TPG Knights of Wallstreet > How To Make A Killing on Burger King

Connecting Success Factors to Bennett

The Dubious Phone Call and Time Wasting Project

The folks at TPG will have to answer to my Whistleblower Complaints on the truly odd collection of RFPs emanating from companies connected to Richard Blum, William McGlashan, CBRE, Regency Centers, Trammel Crow, Lennar, Catellus.

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My story is about witness murders, private equity, mergers and acquisitions linked back to the Matter of Bennett v. Southern Pacific lost in 1989.  It was a winnable case as long the witnesses testified.  

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How To Make A Killing on Burger King

By 

Michael Corkery

Sep 1, 2010 11:13 am ET

Private equity is going back for a second helping of Burger King.

Call them gluttonous, but private equity has done well by Burger King, even if customers have grown wary of the Whopper maker. (Sales are lagging rival McDonald’s, even amid the recession when fast food usually outperforms)

A brief recap: In 2002, a consortium of PE investors including TPG Capital LLC, Bain Capital LLC and Goldman Sachs bought the then – struggling hamburger chain from Diageo PLC for roughly $1.5 billion. The group kicked in just $325 million of its own money and borrowed the rest.

Shortly before the IPO in 2006, Burger King borrowed $350 million and promptly paid the investors a $367 million dividend.

The IPO raised $425 million, which was less than the $600 million that was expected, but a nice haul nonetheless for the King’s PE investors.

Add it all up — not including those sundry management, deal and other fees — and the private-equity group collected roughly $800 million by the time of the IPO.

Not too shabby.