"This is my kind of deal and my kind of partner," he added. "Heinz is our kind of company with fantastic brands." Buffett added, "but I have a file on Heinz that goes back to 1980."



In addition to its namesake ketchup, Heinz owns Ore-Ida potatoes, Lea & Perrins Worchestershire sauce and Classico pasta sauce.

3G founder Jorge Paulo Lemann approached Buffett in mid-December about a possible deal, and both approached William Johnson, Heinz's chairman, president and CEO, soon after. The first offer was made in mid-January. The deal was first announced on CNBC, and later confirmed by Heinz.



According to Buffett, 3G will be the primary supervisor Heinz's operations after the deal closes. Other 3G founders include Carlos Alberto Sicupira, Marcel Hermann Telles, Roberto Thompson Motta, and Alex Behring.

3G has been active in the consumer space. In addition to its investment in Burger King, Lemann was involved in the mega-merger that created Anheuser-Busch Inbev, the world's largest brewing company.

Buffett and Lemann also have ties to one another as the two once sat together on the board of Gillette prior to its takeover by Procter & Gamble in 2005.

In a press conference, 3G said it was too early to talk about whether there will be any major cost cutting opportunities at Heinz.

However, cost-cutting may need to be an important part of making the value of this deal work.

Robert Dickerson, a food analyst at independent research firm Consumer Edge Research, said he thinks Berkshire and 3G are paying a "sizeable" amount for Heinz given the company's recent performance.

"They are buying Heinz at a position of weakness," he said. "If they were well-positioned, why are they financial buyers, not strategic buyers."

In a press conference, Johnson touted Heinz's record of 30 consecutive quarters of top-line growth and an all-time record market capitalization.

However, Dickerson argues that much of Heinz's recent earnings growth has been driven by factors such as a low tax rate, while its business remains under pressure.