Gibson Dunn Advises J.P. Morgan on €1 Billion and $2.2 Billion Notes Financing for 3G Capital’s Skechers Buyout

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Posted: 16th July 2025

Izabel Modano

Gibson Dunn Advises J.P. Morgan on €1 Billion and $2.2 Billion Notes Financing for 3G Capital’s Skechers Buyout.

Gibson, Dunn & Crutcher LLP has advised J.P. Morgan and the initial purchasers in connection with the €1 billion and $2.2 billion notes offering issued by Beach Acquisition Bidco, LLC, an affiliate of 3G Capital Partners. The financing is set to fund part of 3G Capital’s approximately $9.4 billion acquisition of Skechers U.S.A., Inc.

The offering involved €1 billion in 5.250% Senior Secured Notes due 2032 and $2.2 billion in 10.000% / 10.750% Senior PIK Toggle Notes due 2033. Proceeds from both issuances have been placed in escrow, pending closing of the acquisition.

Skechers CEO Robert Greenberg commented on the transaction:

“With a proven track record, Skechers is entering its next chapter with 3G Capital. Given their remarkable history of facilitating the success of some of the most iconic global consumer businesses, we believe this partnership will support our talented team as they execute their expertise to meet the needs of our consumers and customers while enabling the company’s long-term growth.”

3G Capital’s Co-Managing Partners, Alex Behring and Daniel Schwartz, added:

“We are thrilled to be partnering with Skechers and look forward to working with an entrepreneur of Robert’s caliber and the talented Skechers team. Skechers is an iconic, founder-led brand with a track record of creativity and innovation.”

The Gibson Dunn team advising J.P. Morgan and the other initial purchasers was led by partners Doug Horowitz and Michael Saliba, supported by associates Paul Rafla, Malakeh Hijazi, James Sullivan, Melody Karmana, Caroline Bakewell, and Caroline Simms. Tax advice was provided by partner Jennifer Sabin and associate Bree Gong.

3G Capital is a global investment firm focused on long-term, value-oriented private equity and operational management. Founded in 2004, the firm is headquartered in New York with additional offices in Brazil. It specializes in consumer, retail, and industrial sectors and is known for its ownership of brands including Burger King, Tim Hortons, Kraft Heinz, and Restaurant Brands International.

Operating with an owner-operator philosophy, 3G Capital takes active roles in managing and streamlining its portfolio companies to drive growth and operational efficiency. The firm’s recent acquisition of Skechers U.S.A., Inc. represents its latest large-scale investment in the global consumer sector.

Gibson, Dunn & Crutcher LLP is a prominent global law firm headquartered in Los Angeles, California. With a reputation for providing exceptional legal services to clients across various industries, the firm was founded in 1890 and operates more than 20 offices worldwide. Gibson Dunn offers expertise in areas such as corporate law, litigation, real estate, and regulatory matters. Known for its commitment to excellence, the firm represents multinational corporations, governments, and individuals, delivering innovative solutions to complex legal challenges. The firm is recognised for its strong focus on client relationships and its deep industry knowledge.