Lemann’s biggest transaction: the $52 billion 2008 takeover of Anheuser-Busch by InBev. InBev was itself formed from Belgium’s Interbrew and Brazil’s Cia. de Bebidas das Americas, or AmBev, the biggest beermaker in South America and the source of much of Lemann’s fortune. His stake in Anheuser-Busch InBev alone was valued at $8.9 billion as of mid-September. Burger King and his other holdings add several billion more.
AB InBev is the world’s largest beermaker, with more than 200 brands, including Budweiser, the best-selling beer in the United States; Brahma and Skol, the leading beers in Brazil; Beck’s; and Stella Artois. When he founded Anheuser-Busch in the 19th century, Adolphus Busch labeled his brew the King of Beers, a slogan that still appears on some Budweiser packaging.
One of Lemann’s admirers is oil-and-mining magnate Eike Batista, the richest man in Brazil.
“Jorge Paulo created a whole management culture in Brazil that is extraordinary,” said Batista, 54. “He motivated employees by letting them share the profits — aggressive, but that leads to results.”
Lemann is reclusive. He gave his last media interview in 2008 and declined to be interviewed for this story, as did his two longtime business partners, Marcel Herrmann Telles and Carlos Alberto da Veiga Sicupira.
Together, the three men run 3G and Stichting, a Netherlands-based firm that has a controlling stake in AB InBev. Through 3G and other private companies, they also own stakes in Rio de Janeiro-based retailer Lojas Americanas; Sao Paulo-based Sao Carlos Empreendimentos e Participacoes, a real-estate company; and Jacksonville-based CSX, a U.S. freight-rail companies.
Billionaire trio
Telles’s AB InBev stake alone was worth $3.95 billion as of mid-September, and Sicupira’s stake was valued at $3.2 billion.
“They are not about beer,” said Tom Pirko, founder and president of Bevmark, an adviser to the food and beverage industries. “And they are not about hamburgers. They are about money. They know how to cut costs. They know how to very aggressively push something.”
Lemann and his partners are known for their tough management style. That was felt right away at Burger King, which they bought for $24 a share from Texas-based private-equity firm TPG Capital and other investors and took private in October 2010.
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