food, Retail, Financial services, Corporate for structural events). Deal structure (whole-company, majority stake, minority stake, merger, IPO, divestiture, fund formation). Approximate consideration in USD — original terms were often denominated in BRL, EUR, or CAD; USD equivalents are directional. ZBB-playbook flag YES for transactions where the signature 3G zero-based-budgeting operational-transformation template was applied; NO for structural events, portfolio positions, and the Banco Garantia banking era. Strategic note. Sort and filter. Click any column header to sort. Use the decade, sector, structure, and ZBB filters to isolate a slice. The search box matches target names and notes.
Five strategic observations across fifty-five years of 3G Capital and predecessor capital allocation.
(a) The Lemann-Telles-Sicupira partnership model. The three founding partners have worked together continuously since the 1970s and 1980s. Lemann is the anchor founder — the Harvard MBA, five-time Brazilian national tennis champion, and Wimbledon competitor whose 1971 founding of Banco Garantia in Rio de Janeiro seeded the entire subsequent arc. Telles is the operational architect — the trader who joined Garantia in the 1970s, ran Brahma from 1989, and defined the zero-based-budgeting operating template. Sicupira brought the retail-operating background from the 1982 Lojas Americanas turnaround and continues as chairman-adjacent across the portfolio. The partnership model — meritocratic, equity-linked, unusually stable across five decades — is one of the defining features of the 3G record. Subsequent-generation partners (Alexandre Behring, Bernardo Hees, Daniel Schwartz) run the operating companies day-to-day while the three founders retain governance authority.
(b) The Brahma to AB InBev consolidation arc. The single most important transaction on the record is Brahma (1989, ~$50M). At the time Brahma was Brazil's #2 brewer; Antarctica was #1. Under Telles as CEO from 1989, Brahma applied the ZBB template to production, distribution, and SG&A, and by the late 1990s had overtaken Antarctica. The 1999 Brahma-Antarctica merger created AmBev (~$1B combined) — the largest Brazilian consumer-products company and by revenue the largest brewer in the Americas. The 2000 NYSE IPO gave AmBev the equity currency for the 2004 combination with Belgian brewer Interbrew (heir to a family of centuries-old Flemish brewers), forming InBev at approximately $11.5B combined market cap. In November 2008 InBev acquired Anheuser-Busch for approximately $52B enterprise value — at the time the largest all-cash acquisition ever announced — forming Anheuser-Busch InBev, the largest brewer in the world. In October 2016, AB InBev acquired SABMiller for approximately $103B enterprise value, one of the five largest M&A transactions in history.
(c) The 3G + Berkshire alliance on Heinz and Kraft. The February 2013 H.J. Heinz acquisition was the first substantial partnership between 3G Capital and Berkshire Hathaway. 3G contributed approximately $4.4B of common equity for a 50% common-equity stake, ran the operating company under CEO Bernardo Hees (former AmBev/Burger King operator), and applied the ZBB template. Berkshire contributed an equivalent common-equity stake plus $8B in 9% preferred stock — a return-of-capital-plus-optionality structure that is Buffett's signature deal architecture. The March 2015 Heinz-Kraft merger consolidated 3G and Berkshire's joint control across a portfolio of iconic brands (Heinz, Kraft, Oscar Mayer, Philadelphia, Jell-O, Maxwell House, Velveeta). The partnership is one of the most cross-referenced private-equity + strategic-investor alliances in modern financial history.
(d) Zero-based budgeting as operating template. ZBB is the operational signature of the 3G doctrine. Instead of last year's budget + growth adjustment, every dollar of every line item must be justified fresh each fiscal year from a zero base. Central management sets tight cost targets. Managers earn variable compensation tied to hitting them. Aligned equity compensation ensures partners eat their own cooking. In practice ZBB translated to plant closures (roughly 7 US Heinz plants in the first three years), headcount reductions (roughly 7,000 Heinz + AB InBev positions combined post-close), SG&A compression (Heinz SG&A cut approximately 30% in the first 24 months), and heavy use of leverage to finance acquisitions. The doctrine became the private-equity operating template of the 2010s — Bain, McKinsey, and BCG all developed ZBB practice areas explicitly on the 3G reference case.
(e) The 2019 KHC reckoning and post-2019 recalibration. On February 21, 2019, Kraft Heinz announced a $15.4B goodwill and intangibles writedown, cut its dividend by 36%, and disclosed an SEC investigation into its procurement practices. The stock fell approximately 27% in a single session. The event became the public inflection point for the 3G doctrine. Critics argued that ZBB, applied to CPG brands over a multi-year window, had starved marketing, R&D, and category innovation, letting private-label and challenger brands take share. Post-2019, 3G progressively reduced its Kraft Heinz stake, Bernardo Hees departed as CEO in June 2019, and RBI leadership began reversing aggressive cost cuts at Burger King and Popeyes in favor of a brand-investment strategy. Berkshire has held its Kraft Heinz stake steady but Buffett has publicly acknowledged overpaying for Kraft. Post-2020 the 3G partners' public tone has shifted toward longer-term, less-levered, more traditional private-equity ownership — a meaningful recalibration of the doctrine that defined their prior twenty-year arc.
Every material 3G Capital acquisition, strategic investment, joint venture, spinoff, IPO, and portfolio event from Banco Garantia's 1971 founding through today, anchored by the transformative Brahma acquisition (1989, ~$50M), the AmBev formation (1999, ~$1B), the InBev combination (2004), the Anheuser-Busch acquisition (2008, ~$52B), the SABMiller acquisition (2016, ~$103B via AB InBev), the Burger King take-private (2010, ~$4B), the Tim Hortons combination (2014, ~$12.5B, forming RBI), the Heinz acquisition with Berkshire (2013, ~$23B), and the Kraft Heinz merger (2015, ~$46B combined equity). Sortable by year, sector, deal size, structure, and ZBB-playbook classification. Search by target name (Brahma, Antarctica, AmBev, Interbrew, InBev, Anheuser-Busch, Modelo, SABMiller, Burger King, Tim Hortons, Popeyes, Firehouse, Heinz, Kraft, Lojas Americanas, Banco Garantia), by sector (Beer, Restaurants, Food, Retail, Financial services, Corporate), or by structural term (whole-company, majority stake, merger, IPO, divestiture). Every row is a fact-checkable reference. This is a living dataset — updated whenever 3G Capital or a controlled portfolio company closes a new material deal, executes a divestiture, or announces a portfolio adjustment.
| Year | Target / Investment | Sector | Deal Type | Approx. Consideration | ZBB Playbook | Strategic Note | Status |
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Roll-ups reflect the material events cataloged in the table above. Dollar totals are directional at best and reflect only the subset of transactions where consideration was publicly disclosed. Structural events (the 2000 AmBev NYSE IPO, 2012 Burger King relist, 2015 Kraft Heinz merger recapitalization, various post-2019 stake reductions) do not contribute to the dollar rollups. The 2016 SABMiller acquisition (~$103B via AB InBev), 2008 Anheuser-Busch acquisition (~$52B via InBev), 2015 Kraft Heinz merger (~$46B combined), 2013 Heinz acquisition (~$23B), and 2014 Tim Hortons combination (~$12.5B) anchor the 2000s and 2010s totals.
Includes the subset of 3G Capital and predecessor transactions where consideration was individually disclosed. The 2000s and 2010s materially exceed all prior decades combined, reflecting the AB InBev consolidation arc peaking with the 2016 SABMiller transaction and the Berkshire-partnered Heinz + Kraft build-out. Bar length is proportional within this table only.
Whole-company and majority-stake control-oriented acquisitions dominate the 3G record — the signature operator-investor pattern. Mergers cluster in the 1999 AmBev formation, 2004 InBev formation, 2014 RBI formation, and 2015 Kraft-Heinz combination. Divestitures include the 1998 Banco Garantia sale to CSFB and post-2019 Kraft Heinz stake reductions.
Beer is the largest single sector by transaction count and by disclosed dollar value, spanning the Brahma-AmBev-InBev-AB InBev-SABMiller arc. Restaurants captures the Burger King / Tim Hortons / Popeyes / Firehouse RBI portfolio. Food captures the Heinz and Kraft Heinz Berkshire-partnered book. Retail is the historical Lojas Americanas position. Corporate captures structural events (IPOs, mergers, spinoffs, capital returns).
Roughly 55-65% of the cataloged transactions are signature ZBB-playbook operational-transformation acquisitions — where the 3G operating template was directly applied to the acquired business. Non-ZBB rows capture structural events (IPOs, mergers with governance-only implications), the Banco Garantia banking era, portfolio positions, and post-2019 divestitures.
Brahma (1989, ~$50M). The founding transaction. Lemann-Telles-Sicupira acquire Brazil's #2 brewer through Banco Garantia at what most observers regarded as a full price for a distressed asset. Telles becomes CEO and imports the Garantia meritocratic-partnership culture, ZBB budgeting, and heavy equity-linked compensation into a state-influenced Brazilian industrial. Within a decade Brahma overtakes Antarctica for market leadership in Brazil.
AmBev (1999, ~$1B combined). Brahma and Antarctica merge to form Companhia de Bebidas das Americas, Brazil's largest consumer-products company. Two years later AmBev is listed on the NYSE (2000), giving the group public-equity currency. AmBev continues to consolidate the Latin American beer market through the early 2000s.
InBev (2004, ~$11.5B combined market cap). AmBev merges with Belgian brewer Interbrew (owned by an aggregation of Flemish brewing families with centuries of history) to form InBev, headquartered in Leuven, Belgium. Carlos Brito, a Brazilian AmBev operator, becomes CEO. The Belgian families retain a substantial minority through the Stichting Interbrew (later Stichting Anheuser-Busch InBev) voting trust.
Anheuser-Busch InBev (2008, ~$52B EV). InBev acquires US icon Anheuser-Busch (Budweiser, Michelob, Busch) in a hostile all-cash deal — at the time the largest all-cash acquisition ever announced. Forms AB InBev, the largest brewer in the world by volume. Applies aggressive post-close ZBB integration — roughly $2.25B synergies achieved within three years, meaningful US plant rationalization, and the Anheuser Family selling out of active involvement.
SABMiller (2016, ~$103B). AB InBev acquires SABMiller in one of the five largest M&A transactions in history. Divests the MillerCoors JV to Molson Coors, the SAB Peroni-Nastro Azzurro-Grolsch European brands to Asahi, and CR Snow to China Resources, retaining the crown jewel SABMiller African and Latin American businesses. Consolidates AB InBev at roughly 30% of global beer volume and creates the durable industry structure that endures through today.
Practitioner reading: The AB InBev arc is the single longest and largest compounding thread on the 3G record. The founders' families and legacy Belgian partners retain approximately 40%+ voting control through the Stichting voting trust, though 3G Capital as a distinct firm no longer holds material AB InBev equity directly — the Lemann-Telles-Sicupira families do, and the governance influence runs through their individual holdings and through Alexandre Behring's board seats. This is a critical distinction: 3G Capital the fund and 3G Capital the operating-network are related but not identical. The Institute's AB InBev acquisition record tracks the beer-portfolio detail transaction-by-transaction; the AB InBev brands ledger tracks the resulting 500+ beer brands owned globally.
H.J. Heinz Company (February 2013, ~$23B EV). 3G Capital and Berkshire Hathaway jointly acquire H.J. Heinz Company at $72.50 per share — the largest food-industry acquisition to date. Deal structure: 3G contributes approximately $4.4B of common equity for a 50% common-equity stake; Berkshire contributes an equivalent common-equity stake plus $8B in 9% preferred stock (a Buffett signature structure returning ~$720M annually until eventual redemption). Total equity roughly $16B plus assumed debt. 3G runs the operating company under CEO Bernardo Hees, a former AmBev and Burger King operator, and applies the ZBB template: 7 US plant closures within three years, roughly 7,000 combined headcount reductions across the initial post-close 24 months, SG&A compression of approximately 30%. Heinz margins expand from approximately 18% to 26% EBITDA in the first three years.
Kraft Heinz Company (March 2015, ~$46B combined equity). Heinz merges with Kraft Foods Group at a share-exchange ratio giving Heinz shareholders 51% of the combined company and Kraft shareholders 49% plus a $16.50 special dividend. Combined portfolio spans Heinz (ketchup, Ore-Ida, Smart Ones), Kraft (Kraft Mac & Cheese, Kraft Singles, Cool Whip, Jell-O), Oscar Mayer, Philadelphia, Maxwell House, Velveeta, Grey Poupon, Planters, and Lunchables. 3G Capital retains approximately 24% of the combined entity; Berkshire Hathaway retains approximately 26.7%. The two act as co-controlling shareholders under a signed governance agreement. Alexandre Behring serves as chairman.
The 2019 writedown and the recalibration. On February 21, 2019, Kraft Heinz discloses a $15.4B goodwill and intangibles writedown, a 36% dividend cut, and an SEC procurement-practices investigation. The stock falls approximately 27% in a single session. The event becomes the public inflection point for the 3G doctrine. Bernardo Hees departs as CEO in June 2019, replaced by Miguel Patricio (a former AB InBev operator). The KHC portfolio subsequently divests non-core brands (Planters to Hormel for ~$3.35B, Natural Cheese to Lactalis for ~$3.2B), and the brand-investment posture increases. Buffett publicly acknowledges that Berkshire overpaid for Kraft. 3G progressively reduces its stake from approximately 24% toward much lower levels through 2020-2023.
Practitioner reading: The Berkshire partnership is the most consequential 3G alliance outside the AB InBev arc, and the most cross-referenced private-equity + strategic-investor alliance in modern financial history. It is also the transaction most responsible for the post-2019 recalibration of the 3G doctrine. The full Kraft Heinz transaction-by-transaction record is tracked separately in the Institute's forthcoming Kraft Heinz acquisition record; this page frames the 3G-Berkshire governance arc.
Burger King (September 2010, ~$4B take-private). 3G Capital acquires Burger King Holdings at $24 per share for approximately $4B, taking the second-largest global QSR burger chain private after a period of underperformance under prior private-equity ownership. Applies operational discipline — refranchises company-operated stores, redesigns the menu (Whopper reformulation, breakfast expansion), rationalizes G&A, and cuts marketing spend as a percentage of revenue while emphasizing higher-ROI campaigns. Daniel Schwartz, then a young 3G partner in his early 30s, becomes CFO and later CEO.
Burger King re-IPO (June 2012, via Justice Holdings SPAC). Burger King returns to the NYSE via a merger with William Ackman-sponsored Justice Holdings SPAC. 3G retains approximately 71% control post-listing. The transaction provides partial exit liquidity for the 3G LPs at a substantial multiple on the 2010 cost basis while retaining operating control.
Tim Hortons combination (August 2014, ~$12.5B, forming RBI). Burger King acquires Canadian coffee-and-donut chain Tim Hortons for approximately $12.5B (~C$65 per share, mix of cash + stock) with financing support from Berkshire Hathaway (~$3B preferred). Combined entity re-domiciles to Canada as Restaurant Brands International (TSX/NYSE: QSR), a controversial tax-inversion structure at the time. Bill Ackman's Pershing Square becomes second-largest holder alongside 3G.
Popeyes Louisiana Kitchen (March 2017, ~$1.8B). RBI acquires Popeyes at $79 per share, adding a chicken concept to the portfolio. Applies the RBI playbook — refranchising, menu rationalization, international expansion. The August 2019 Popeyes Chicken Sandwich launch becomes a viral marketing event and drives roughly $400M of incremental system sales in the first quarter.
Firehouse Subs (December 2021, ~$1B). RBI acquires Firehouse Subs from Firehouse Restaurant Group at approximately $1B, adding a sandwich concept and rounding out the RBI portfolio at four brands. Total RBI system now approximately 30,000+ restaurants globally across Burger King, Tim Hortons, Popeyes, and Firehouse Subs.
Practitioner reading: RBI is the second pillar of the 3G portfolio after the AB InBev arc. 3G held approximately 35%+ of RBI initially and has gradually reduced but retains meaningful economic exposure. Daniel Schwartz served as CEO through 2018, then became executive chairman. Jose Cil served as CEO 2019-2023, followed by Joshua Kobza (a longtime 3G partner). The RBI operating tone has shifted post-2019 toward brand investment and franchisee support — a partial retreat from the aggressive cost-cutting doctrine of the 2010-2018 window.
The most common practitioner questions about the 3G Capital acquisition record.
3G Capital was founded in 2004 as a formal private-investment firm by three Brazilian partners: Jorge Paulo Lemann, Marcel Herrmann Telles, and Carlos Alberto Sicupira. The three had worked together since the 1970s and 1980s at Banco Garantia (Brazil's largest investment bank in that era, founded by Lemann in 1971), at Cerveja Brahma (which the trio acquired in 1989 and turned into AmBev in 1999), and at Lojas Americanas (the Brazilian retail chain that Sicupira operationally led from 1982). 3G Capital formally consolidated those partnerships into a single investment vehicle in 2004. Lemann is the anchor founder; Telles is regarded as the operational architect; Sicupira brought retail-operating experience.
3G Capital's principal holdings are (i) AB InBev (BEL: ABI · NYSE: BUD), the world's largest brewer — the founders' families and long-standing Belgian partners hold approximately 40%+ through the Stichting Anheuser-Busch InBev voting trust, giving effective control; (ii) Restaurant Brands International (TSX/NYSE: QSR), the parent of Burger King, Tim Hortons, Popeyes, and Firehouse Subs, of which 3G held approximately 35%+ initially and has gradually reduced but retains meaningful economic exposure; and (iii) Kraft Heinz Company (NASDAQ: KHC), of which 3G initially held approximately 24% (co-controlling with Berkshire Hathaway's 26.7%), a stake reduced progressively from 2020 onward. Historical positions include Lojas Americanas (largely exited) and Banco Garantia (sold 1998).
The Lemann-Telles-Sicupira group acquired Brazil's #2 brewer Cerveja Brahma in 1989 through Banco Garantia for approximately $50M. Under Telles, Brahma applied strict cost discipline and overtook market leader Antarctica. In 1999 the two brewers merged to form Companhia de Bebidas das Americas (AmBev), Brazil's dominant beverage company, which IPO'd on the NYSE in 2000. In 2004 AmBev merged with Belgian brewer Interbrew to form InBev (~$11.5B combined market cap). In 2008, InBev acquired US icon Anheuser-Busch for approximately $52B, forming Anheuser-Busch InBev — the largest brewer in the world. In 2016, AB InBev acquired SABMiller for approximately $103B, one of the largest M&A transactions in history.
Zero-based budgeting (ZBB) is the operational-discipline template 3G Capital applied at Brahma, AmBev, InBev, AB InBev, Burger King, Restaurant Brands International, Heinz, and Kraft Heinz. Instead of last year's budget plus a growth-adjustment, every dollar of spend must be justified fresh each year from a zero base. Central management sets tight cost targets. Managers earn variable compensation tied to hitting them. Aligned equity compensation ensures partners eat their own cooking. In practice ZBB translated to aggressive plant closures, headcount reductions, SG&A compression, and heavy use of leverage to finance acquisitions. It became the private-equity operating template of the 2010s. Post-2019 the doctrine has been critiqued for underinvesting in brand equity and R&D at Kraft Heinz.
In February 2013, 3G Capital and Berkshire Hathaway jointly acquired H.J. Heinz Company for approximately $23B enterprise value, with 3G contributing approximately $4.4B for a 50% common-equity stake and Berkshire contributing an equivalent common-equity stake plus $8B in 9% preferred stock. 3G operated Heinz under CEO Bernardo Hees, applying the ZBB playbook. In March 2015, Heinz and Kraft Foods Group merged to form The Kraft Heinz Company (~$46B combined equity), with 3G and Berkshire jointly retaining approximately 51% control (3G ~24%, Berkshire ~26.7%). The Berkshire partnership has been the most consequential 3G alliance outside the AB InBev arc, though the 2019 Kraft Heinz $15.4B writedown strained the relationship.
Restaurant Brands International (TSX/NYSE: QSR) is the quick-service restaurant holding company 3G Capital built through a series of acquisitions starting with Burger King in 2010 (~$4B take-private). In 2014 Burger King acquired Canadian coffee-and-donut chain Tim Hortons for approximately $12.5B, forming RBI as a Canadian-domiciled combined entity. In 2017 RBI acquired Popeyes Louisiana Kitchen for approximately $1.8B, adding a chicken concept. In 2021 RBI acquired Firehouse Subs for approximately $1B, adding a sandwich concept. RBI operates approximately 30,000+ restaurants across four brands globally. 3G held approximately 35%+ of RBI initially, and Bill Ackman's Pershing Square has been the second-largest holder. Daniel Schwartz became executive chairman after serving as CEO.
In February 2019, Kraft Heinz announced a $15.4B goodwill and intangibles writedown, cut its dividend by 36%, and disclosed an SEC investigation into its procurement practices. The stock fell approximately 27% in a single session. The event exposed the limits of the 3G zero-based-budgeting doctrine applied to consumer-packaged-goods brands — the argument being that ZBB cost-cutting had starved brand marketing, R&D, and category innovation, letting private-label competitors take share. Post-2019, 3G progressively reduced its Kraft Heinz stake, Bernardo Hees departed as KHC CEO, and RBI began reversing aggressive cost cuts at Burger King and Popeyes in favor of a brand-investment strategy. 3G's public tone shifted toward longer-term, less-levered ownership.
Banco Garantia was a Brazilian investment bank founded by Jorge Paulo Lemann in 1971. Modeled loosely on Goldman Sachs, Garantia became Brazil's largest and most prestigious investment bank through the 1970s and 1980s, pioneering meritocratic partnership culture, aggressive trading, and equity-linked compensation in Latin America. Marcel Telles joined Garantia in the 1970s and rose through the trading and banking ranks. Carlos Sicupira joined and later led Garantia's investment in the ailing retailer Lojas Americanas in 1982. The three used Garantia as the vehicle to acquire Brahma in 1989. Garantia was sold to Credit Suisse First Boston in 1998 for approximately $675M as the founders concentrated on their industrial holdings, which formally became 3G Capital in 2004.
3G Capital sits at the intersection of the operator-investor tradition (companion to Berkshire Hathaway), the sovereign-scale-investment-firm tradition (companion to SoftBank), and the CPG/beer consolidation tradition (companion to AB InBev and, forthcoming, Kraft Heinz). Read alongside the following pages.
Educational reference. Not investment advice. Not a solicitation. Not affiliated with 3G Capital Partners LP, Anheuser-Busch InBev SA/NV, AB InBev Worldwide, Restaurant Brands International Inc., Burger King Corporation, Tim Hortons Inc., Popeyes Louisiana Kitchen Inc., Firehouse Restaurant Group Inc., The Kraft Heinz Company, H.J. Heinz Company, Kraft Foods Group, Companhia de Bebidas das Americas (AmBev), Interbrew SA, Cerveja Brahma, Companhia Antarctica Paulista, Lojas Americanas SA, Banco Garantia, Berkshire Hathaway Inc., or any of their subsidiaries, affiliates, or associated entities, nor with Jorge Paulo Lemann, Marcel Herrmann Telles, Carlos Alberto Sicupira, Alexandre Behring, Bernardo Hees, Daniel Schwartz, Jose Cil, Joshua Kobza, Miguel Patricio, Carlos Brito, Michel Doukeris, or any past or present partner, executive, or director. The Baratelli Institute publishes under the Lowe v. SEC publisher exception; neutral positioning maintained throughout. Deal figures cited in this catalog are sourced primarily to 3G Capital public disclosures, AB InBev SEC and BEL filings, Restaurant Brands International SEC and TSX filings, Kraft Heinz SEC filings, Berkshire Hathaway Chairman's Letters and 10-K disclosures, portfolio-company filings and prospectuses, contemporaneous press coverage (Reuters, Bloomberg, Financial Times, The Wall Street Journal, Valor Economico, Folha de Sao Paulo, Estadao, The Economist), Cristiane Correa's book "Dream Big" (2013), and standard practitioner references. Dollar amounts are approximate; where original consideration was denominated in BRL, EUR, CAD, or other non-USD currencies the USD equivalent is directional and reflects contemporaneous FX rates. Several private transactions and follow-on positions are individually undisclosed and are flagged with "approx" or "n/d" (not disclosed) rather than fabricating precision. Corrections welcome via the link in the footer.
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