Brazilian Beer Billionaires Close Ranks with Paulo Lemann’s 3G

The Santo Domingo family has partnered with 3G on at least three earlier occasions, according to data compiled by Bloomberg

Alejandro Santo Domingo and his family invested this year in 3G’s Special Situations Fund V Partners.
By Ben Stupples and Felipe Marques
July 13, 2022 | 08:12 AM
Reading time: 1 min.

Bloomberg — One of the world’s richest families increased investments with Jorge Paulo Lemann’s 3G Capital as it continues to expand holdings outside the industry that made its fortune.

Alejandro Santo Domingo and his family invested this year in 3G’s Special Situations Fund V Partners, which bought a majority stake in Hunter Douglas NV through a deal that valued the maker of Luxaflex window coverings at about $7.1 billion, according to a registry filing. The family partnered with 3G on at least three earlier occasions, according to data compiled by Bloomberg.

The Latin American dynasty made its fortune brewing beer. They own a stake, alongside 3G’s founders, in Anheuser-Busch InBev SA (ABEV3), which comprises the bulk of their roughly $11 billion fortune, according to the Bloomberg Billionaires Index.

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In recent years, the Santo Domingos’ close ties to 3G and other investments firms helped them diversify from alcohol into other consumer businesses.

They previously invested in 3G partnerships with holdings in food giant Kraft Heinz Co. and teamed up with Bryon Trott’s BDT Capital Partners and Panera Bread owner JAB -- which partly invests for the billionaire Reimann clan -- to help form Keurig Dr Pepper and JDE Peet’s. They’re also investors in a KKR & Co. vehicle that participated in the 2018 purchase of Unilever Plc’s margarine and spreads business for about $8 billion.

An investment firm for the Santo Domingos, Bevco, allotted about $26 million to help fund the family’s latest disclosed 3G allocation, according to the Luxembourg-based company’s 2021 results. 3G completed its acquisition of a 75% stake in Rotterdam-based Hunter Douglas in February.

A spokesman for Bevco declined to comment, while 3G didn’t respond to a request for comment.

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New York-based 3G was founded by Lemann, Marcel Telles and Carlos Sicupira, who have a combined net worth of more than $38 billion, according to Bloomberg’s wealth index.

Alejandro, 45, became the head of his family’s fortune following his father’s death in 2011. The current composition of his family’s wealth began to take shape when they sold their stake in Colombian beer-maker Bavaria to UK brewer SAB Miller in 2005 for stock. 3G-backed AB InBev then acquired SAB Miller in 2016, with Alejandro becoming a key negotiator for the $103 billion so-called Megabrew deal.

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