3G Founders Have $1 Billion Bet on Federer-Backed Shoemaker
3G Founders Have $1 Billion Bet on Federer-Backed Sneaker Maker
(Bloomberg) -- Two families behind 3G Capital are major shareholders in an $8.8 billion shoemaker backed by Roger Federer that sells a $200 pair of sneakers named for the tennis legend.
Marc Lemann, son of 3G Capital founder Jorge Paulo Lemann, and Carlos Alberto Sicupira, who co-created the private equity firm, now hold a $1 billion combined stake in Zurich-based On Holding AG, filings show. The shares were spun out in the past two months from a stake accumulated since 2016 by an investment firm run by former 3G partner Alex Perez and represent about 14% of On’s stock.
The move makes the Lemann and Sicupira families two of On’s biggest shareholders and highlights the unlikely ties between a tennis great and partners of the New York-based buyout firm that’s made a name for itself with deals involving Kraft Heinz Co. and Burger King Holdings Inc.
Federer, a 20-time Grand Slam champion who invested in On during 2019, lives near the Swiss home of the elder Lemann, an avid tennis fan. They bonded through their love of the sport, and have been friends for more than a decade.
“Jorge Paulo has a lovely family, and over time we got to know each other,” Federer, 40, who helped create a line of On shoes called the “Roger Pro,” said at a Credit Suisse Group AG event last week where he and Lemann, 82, were speakers.
“He also has a tennis court in his house that I’ve enjoyed on several occasions to get ready for tournaments,” he added.
Lemann and Federer’s TEAM8 also created the Laver Cup, which pits Europe’s top players against a team representing the rest of the world.
A representative for Perez’s Miami-based investment firm -- Point Break Capital Management -- said the share transfer to companies controlled by Sicupira and Marc Lemann were part of a prearranged agreement once On went public. The Sicupira and Lemann families are major backers of Point Break, which plans to remain a long-term investor in the shoe company, they said.
Marc Lemann and Sicupira didn’t respond to requests for comment.
On’s shares were up 3.1% to $28.65 at 1:51 p.m. in New York and have gained about 19% since its September initial public offering, when the company raised more than $800 million.
Jorge Paulo Lemann, Brazil’s wealthiest man, has a net worth of $21.6 billion through 3G’s investments, according to the Bloomberg Billionaires Index, including stakes in Budweiser-maker Anheuser-Busch InBev SA/NV and Kraft Heinz. Sicupira has a fortune of $8.8 billion.
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