3g Capital Partners Ltd Acquires Burger King Holdings Inc

3G Capital Partners Ltd. Acquires Burger King Holdings, Inc. Created on April 13, 2014 To ensure that you’re viewing PrivCo’s complete and most up-to-date information on this deal, please visit: http://www.privco.com/mergers-acquisitions/3g-capital-partners-ltd-acquires-burger-king-holdings-inc-october-2010

3G Capital Partners Ltd. Acquires Burger King Holdings, Inc. To ensure that you're viewing PrivCo's most recent and up-to-date information on this deal, please visit: http://www.privco.com/mergers-acquisitions/3g-capital-partners-ltd-acquires-burger-king-holdings-inc-october-2010

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3G Capital Partners Ltd. Acquires Burger King Holdings, Inc. To ensure that you're viewing PrivCo's most recent and up-to-date information on this deal, please visit: http://www.privco.com/mergers-acquisitions/3g-capital-partners-ltd-acquires-burger-king-holdings-inc-october-2010

 

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3G Capital Partners Ltd. Acquires Burger King Holdings, Inc. To ensure that you're viewing PrivCo's most recent and up-to-date information on this deal, please visit: http://www.privco.com/mergers-acquisitions/3g-capital-partners-ltd-acquires-burger-king-holdings-inc-october-2010

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3G Capital Partners Ltd. Acquires Burger King Holdings, Inc. To ensure that you're viewing PrivCo's most recent and up-to-date information on this deal, please visit: http://www.privco.com/mergers-acquisitions/3g-capital-partners-ltd-acquires-burger-king-holdings-inc-october-2010

Date

Status

Stake Acquired

Deal Price

Deal Types

Currencies Used

October 2010

Completed

100%

$3,260,000,000

Acquisition, Leveraged Buyout (LBO),

Cash

Take Private Target

Buyer

Sellers

Burger King Holdings, Inc.

3G Capital Partners Ltd.

TPG Capital LP

Miami, Florida, United States

New York, New York, United States

Fort Worth, Texas, United States

Industry: Fast-Food Restaurants

Stake Acquired: 100 %

Advisor: The Goldman Sachs Group, Inc.

Advisor: Barclays PLC

Bain Capital, Inc.

Advisor: Holland & Knight LLP

Advisor: J.P. Morgan

Boston, Massachusetts, United States

Advisor: Morgan Stanley

Advisor: Kirkland & Ellis LLP

Advisor: Skadden, Arps, Slate, Meagher & Flom LLP

Advisor: Lazard

Goldman Sachs Private Equity New York, New York, United States

Deal Amount Deal Price

$3,260,000,000

Cash Amount

$3,260,000,000

Enterprise Value (EV)

$4,000,000,000

Visit PrivCo.com now for financial research on over 245,379 private companies and 93,690 private market deals. © 2014 PrivCo Media LLC - Copying is Prohibited

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3G Capital Partners Ltd. Acquires Burger King Holdings, Inc. To ensure that you're viewing PrivCo's most recent and up-to-date information on this deal, please visit: http://www.privco.com/mergers-acquisitions/3g-capital-partners-ltd-acquires-burger-king-holdings-inc-october-2010

Transaction Multiples w/ Max. Financials for Target: Burger King Holdings, Inc. Total Assets 2010 Stockholder's Equity 2010 Revenues 2010 Net Income (Loss) 2010 Cash Flow 2010 EBITDA 2010 Operating Income (Loss)

Transaction Multiples

Contingency

$2,747,200,000

EV / A

1.19x

EV / A

    

$1,128,400,000

EV / SE

2.89x

EV / SE

    

$2,502,200,000

EV / R

1.30x

EV / R

    

$186,800,000

EV / E

17.45x

EV / E

    

$310,400,000

EV / CF

10.50x

EV / CF

    

$444,600,000

EV / EBITDA

7.33x

EV / EBITDA

    

EV / OI

    

EV / OI

    

N/A

Visit PrivCo.com now for financial research on over 245,379 private companies and 93,690 private market deals. © 2014 PrivCo Media LLC - Copying is Prohibited

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3G Capital Partners Ltd. Acquires Burger King Holdings, Inc. To ensure that you're viewing PrivCo's most recent and up-to-date information on this deal, please visit: http://www.privco.com/mergers-acquisitions/3g-capital-partners-ltd-acquires-burger-king-holdings-inc-october-2010

Premiums Pre-Rumor Premium

46%

Purchase Premium (Discount)

27%

Price Per Share Paid

$24

Contingency Payments Has Contingency Payment?

No

Termination Fees Ability To Solicit

30 day(s)

Has Termination Fee?

Yes

Termination Fee (Before)

$50,000,000

Termination Fee (After)

$95,000,000

Reverse Termination Fee (Before)

$175,000,000

Reverse Termination Fee (After)

$175,000,000

Target Balance Sheet Target Debt Assumed

$830,800,000

Target Cash

$90,800,000

Net Debt (Cash)

$740,000,000

Other Assumed Liabilities

$72,600,000

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3G Capital Partners Ltd. Acquires Burger King Holdings, Inc. To ensure that you're viewing PrivCo's most recent and up-to-date information on this deal, please visit: http://www.privco.com/mergers-acquisitions/3g-capital-partners-ltd-acquires-burger-king-holdings-inc-october-2010

Business Description for Seller: TPG Capital LP TPG Capital is the global buyout group of TPG, a private investment firm founded in 1992 with offices in San Francisco, London, Hong Kong, New York, Fort Worth, Washington, D.C., Melbourne, Moscow, Mumbai, Paris, Luxembourg, Beijing, Shanghai, Singapore, and Tokyo. TPG Capital has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, joint ventures, and restructurings. In March 2011, TPG Capital's parent TPG Holdings sold nearly 5% of itself to sovereign-wealth funds operated by Kuwait and Singapore. The stake purchase deals valuesd TPG Capital at about $11 billion. TPG Capital's raise of several hundred million dollars for a stake in the private equity firm's management company likely put off any plans for an IPO for TPG Capital or TPG Holdings, according to PrivCo sources inside the firm.

Business Description for Seller: Bain Capital, Inc. Bain Capital, Inc. is a Boston, Massachusetts-based private equity firm. Founded in 1984, at first affiliated with the major management consulting firm Bain & Co., Bain Capital, Inc. considers seed investments as well as restructurings, special situations, buyouts and acquisitions, though Bain Capital's typical investments are in late stage cash flow positive companies, including middle market to large cap take-private transactions. Among Bain Capital's notable alumni are a founding partner, former Massachusetts Governor Mitt Romney. Bain Capital was long ago spun off as an independent investment firm by Bain & Co. Bain Capital has long been known for its outsize returns to investors, as well as for charging higher fees than most private equity competitors. Bain Capital made investors take fees of 30% of gains (above a minmum "hurdle rate" of 10%), as well as an annual management fee of 2% of all money invested. In 2011, Bain Capital began to lower its fees, beginning with a new Asia focused fund. Investors were offered one of two choices, both resulting in lower fees than Bain Capital previously had demanded. Option 1 was to pay just 20% of the fund's profits (after a 7% annual hurdle rate) plus a 2% annual management fee, or Option 2 was to pay Bain Capital 30% of the fund's investment gains, with an annual management fee of just 1% (after a 10% annual hurdle rate). Business Description for Seller: Goldman Sachs Private Equity Goldman Sachs Private Equity is a leading investor in private equity funds, is a significant co-investor in direct investments, and is an active provider of liquidity and portfolio management solutions to existing private equity investors. The Private Equity divisions of Goldman Sachs primarily make commitments to private equity funds located in the United States, the United Kingdom, continental Europe, Latin America and Asia with strategies that include leveraged buyouts, growth financings, natural resources, venture

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3G Capital Partners Ltd. Acquires Burger King Holdings, Inc. To ensure that you're viewing PrivCo's most recent and up-to-date information on this deal, please visit: http://www.privco.com/mergers-acquisitions/3g-capital-partners-ltd-acquires-burger-king-holdings-inc-october-2010

capital and distressed securities.

Visit PrivCo.com now for financial research on over 245,379 private companies and 93,690 private market deals. © 2014 PrivCo Media LLC - Copying is Prohibited

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