Wednesday, February 22, 2017

3G Capital takes a hatchet to Timmies

The Globe and Mail’s Report on Business is carrying a lengthy article today detailing how 3G Capital Inc. of Brazil has taken a hatchet to management ranks of Tim Horton’s.

Hundreds of relatively senior managers have been fired without warning.

The purges began even before 3G gained control of Tim Horton’s.

While the massacre was supervised by Daniel Schwartz, 35, who runs Burger King for 3G and will be the boss when Burger King and Tim Horton’s are merged, it was done while Alexandre Behring, one of 3G’s founding partners and RBI’s soon-to-be executive chairman, looked on.

RBI is the merged company for Burger King and Tim Horton’s.

3G bought Kraft-Heinz with backing from Warren Buffet and his Berkshire Hathaway company.

Last week it made a $143-billion offer for Unilever, but withdrew it when Unilever complained that it “severely undervalued” the company.

Then this week it bought Popeyes, an international chicken-restaurant chain with head office in Atlanta.