This case is reserved for use by Columbia Business School Faculty only.
Burger King was brought private by private equity firm 3G Capital in 2010, at which time 3G Partner Dan Schwartz, was appointed CFO; Schwartz took the helm as CEO in 2013. By early 2014, Schwartz and his team had successfully engineered the LBO and initial public offering; they now were focused on securing a strategic direction that would deliver the shareholder returns they were seeking. This case presents the research of a group of Columbia Business School students interested in private equity who visited Burger King headquarters to learn more about the company's new direction (including its "all franchise" model)—and asks readers of the case to consider the capitalization challenges still facing the organization.