Warren Buffet and Jorge Paulo Lemann staged a merger with Kraft Foods for U$6 billion [$7.73 billion], a deal which stimulates mixed reactions from consumers and market analysts alike. Unlike Buffet, not all consumers are familiar with Lemann.

Before the world came to know Jorge Paulo Lemann as Brazil’s newest richest man with US$25 billion [$32.19 billion] estimated net worth asset, the Rio de Janeiro native once served as a trainee at Credit Suisse and later as a columnist at Jornal do Brasil, after earning a Bachelor’s degree in Economics at Harvard University, where he was known to have spent more time playing tennis and surfing. Nevertheless, he was rooted to succeed in his life. His enthusiasm for tennis enabled him to earn the championship title five times and eventually qualified for Davis Cup, representing Switzerland and Brazil.

Born on Aug. 26, 1939 to Swiss immigrant Paul Lemann and a Brazilian mother, Jorge was married to Maria de Santiago Dantas Quental, with whom he had two children. In 2005, Quental died. He is currently married to Susanna Lemann, who gave birth to three children. After the ill-attempt to abduct his children in 1999, the family has since resided in Switzerland, from Sao Paulo.

A Serial Deal-Broker

His knack in deal brokerage did not come into light until in 1971 when he acquired Banco Garantia, which later was sold to Credit Suisse in 1998 and currently operating under Banco de Investimentos Credit Suisse for U$675 million. Despite the market crash weeks after his acquisition, he established the bank into a powerhouse.

Lemann was admired for his foresight so that in 1989, joined by two other billionaire friends, Marcel Herrmann Telles and Carlos Alberto Sicupira, the trio bought Cia. Cervejaria Brahma, their first-ever beer company acquisition. In 1982, they also bought Lojas Americanas SA, which to date is a reputed retail store chain in Brazil. The success of three businessmen continued more than a decade later when they created the GP Investimentos with company acquisition as its primary objective. It bought two more breweries in Brazil, Antarctica and Brahma, which merged and became AmBev in 2004. Five years later, AmBev merged with InterBrew, a Brazilian brewery. On that same year, too, the GP Investimentos was sold, and 3G Capital came into existence.

Lemann’s prowess in investment was again proven in 2010 when 3G Capital bought Burger King through the help of a friend, Eike Batista, last year’s Brazil’s richest man.

A Friendship Buds

After letting go of Banco Guarantia, a window of opportunity opened up as he was nominated to become part of Gillette’s board of directors in 1998. Then he met Warren Buffet, who was by then already an established billionaire. His friendship with Buffet was forged in serendipity, when Justice Holdings purchased Burger King’s 29 percent shares — a deal that listed the burger giant company public again. Only six weeks following the Justice Holding’s deal, Buffet wielded a deal with Lemann to buy out Heinz.

For comments or feedback on the article, please contact the writer at selivak@ibtimes.com.au

RELATED STORIES