Daniel Schwartz

Last updated
Daniel Schwartz
Born1980or1981(age 43–44) [1]
Long Island, New York, US [2]
OccupationCo-Managing Partner 3G Capital

Daniel Schwartz (born 1981) is an American businessman, executive, and investor. [1] He is currently the Co-Managing Partner of 3G Capital, a global investment firm and private partnership known for its long-term investments in prominent companies such as Anheuser-Busch InBev, Restaurant Brands International (Burger King, Tim Hortons, Popeyes Louisiana Kitchen, and Firehouse Subs), Kraft Heinz, and Hunter Douglas. [3] [4] [5] [6] [7] Schwartz played a pivotal role in 3G Capital's 2010 acquisition of Burger King, where he served as CFO, COO, CEO, and Co-Chairman of the Board of Directors from 2010 to 2022 and continues to serve on the Board of Directors today. [8] [9] [10] In 2017, Daniel was recognized by Forbes as Top 40 under 40 for his role in turning around Burger King. [11]

Contents

Early life

Schwartz was raised on Long Island, New York, in a family where both his father and mother had successful professional careers as a doctor and lawyer. [1] [12] He completed his high school education at The Wheatley School in 1998. [13] Schwartz then pursued his higher education at Cornell University, graduating with a Bachelor of Science degree in Applied Economics and Management. [14] During his time at Cornell, Schwartz initially took pre-med and finance courses before specializing in management and applied economics, graduating in 2001. [15]

Career

In 2005, Schwartz joined 3G Capital, becoming a Partner in 2008 at the age of 27. [16] [17] His work focused on identifying and executing strategic acquisitions. [16] In 2010, Schwartz played a pivotal role in the acquisition of Burger King for $4 billion where he was appointed as CFO. [17] Under new leadership, Burger King underwent a transformation, introducing a reworked menu and innovative marketing strategies. [18] [19]

In 2013, at the age of 32, Schwartz became the CEO of Burger King, making him one of the youngest restaurant CEOs in history. [17] During his tenure, Burger King's growth outpaced competitors, with the company opening 1,000 new restaurants worldwide. [9] [15] [20]

In December 2014, Schwartz played a key role in 3G Capital's acquisition of Tim Hortons for $12.5 billion, resulting in the creation of Restaurant Brands International (RBI), the world's third-largest quick-service restaurant company. [21] Under Schwartz's leadership, RBI further expanded its portfolio by acquiring Popeyes Louisiana Kitchen, Inc. in 2017 for $1.8 billion and Firehouse Restaurant Group Inc. for $1.0 billion in 2021. [22] [23] [20]

After stepping down as CEO of Restaurant Brands International in January 2019, Schwartz served as Co-Chairman of the Board alongside his mentor, Alex Behring until 2021. [24] [25] He continues to serve on the Board of Directors of the company. Schwartz also led 3G Capital's recent acquisition of Hunter Douglas in 2021 and currently serves as a board member. [24] [26]

Personal life

Schwartz remains actively involved in his alma mater, Cornell University. As a graduate of Cornell, he serves on the Undergraduate Program Advisory Council of the Dyson School. [27] Daniel Schwartz is married and has three children. [9]

Related Research Articles

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Burger King Corporation is an American multinational chain of hamburger fast food restaurants. Headquartered in Miami-Dade County, Florida, the company was founded in 1953 as Insta-Burger King, a Jacksonville, Florida–based restaurant chain. After Insta-Burger King ran into financial difficulties, its two Miami-based franchisees David Edgerton (1927–2018) and James McLamore (1926–1996) purchased the company in 1959 and renamed it "Burger King". Over the next half-century, the company changed hands four times and its third set of owners, a partnership between TPG Capital, Bain Capital, and Goldman Sachs Capital Partners, took it public in 2002. In late 2010, 3G Capital of Brazil acquired a majority stake in the company in a deal valued at US$3.26 billion. The new owners promptly initiated a restructuring of the company to reverse its fortunes. 3G, along with its partner Berkshire Hathaway, eventually merged the company with the Canadian-based doughnut chain Tim Hortons under the auspices of a new Canadian-based parent company named Restaurant Brands International.

<span class="mw-page-title-main">Tim Hortons</span> Multinational coffeehouse and restaurant chain

Tim Hortons Inc., known colloquially as Tim's, Timmies, or Timmy's, is a Canadian multinational coffeehouse and restaurant chain with headquarters in Toronto; it serves coffee, donuts, sandwiches, breakfast egg muffins and other fast-food items. It is Canada's largest quick-service restaurant chain, with 5,701 restaurants in 13 countries, as of September 2023.

Brad Blum is the Co-Owner of FoodFirst Global Restaurants. He was the Founder, Chairman & CEO of FoodFirst Global Restaurants, Inc., upon the establishment of the company in May 2018. Previously he was the CEO of Burger King from December 2002 to July 2, 2004. He joined the company from Darden Restaurants where he had headed the Olive Garden unit, but left after only 18 months citing strategic differences with Burger King's board. Blum's successor, Greg Brenneman, was appointed on August 1, 2004. Blum was the CEO of Romano's Macaroni Grill from December 2008 to July 2010.

<span class="mw-page-title-main">Popeyes</span> American multinational chain of fried chicken fast food restaurants

Popeyes Louisiana Kitchen, Inc., also known as Popeyes and formerly named Popeyes Chicken & Biscuits and Popeyes Famous Fried Chicken & Biscuits, is an American multinational chain of fried chicken restaurants formed in 1972 in New Orleans and headquartered in Miami. It is currently a subsidiary of Toronto-based Restaurant Brands International. As of 2021, Popeyes has 3,705 restaurants, which are located in more than 46 states and the District of Columbia, Puerto Rico, and 30 countries worldwide. About 50 locations are company-owned; the other ~98% are franchised.

<span class="mw-page-title-main">TPG Inc.</span> American investment company

TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm invests in a range of industries including consumer/retail, media and telecommunications, industrials, technology, travel, leisure, and health care. TPG became a public company in January 2022, trading on the NASDAQ under the ticker symbol “TPG”.

<span class="mw-page-title-main">Firehouse Subs</span> US-based restaurant chain

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<span class="mw-page-title-main">Back Yard Burgers</span> American regional franchise chain of restaurants in the Southern and Midwestern US

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Jorge Paulo Lemann is a Brazilian billionaire investment banker, businessman, and former tennis player with dual Brazilian and Swiss citizenship. Lemann co-founded global investment firm 3G Capital, which owns brands such as Burger King, Anheuser-Busch and Heinz. He became the richest person in Brazil in March 2023, with a net worth of US$17 billion.

The predecessor to what is now the international fast food restaurant chain Burger King was founded on July 23, 1954, in Jacksonville, Florida, as Instant Burger King. Inspired by the McDonald brothers' original store location in San Bernardino, California, the founders and owners, Keith G. Cramer and his stepfather Matthew Burns, began searching for a concept. After purchasing the rights to two pieces of equipment called "Insta" machines, the two opened their first stores around a cooking device known as the Insta-Broiler. The Insta-Broiler oven proved so successful at cooking burgers, they required all of their franchises to carry the device. After the original company began to falter in 1959, it was purchased by its Miami, Florida, franchisees James McLamore and David R. Edgerton. The two initiated a corporate restructuring of the chain; the first step being to rename the company, Burger King. The duo ran the company as an independent entity for eight years, eventually expanding to over 250 locations in the United States, when they sold it to the Pillsbury Company in 1967.

3G Capital is a global investment firm and private partnership built on an owner-operator approach to investing over a long-term horizon. Founded in 2004, 3G Capital evolved from the Brazilian investment office of Jorge Paulo Lemann, Carlos Alberto Sicupira, and Marcel Herrmann Telles. 3G Capital is led by Alex Behring, Co-Founder and Co-Managing Partner, and Daniel Schwartz, Co-Managing Partner.

<span class="mw-page-title-main">Burger King Israel</span> Fast food chain of Israel

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Restaurant Brands International Inc. (RBI) is a Canadian-American multinational fast food holding company. It was formed in 2014 by the $12.5 billion merger between American fast food restaurant chain Burger King and Canadian coffee shop and restaurant chain Tim Hortons, and expanded by the 2017 purchase of American fast-food chain Popeyes. The company is the fifth-largest operator of fast food restaurants in the world after Subway, McDonald's Corporation, Starbucks and Yum! Brands. They are based alongside Tim Hortons in Toronto. For tax purposes, Burger King and Popeyes retain their existing operations and headquarters, both in Miami. The 2014 merger focused primarily on expanding the international reach of the Tim Hortons brand and providing financial efficiencies for both companies.

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References

  1. 1 2 3 Peterson, Hayley (June 12, 2017). "How a 36-year-old Wall Street prodigy saved Burger King". Business Insider . Schwartz, now 36, is sitting at the top, earning more than $6 million in annual compensation.
  2. ↑ Bryant, Adam (8 September 2017). "Daniel S. Schwartz of Restaurant Brands International on the Value of Hard Work". The New York Times. Retrieved 15 December 2017.
  3. ↑ "Home - 3G Capital". 2019-10-22. Retrieved 2023-07-10.
  4. ↑ Fontanella-Khan, James (2021-12-31). "3G Capital buys majority stake in Hunter Douglas for $7.1bn". Financial Times. Retrieved 2023-07-10.
  5. ↑ Gelles, David (2015-03-26). "3G Capital, Warren Buffett's Favorite Partner in Deals Worth Billions". The New York Times. ISSN   0362-4331 . Retrieved 2023-07-10.
  6. ↑ Cheng, Evelyn (2017-02-17). "3G and Buffett's Berkshire behind what could be the largest US purchase of a foreign company". CNBC. Retrieved 2023-07-10.
  7. ↑ Daneshkhu, Scheherazade; Whipp, Lindsay; Fontanella-Khan, James (2017-05-07). "The lean and mean approach of 3G Capital". Financial Times. Retrieved 2023-07-10.
  8. ↑ "About Us - Board of Directors - Person Details | Restaurant Brands International ™". www.rbi.com. Retrieved 2023-07-10.
  9. 1 2 3 Sorvino, Chloe. "Whopper Of A Turnaround: At Burger King, The 3G Capital Model Actually Worked". Forbes. Retrieved 2023-07-10.
  10. ↑ Peterson, Hayley. "How a 36-year-old Wall Street prodigy saved Burger King". Business Insider. Retrieved 2023-07-10.
  11. ↑ "Daniel Schwartz". Fortune. Retrieved 2023-07-10.
  12. ↑ Bryant, Adam (2017-09-08). "Daniel S. Schwartz of Restaurant Brands International on the Value of Hard Work". The New York Times. ISSN   0362-4331 . Retrieved 2023-07-10.
  13. ↑ Engoron, Art (September 3, 2016). "Wheatley Alumni Monthly Newsletter Number 4". The Wheatley School Alumni Association.
  14. ↑ "DDLS Roundtable - Speaker: Daniel Schwartz, CALS 01, CEO, Restaurant Brand International (Burger King Corporation)". orgsync.com. Archived from the original on 2016-11-08. Retrieved 2016-11-22.
  15. 1 2 Nordqvist, Christian (2022-10-06). "Former Burger King CEO Daniel Schwartz Helped Franchisees Have It Their Way". Market Business News. Retrieved 2023-07-10.
  16. 1 2 "The Wall Street prodigy who took over Burger King when he was 32 reveals the best advice he ever received". Business Insider. Retrieved 2017-12-14.
  17. 1 2 3 Nordqvist, Christian (2022-10-06). "Former Burger King CEO Daniel Schwartz Helped Franchisees Have It Their Way". Market Business News. Retrieved 2023-07-13.
  18. ↑ "Burger King agrees to $3.3 billion sale to 3G Capital". Reuters. 2010-09-02. Retrieved 2023-07-13.
  19. ↑ Warner, Annie Gasparro And Melodie (2012-08-01). "Burger King's New Menu, Marketing Boost Profit". Wall Street Journal. ISSN   0099-9660 . Retrieved 2023-07-13.
  20. 1 2 "The deals that show how lucrative private equity can be". www.ft.com. Retrieved 2023-12-29.
  21. ↑ "World's Third Largest Quick Service Restaurant Company Launched with Two Iconic and Independent Brands: Tim Hortons and Burger King". www.rbi.com. Retrieved 2023-07-13.
  22. ↑ Inc, Restaurant Brands International. "Restaurant Brands International Inc. Agrees to Acquire Popeyes Louisiana Kitchen". www.prnewswire.com. Retrieved 2023-07-13.{{cite web}}: |last= has generic name (help)
  23. ↑ "Restaurant Brands International Inc. to Acquire Firehouse Subs". www.rbi.com. Retrieved 2023-07-13.
  24. 1 2 "About Us - Board of Directors - Person Details | Restaurant Brands International ™". www.rbi.com. Retrieved 2023-07-13.
  25. ↑ "About Us - Board of Directors - Person Details | Restaurant Brands International ™". www.rbi.com. Retrieved 2023-07-13.
  26. ↑ Fontanella-Khan, James (2021-12-31). "3G Capital buys majority stake in Hunter Douglas for $7.1bn". Financial Times. Retrieved 2023-07-13.
  27. ↑ "Speaker: Daniel Schwartz, Dyson '01, Chief Executive Officer". Cornell Nolan. Retrieved 2023-07-13.
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