RIO DE JANEIRO, BRAZIL – Two of Brazil’s wealthiest families have emerged as major shareholders in a Swiss sporting goods company with a market capitalization of US$8.5 billion that has Roger Federer backing as a shareholder and is selling a pair of US$200 sneakers named after the tennis legend.
Marc Lemann, son of 3G Capital founder Jorge Paulo Lemann, and Carlos Alberto Sicupira, who co-founded 3G with Lemann, now hold a combined direct stake of US$1 billion in On Holding AG, according to regulatory documents.
The company, which is trading under the symbol ONON, has over 271 million Class A shares as well as 345 million Class B voting rights shares.
The shares – about 14% of On – were distributed to the pair over the past two months and were previously part of a larger stake held by Point Break Capital, an investment firm run by former 3G partner Alex Perez, who has invested in On since 2016.
The move made the Lemann and Sicupira families two of On’s largest direct shareholders and underscores the unlikely ties between the tennis legend and the Brazilians, who through 3G Capital have taken control of global food giants such as Kraft and Burger King.
Federer, a 20-time Grand Slam champion who invested in On in 2019, is Jorge Paulo Lemann’s neighbor in Switzerland. The two met through their love of tennis and have now been friends for more than a decade.
“Jorge Paulo has a wonderful family, and over time we got to know each other,” Federer, 40, said Tuesday at a Credit Suisse event where he and Lemann, 82, were speakers.
“He also has a tennis court at home, which I’ve used several times to prepare for tournaments,” added Federer, who co-created “The Roger” for On the Line.
A representative of Point Break, which is based in Miami, said the transfer of shares to companies controlled by Sicupira and Marc Lemann was part of an agreement reached in advance after On went public last year. The Sicupira and Lemann families remain among the major backers of Point Break, which plans to remain a long-term investor in On, they added.
On’s shares have risen 16 percent since its IPO in September, when the Zurich-based company raised more than $800 million.
Jorge Paulo Lemann has about $22 billion in assets through 3G investments, including stakes in Budweiser maker Anheuser-Busch InBev and Kraft Heinz, while Sicupira also has $9 billion in equity through 3G, according to the Bloomberg Billionaires Index.
Marc Lemann and Sicupira did not respond to requests for comment.
With information from Handelszeitung, Exame