BAIN CAPITAL (Wikipedia)
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Type Private, LLC
Industry Private equity
Founded 1984
Founder(s)Bill Bain
[1]
, Willard Mitt Romney,
T. Coleman Andrews III, Eric Kriss
Headquarters111 Huntington Avenue
Boston, Massachusetts, U.S.
Number of
locations
Boston, Chicago, New York,
London, Palo Alto, Luxembourg,
Tokyo, Hong Kong, Shanghai and
Mumbai
Key peopleJoshua Bekenstein, John
Connaughton, Paul Edgerley, Mark
Nunnelly, Stephen Pagliuca, Jordan
Hitch
Products Venture capital, investment
management, public equity,
high-yield assets, Mezzanine capital,
leveraged buyouts and growth
capital
Total assets US$ 66 billion (2012)
Employees400+ (2012)
[2]
Website www.baincapital.com
(http://www.baincapital.com/)
Bain Capital LLC
Bain Capital
From Wikipedia, the free encyclopedia
Bain Capital is a Boston-headquartered alternative asset management and
financial services company that specializes in private equity, venture capital,
credit and public market investments. Bain invests across a broad range of
industry sectors and geographic regions. As of early 2012, the firm managed
approximately $66 billion of investor capital across its various investment
platforms.
The firm was founded in 1984 by partners from the consulting firm Bain &
Company. Since inception it has invested in or acquired hundreds of
companies including AMC Entertainment, Aspen Education Group,
Brookstone, Burger King, Burlington Coat Factory, Clear Channel
Communications, Domino's Pizza, DoubleClick, Dunkin' Donuts, D&M
Holdings, Guitar Center, Hospital Corporation of America (HCA), Sealy, The
Sports Authority, Staples, Toys "R" Us, Warner Music Group and The
Weather Channel.
As of the end of 2011, Bain Capital had approximately 400 professionals,
most with previous experience in consulting, operations or finance.
[2]
Bain is
headquartered at the John Hancock Tower in Boston, Massachusetts with
additional offices in New York City, Chicago, Palo Alto, London,
Luxembourg, Munich, Mumbai, Hong Kong, Shanghai and Tokyo.
The company, and its actions during its first 15 years, have become the
subject of political and media scrutiny as a result of co-founder Mitt Romney's
later political career, especially his 2012 presidential campaign.
[4]
Contents
1 History
1.1 1984 founding and early history
1.2 1990s
1.3 1999-2002: Romney departure and political legacy
1.4 Early 2000s
1.5 Bain and the 2000s buy-out boom
1.6 Since 2008
2 Businesses and affiliates
2.1 Bain Capital Private Equity
2.2 Bain Capital Ventures
2.3 Brookside Capital
2.4 Sankaty Advisors
2.5 Absolute Return Capital
3 Appraisals and critiques
4 Investments gallery
5 See also
6 References
7 Bibliography
8 External links
History
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
1 of 15 9/6/2012 9:18 PM
,Willard Mitt t Romney,yy
The company, and its actions during its first 15 years, have become thepy g y
subject of political and media scrutiny as a result of co-founder Mitt Romney's
campaign.later political career, especially his 2012 presidential c
Industry Private equity
Founded 1984
Founder(s)Bill Bain
[1]
, Willard Mitt Romney,
T. Coleman Andrews III, Eric Kriss
Headquarters111 Huntington Avenue
Boston, Massachusetts, U.S.
Number of
locations
Boston, Chicago, New York,
London, Palo Alto, Luxembourg,
Tokyo, Hong Kong, Shanghai and
Mumbai
Key peopleJoshua Bekenstein, John
Connaughton, Paul Edgerley, Mark
Nunnelly, Stephen Pagliuca, Jordan
Hitch
Products Venture capital, investment
management, public equity,
high-yield assets, Mezzanine capital,
leveraged buyouts and growth
capital
Total assets US$ 66 billion (2012)
Employees400+ (2012)
[2]
Website www.baincapital.com
(http://www.baincapital.com/)
Bain Capital LLC
Bain Capital
From Wikipedia, the free encyclopedia
Bain Capital is a Boston-headquartered alternative asset management and
financial services company that specializes in private equity, venture capital,
credit and public market investments. Bain invests across a broad range of
industry sectors and geographic regions. As of early 2012, the firm managed
approximately $66 billion of investor capital across its various investment
platforms.
The firm was founded in 1984 by partners from the consulting firm Bain &
Company. Since inception it has invested in or acquired hundreds of
companies including AMC Entertainment, Aspen Education Group,
Brookstone, Burger King, Burlington Coat Factory, Clear Channel
Communications, Domino's Pizza, DoubleClick, Dunkin' Donuts, D&M
Holdings, Guitar Center, Hospital Corporation of America (HCA), Sealy, The
Sports Authority, Staples, Toys "R" Us, Warner Music Group and The
Weather Channel.
As of the end of 2011, Bain Capital had approximately 400 professionals,
most with previous experience in consulting, operations or finance.
[2]
Bain is
headquartered at the John Hancock Tower in Boston, Massachusetts with
additional offices in New York City, Chicago, Palo Alto, London,
Luxembourg, Munich, Mumbai, Hong Kong, Shanghai and Tokyo.
The company, and its actions during its first 15 years, have become the
subject of political and media scrutiny as a result of co-founder Mitt Romney's
later political career, especially his 2012 presidential campaign.
[4]
Contents
1 History
1.1 1984 founding and early history
1.2 1990s
1.3 1999-2002: Romney departure and political legacy
1.4 Early 2000s
1.5 Bain and the 2000s buy-out boom
1.6 Since 2008
2 Businesses and affiliates
2.1 Bain Capital Private Equity
2.2 Bain Capital Ventures
2.3 Brookside Capital
2.4 Sankaty Advisors
2.5 Absolute Return Capital
3 Appraisals and critiques
4 Investments gallery
5 See also
6 References
7 Bibliography
8 External links
History
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
1 of 15 9/6/2012 9:18 PM
,Willard Mitt t Romney,yy
The company, and its actions during its first 15 years, have become thepy g y
subject of political and media scrutiny as a result of co-founder Mitt Romney's
campaign.later political career, especially his 2012 presidential c
In late 2011, Bain Capital moved its
headquarters to the John Hancock
Tower in Boston, Massachusetts. Bain
occupies 210,000 sq. ft. from the 36th
to 43rd floors.
[3]
Bain Capital was an initial investor in Staples,
Inc.
1984 founding and early history
Bain Capital was founded in 1984 by Bain & Company partners Mitt Romney, T.
Coleman Andrews III, and Eric Kriss, after Bill Bain had offered Romney the chance to
head a new venture that would invest in companies and apply Bain's consulting
techniques to improve operations.
[5]
In addition to the three founding partners, the early
team included Fraser Bullock, Robert F. White, Joshua Bekenstein, Adam Kirsch, and
Geoffrey S. Rehnert.
[6]
Romney initially had the titles of president
[7]
and managing
general partner
[8][9]
or managing partner.
[10]
He later became referred to as managing
director
[11]
or CEO
[12]
as well. He was also the sole shareholder of the firm.
[13]
At the
beginning, the firm had fewer than ten employees.
[14]
When new employees were hired,
they were generally in their twenties and top-ranked graduates from Stanford University
or Harvard University, both of which Romney had attended.
[15]
In the face of skepticism from potential investors, Romney and his partners spent a year
raising the $37 million in funds needed to start the new operation.
[16][17][14][18]
Early
investors also included members of elite Salvadoran families who fled the country's civil
war.
[19]
They and other wealthy Latin Americans invested $9 million primarily through
offshore companies registered in Panama.
[20]
While Bain Capital was founded by Bain executives, the firm was not an affiliate or a
division of Bain & Company but rather a completely separate company. Initially, the two
firms shared the same offices - in an office tower at Copley Place in Boston
[21]
- and a
similar approach to improving business operations. However, the two firms had put in
place certain protections to avoid sharing information between the two companies and
the Bain & Company executives had the ability to veto investments that posed potential
conflicts of interest.
[22]
Bain Capital also provided an investment opportunity for
partners of Bain & Company. Bain Capital's original $37 million fund was raised entirely
from private individuals in mid-1984.
[6]
The firm initially gave a cut of its profits to Bain
& Company, but Romney later persuaded Bill Bain to give that up.
[23]
The Bain Capital team was initially reluctant to invest its capital. By 1985, things were
going poorly enough that Romney considered closing the operation, returning investors'
money back to them, and having the partners go back to their old positions.
[24]
The
partners saw weak spots in so many potential deals that by 1986, very few had been
done.
[25]
At first, Bain Capital focused on venture capital opportunities.
[25]
One of Bain's
earliest and most notable venture investments was in Staples, Inc., the office supply
retailer. In 1986, Bain provided $4.5 million to two supermarket executives, Leo Kahn
and Thomas G. Stemberg, to open an office supply supermarket in Brighton,
Massachusetts.
[26]
The fast-growing retail chain went public in 1989;
[27]
by 1996,
the company had grown to over 1,100 stores,
[28]
and by 2008, over 2,000
stores.
[29]
Bain Capital eventually reaped a nearly sevenfold return on its
investment, and Romney sat on the Staples board of directors for over a decade.
[14][18][25]
Another very successful investment occurred in 1986 when $1 million
was invested in medical equipment maker Calumet Coach, which eventually
returned $34 million.
[30]
A few years later, Bain Capital made an investment in
the technology research outfit the Gartner Group, which ended up returning a
16-fold gain.
[30]
Bain invested the $37 million of capital in its first fund in twenty companies and
by 1989 was generating an annualized return in excess of 50 percent. By the end
of the decade, Bain's second fund, raised in 1987 had deployed $106 million into
13 investments.
[31]
As the firm began organizing around funds, each such fund
was run by a specific general partnership – that included all Bain Capital executives as well as others – which in turn was
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
2 of 15 9/6/2012 9:18 PM
Bain Capital was founded in 1984 by Bain & Company partners Mitt Romney, T.py pyp y
Coleman Andrews III, and Eric Kriss, after Bill Bain had offered Romney the chance toy
head a new venture that would invest in companies and apply Bain's consulting
operations.
[5
techniques to improve
,
president
[
,
[7]
Romney initially had the titles of p and managingy
partner
[[8][9]
y
partner.
[[10]
general p or managing p He later became referred to as managinggp
director
[
p
[11]
CEO
[[12]
firm.
[1
or as well. He was also the sole shareholder of the
headquarters to the John Hancock
Tower in Boston, Massachusetts. Bain
occupies 210,000 sq. ft. from the 36th
to 43rd floors.
[3]
Bain Capital was an initial investor in Staples,
Inc.
1984 founding and early history
Bain Capital was founded in 1984 by Bain & Company partners Mitt Romney, T.
Coleman Andrews III, and Eric Kriss, after Bill Bain had offered Romney the chance to
head a new venture that would invest in companies and apply Bain's consulting
techniques to improve operations.
[5]
In addition to the three founding partners, the early
team included Fraser Bullock, Robert F. White, Joshua Bekenstein, Adam Kirsch, and
Geoffrey S. Rehnert.
[6]
Romney initially had the titles of president
[7]
and managing
general partner
[8][9]
or managing partner.
[10]
He later became referred to as managing
director
[11]
or CEO
[12]
as well. He was also the sole shareholder of the firm.
[13]
At the
beginning, the firm had fewer than ten employees.
[14]
When new employees were hired,
they were generally in their twenties and top-ranked graduates from Stanford University
or Harvard University, both of which Romney had attended.
[15]
In the face of skepticism from potential investors, Romney and his partners spent a year
raising the $37 million in funds needed to start the new operation.
[16][17][14][18]
Early
investors also included members of elite Salvadoran families who fled the country's civil
war.
[19]
They and other wealthy Latin Americans invested $9 million primarily through
offshore companies registered in Panama.
[20]
While Bain Capital was founded by Bain executives, the firm was not an affiliate or a
division of Bain & Company but rather a completely separate company. Initially, the two
firms shared the same offices - in an office tower at Copley Place in Boston
[21]
- and a
similar approach to improving business operations. However, the two firms had put in
place certain protections to avoid sharing information between the two companies and
the Bain & Company executives had the ability to veto investments that posed potential
conflicts of interest.
[22]
Bain Capital also provided an investment opportunity for
partners of Bain & Company. Bain Capital's original $37 million fund was raised entirely
from private individuals in mid-1984.
[6]
The firm initially gave a cut of its profits to Bain
& Company, but Romney later persuaded Bill Bain to give that up.
[23]
The Bain Capital team was initially reluctant to invest its capital. By 1985, things were
going poorly enough that Romney considered closing the operation, returning investors'
money back to them, and having the partners go back to their old positions.
[24]
The
partners saw weak spots in so many potential deals that by 1986, very few had been
done.
[25]
At first, Bain Capital focused on venture capital opportunities.
[25]
One of Bain's
earliest and most notable venture investments was in Staples, Inc., the office supply
retailer. In 1986, Bain provided $4.5 million to two supermarket executives, Leo Kahn
and Thomas G. Stemberg, to open an office supply supermarket in Brighton,
Massachusetts.
[26]
The fast-growing retail chain went public in 1989;
[27]
by 1996,
the company had grown to over 1,100 stores,
[28]
and by 2008, over 2,000
stores.
[29]
Bain Capital eventually reaped a nearly sevenfold return on its
investment, and Romney sat on the Staples board of directors for over a decade.
[14][18][25]
Another very successful investment occurred in 1986 when $1 million
was invested in medical equipment maker Calumet Coach, which eventually
returned $34 million.
[30]
A few years later, Bain Capital made an investment in
the technology research outfit the Gartner Group, which ended up returning a
16-fold gain.
[30]
Bain invested the $37 million of capital in its first fund in twenty companies and
by 1989 was generating an annualized return in excess of 50 percent. By the end
of the decade, Bain's second fund, raised in 1987 had deployed $106 million into
13 investments.
[31]
As the firm began organizing around funds, each such fund
was run by a specific general partnership – that included all Bain Capital executives as well as others – which in turn was
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
2 of 15 9/6/2012 9:18 PM
Bain Capital was founded in 1984 by Bain & Company partners Mitt Romney, T.py pyp y
Coleman Andrews III, and Eric Kriss, after Bill Bain had offered Romney the chance toy
head a new venture that would invest in companies and apply Bain's consulting
operations.
[5
techniques to improve
,
president
[
,
[7]
Romney initially had the titles of p and managingy
partner
[[8][9]
y
partner.
[[10]
general p or managing p He later became referred to as managinggp
director
[
p
[11]
CEO
[[12]
firm.
[1
or as well. He was also the sole shareholder of the
controlled by Bain Capital Inc., the management company that Romney had full ownership control of.
[32]
As CEO, Romney had
the final approval say on every deal made.
[33]
1990s
Beginning in 1989, the firm, which began as a venture capital source investing in start-up companies, adjusted its strategy to
focus on leveraged buyouts and growth capital investments in more mature companies.
[34]
Their model was to buy existing firms
with money mostly borrowed against their assets, partner with existing management to apply Bain methodology to their
operations (rather than the hostile takeovers practiced in other leverage buyout scenarios), and sell them off in a few years.
[25][17]
Existing CEOs were offered large equity stakes in the process, owing to Bain Capital's belief in the emerging agency
theory that CEOs should be bound to maximizing shareholder value rather than other goals.
[18]
By the end of 1990, Bain had
raised $175 million of capital and financed 35 companies with combined revenues of $3.5 billion.
[35]
In July 1992, Bain acquired Ampad (originally American Pad & Paper) from Mead Corporation, which had acquired the
company in 1986. Mead which had been experiencing difficulties integrating Ampad's products into its existing product lines,
generated a cash gain of $56 million on the sale.
[36]
Under Bain's ownership, the company enjoyed a significant growth in sales
from $106.7 million in 1992 to $583.9 million in 1996, when the company was listed on the New York Stock Exchange. Under
Bain's ownership, the company also made a number of acquisitions, including writing products company SCM in July 1994,
brand names from the American Trading and Production Corporation in August 1995, WR Acquisition and the Williamhouse-
Regency Division of Delaware, Inc. in October, 1995, Niagara Envelope Company, Inc. in 1996, and Shade/Allied, Inc. in
February 1997.
[37]
Ampad's revenue began to decline in 1997 and the company laid off employees and closed production
facilities to maintain profitability. However, the company filed for bankruptcy in 2001 and the assets were acquired in 2003 by
Crescent Investments. Bain's ownership of Ampad, is estimated to have generated more than $100 million in profit for Bain.
[38]
In 1994, Bain acquired Totes, a producer of umbrellas and overshoes.
[39]
Three years later, Totes, under Bain’s ownership,
acquired Isotoner, a producer of leather gloves.
[40]
Bain, together with Thomas H. Lee Partners, acquired Experian, the consumer credit reporting business of TRW, in 1996 for
more than $1 billion. Formerly known as TRW's Information Systems and Services unit, Experian is one of the leading providers
of credit reports on consumers and businesses in the US.
[41]
The company was sold to Great Universal Stores for $1.7 billion just
months after being acquired.
[42]
Other notable Bain investments of the late 1990s included Sealy Corporation, the manufacturer
of mattresses;
[43]
Alliance Laundry Systems;
[44]
Domino's Pizza
[45]
and Artisan Entertainment.
[46]
Much of the firm's profits was earned from a relatively small number of deals, with Bain Capital's overall success and failure rate
being about even. One study of 68 deals that Bain Capital made up through the 1990s found that the firm lost money or broke
even on 33 of them.
[47]
Another study that looked at the eight-year period following 77 deals during the same time found that in
17 cases the company went bankrupt or out of business, and in 6 cases Bain Capital lost all its investment. But 10 deals were
very successful and represented 70 percent of the total profits.
[48]
Romney had two diversions from Bain Capital during the first half of the decade. From January 1991 to December 1992,
[49][25]
Romney served as the CEO of Bain & Company where he led the successful turnaround of the consulting firm (he remained
managing general partner of Bain Capital during this time).
[8][9]
In November 1993, he took a leave of absence for his
unsuccessful 1994 run for the U.S. Senate seat from Massachusetts; he returned the day after the election in November 1994.
[50]
[25][51]
During that time, Ampad workers went on strike, and asked Romney to intervene; Bain Capital lawyers asked him not to
get involved, although he did meet with the workers to tell them he had no position of active authority in the matter.
[52][53]
In 1994, Bain invested in Steel Dynamics, based in Fort Wayne, Indiana, a prosperous steel company that has grown to the fifth
largest in the U.S.A, employs about 6,100 people, and produces carbon steel products with 2010 revenues of $6.3 billion on steel
shipments of 5.3 million tons.
[54]
In 1993, Bain acquired the Armco Worldwide Grinding System steel plant in Kansas City,
Missouri and merged it with its steel plant in Georgetown, South Carolina to form GST Steel. The Kansas City plant had a strike
in 1997 and Bain closed the plant in 2001 laying off 750 workers when it went into bankruptcy. The South Carolina plant closed
in 2003 but subsequently reopened under a different owner. At the time of its bankruptcy it reported $553.9 million in debts
against $395.2 in assets. Bain reported $58.4 million in profits, the employee pension fund had a liability of $44 million.
[55][56]
[57][58]
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
3 of 15 9/6/2012 9:18 PM
[32]
As CEO, Romney had
the final approval say on every deal made.
[33]
1990s
Beginning in 1989, the firm, which began as a venture capital source investing in start-up companies, adjusted its strategy to
focus on leveraged buyouts and growth capital investments in more mature companies.
[34]
Their model was to buy existing firms
with money mostly borrowed against their assets, partner with existing management to apply Bain methodology to their
operations (rather than the hostile takeovers practiced in other leverage buyout scenarios), and sell them off in a few years.
[25][17]
Existing CEOs were offered large equity stakes in the process, owing to Bain Capital's belief in the emerging agency
theory that CEOs should be bound to maximizing shareholder value rather than other goals.
[18]
By the end of 1990, Bain had
raised $175 million of capital and financed 35 companies with combined revenues of $3.5 billion.
[35]
In July 1992, Bain acquired Ampad (originally American Pad & Paper) from Mead Corporation, which had acquired the
company in 1986. Mead which had been experiencing difficulties integrating Ampad's products into its existing product lines,
generated a cash gain of $56 million on the sale.
[36]
Under Bain's ownership, the company enjoyed a significant growth in sales
from $106.7 million in 1992 to $583.9 million in 1996, when the company was listed on the New York Stock Exchange. Under
Bain's ownership, the company also made a number of acquisitions, including writing products company SCM in July 1994,
brand names from the American Trading and Production Corporation in August 1995, WR Acquisition and the Williamhouse-
Regency Division of Delaware, Inc. in October, 1995, Niagara Envelope Company, Inc. in 1996, and Shade/Allied, Inc. in
February 1997.
[37]
Ampad's revenue began to decline in 1997 and the company laid off employees and closed production
facilities to maintain profitability. However, the company filed for bankruptcy in 2001 and the assets were acquired in 2003 by
Crescent Investments. Bain's ownership of Ampad, is estimated to have generated more than $100 million in profit for Bain.
[38]
In 1994, Bain acquired Totes, a producer of umbrellas and overshoes.
[39]
Three years later, Totes, under Bain’s ownership,
acquired Isotoner, a producer of leather gloves.
[40]
Bain, together with Thomas H. Lee Partners, acquired Experian, the consumer credit reporting business of TRW, in 1996 for
more than $1 billion. Formerly known as TRW's Information Systems and Services unit, Experian is one of the leading providers
of credit reports on consumers and businesses in the US.
[41]
The company was sold to Great Universal Stores for $1.7 billion just
months after being acquired.
[42]
Other notable Bain investments of the late 1990s included Sealy Corporation, the manufacturer
of mattresses;
[43]
Alliance Laundry Systems;
[44]
Domino's Pizza
[45]
and Artisan Entertainment.
[46]
Much of the firm's profits was earned from a relatively small number of deals, with Bain Capital's overall success and failure rate
being about even. One study of 68 deals that Bain Capital made up through the 1990s found that the firm lost money or broke
even on 33 of them.
[47]
Another study that looked at the eight-year period following 77 deals during the same time found that in
17 cases the company went bankrupt or out of business, and in 6 cases Bain Capital lost all its investment. But 10 deals were
very successful and represented 70 percent of the total profits.
[48]
Romney had two diversions from Bain Capital during the first half of the decade. From January 1991 to December 1992,
[49][25]
Romney served as the CEO of Bain & Company where he led the successful turnaround of the consulting firm (he remained
managing general partner of Bain Capital during this time).
[8][9]
In November 1993, he took a leave of absence for his
unsuccessful 1994 run for the U.S. Senate seat from Massachusetts; he returned the day after the election in November 1994.
[50]
[25][51]
During that time, Ampad workers went on strike, and asked Romney to intervene; Bain Capital lawyers asked him not to
get involved, although he did meet with the workers to tell them he had no position of active authority in the matter.
[52][53]
In 1994, Bain invested in Steel Dynamics, based in Fort Wayne, Indiana, a prosperous steel company that has grown to the fifth
largest in the U.S.A, employs about 6,100 people, and produces carbon steel products with 2010 revenues of $6.3 billion on steel
shipments of 5.3 million tons.
[54]
In 1993, Bain acquired the Armco Worldwide Grinding System steel plant in Kansas City,
Missouri and merged it with its steel plant in Georgetown, South Carolina to form GST Steel. The Kansas City plant had a strike
in 1997 and Bain closed the plant in 2001 laying off 750 workers when it went into bankruptcy. The South Carolina plant closed
in 2003 but subsequently reopened under a different owner. At the time of its bankruptcy it reported $553.9 million in debts
against $395.2 in assets. Bain reported $58.4 million in profits, the employee pension fund had a liability of $44 million.
[55][56]
[57][58]
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
3 of 15 9/6/2012 9:18 PM
Bain's investment in Dade Behring represented a significant investment in the medical diagnostics industry. In 1994, Bain,
together with Goldman Sachs Capital Partners completed a carveout acquisition of Dade International,
[59]
the medical
diagnostics division of Baxter International in a $440 million acquisition. Dade's private equity owners merged the company with
DuPont's in vitro diagnostics business in May 1996 and subsequently with the Behring Diagnostics division of Hoechst AG in
1997.
[60]
Aventis, the successor of Hoechst, acquired 52% of the combined company.
[61]
In 1999, the company reported $1.3
billion of revenue and completed a $1.25 billion leveraged recapitalization that resulted in a payout to shareholders.
[60]
The
dividend, taken together with other previous shareholder dividends resulted in an eightfold return on investment to Bain Capital
and Goldman Sachs.
[30][48]
Revenues declined from 1999 through 2002 and despite attempts to cut costs through layoffs the
company entered into bankruptcy in 2002. Following its restructuring, Dade Behring emerged from Bankruptcy in 2003 and
continued to operate independently until 2007 when the business was acquired by Siemens Medical Solutions. Bain and
Goldman lost their remaining stock in the company as part of the bankruptcy.
[62]
By the end of the decade, Bain Capital was on its way to being one of the top private equity firms in the nation,
[23]
having
increased its number of partners from 5 to 18, having 115 employees overall, and having $4 billion under its management.
[17][14]
The firm's average annual return on investments was 113 percent.
[16][63]
It had made between 100 and 150 deals where it
acquired and then sold a company.
[30][47][48]
1999-2002: Romney departure and political legacy
Romney took a paid leave of absence from Bain Capital in February 1999 when he became the head of the Salt Lake Organizing
Committee for the 2002 Winter Olympics.
[64][65]
The decision caused turmoil at Bain Capital, with a power struggle ensuing.
[66]
Some partners left and founded the Audax Group and Golden Gate Capital.
[33]
Other partners threatened to leave, and there was
a prospect of eight-figure lawsuits being filed.
[66]
Romney was worried that the firm might be destroyed, but the crisis ebbed.
[66]
Romney was not involved in day-to-day operations of the firm after starting the Olympics position.
[67][68]
Those were handled
by a management committee, consisting of five of the fourteen remaining active partners with the firm.
[33]
However, according
to some interviews and press releases during 1999, Romney said he was keeping a part-time function at Bain.
[69][33]
During his leave of absence, Romney continued to be listed in filings to the U.S. Securities and Exchange Commission
[70]
as
"sole shareholder, sole director, Chief Executive Officer and President".
[71][72]
The SEC filings reflected the legal reality
[73]
and
the ownership interest in the Bain Capital management company.
[32][74]
In practice, former Bain partners have stated that
Romney's attention was mostly occupied by his Olympics position.
[75][73]
He did stay in regular contact with his partners, and
traveled to meet with them several times, signing corporate and legal documents and paying attention to his own interests within
the firm and to his departure negotiations.
[74]
Bain Capital Fund VI in 1998 was the last one Romney was involved in; investors
were worried that with Romney gone, the firm would have trouble raising money for Bain Capital Fund VII in 2000, but in
practice the $2.5 billion was raised without much trouble.
[33]
His former partners have said that Romney had no role in assessing
other new investments after February 1999,
[33]
nor was he involved in directing the company’s investment funds.
[32]
Discussions over the final terms of Romney's departure dragged on during this time, with Romney negotiating for the best deal
he could get and his continuing position as CEO and sole shareholder giving him the leverage to do so.
[73][33]
Although he had left open the possibility of returning to Bain after the Olympics, Romney made his crossover to politics
permanent with an announcement in August 2001.
[64]
His separation from the firm was finalized in early 2002.
[33][76]
Romney
negotiated a ten-year retirement agreement with Bain Capital
[33]
that allowed him to receive a passive profit share and interest
as a retired partner in some Bain Capital entities, including buyout and Bain Capital investment funds, in exchange for his
ownership in the management company.
[77][78]
Because the private equity business continued to thrive, this deal would bring
him millions of dollars in annual income.
[78]
Romney was the first and last CEO of Bain Capital; since his departure became
final, it has continued to be run by management committee.
[33]
Bain Capital itself, and especially its actions and investments during its first 15 years, came under press scrutiny as the result of
Romney's 2008 and 2012 presidential campaigns.
[30][79][80]
Bain Capital made as few comments about those actions and
investments as possible, as even by the standards of the private equity industry it was known for its commitment towards secrecy
about itself and privacy for its clients and investors.
[80]
Romney's leave of absence and the level of activity he had within the
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
4 of 15 9/6/2012 9:18 PM
together with Goldman Sachs Capital Partners completed a carveout acquisition of Dade International,
[59]
the medical
diagnostics division of Baxter International in a $440 million acquisition. Dade's private equity owners merged the company with
DuPont's in vitro diagnostics business in May 1996 and subsequently with the Behring Diagnostics division of Hoechst AG in
1997.
[60]
Aventis, the successor of Hoechst, acquired 52% of the combined company.
[61]
In 1999, the company reported $1.3
billion of revenue and completed a $1.25 billion leveraged recapitalization that resulted in a payout to shareholders.
[60]
The
dividend, taken together with other previous shareholder dividends resulted in an eightfold return on investment to Bain Capital
and Goldman Sachs.
[30][48]
Revenues declined from 1999 through 2002 and despite attempts to cut costs through layoffs the
company entered into bankruptcy in 2002. Following its restructuring, Dade Behring emerged from Bankruptcy in 2003 and
continued to operate independently until 2007 when the business was acquired by Siemens Medical Solutions. Bain and
Goldman lost their remaining stock in the company as part of the bankruptcy.
[62]
By the end of the decade, Bain Capital was on its way to being one of the top private equity firms in the nation,
[23]
having
increased its number of partners from 5 to 18, having 115 employees overall, and having $4 billion under its management.
[17][14]
The firm's average annual return on investments was 113 percent.
[16][63]
It had made between 100 and 150 deals where it
acquired and then sold a company.
[30][47][48]
1999-2002: Romney departure and political legacy
Romney took a paid leave of absence from Bain Capital in February 1999 when he became the head of the Salt Lake Organizing
Committee for the 2002 Winter Olympics.
[64][65]
The decision caused turmoil at Bain Capital, with a power struggle ensuing.
[66]
Some partners left and founded the Audax Group and Golden Gate Capital.
[33]
Other partners threatened to leave, and there was
a prospect of eight-figure lawsuits being filed.
[66]
Romney was worried that the firm might be destroyed, but the crisis ebbed.
[66]
Romney was not involved in day-to-day operations of the firm after starting the Olympics position.
[67][68]
Those were handled
by a management committee, consisting of five of the fourteen remaining active partners with the firm.
[33]
However, according
to some interviews and press releases during 1999, Romney said he was keeping a part-time function at Bain.
[69][33]
During his leave of absence, Romney continued to be listed in filings to the U.S. Securities and Exchange Commission
[70]
as
"sole shareholder, sole director, Chief Executive Officer and President".
[71][72]
The SEC filings reflected the legal reality
[73]
and
the ownership interest in the Bain Capital management company.
[32][74]
In practice, former Bain partners have stated that
Romney's attention was mostly occupied by his Olympics position.
[75][73]
He did stay in regular contact with his partners, and
traveled to meet with them several times, signing corporate and legal documents and paying attention to his own interests within
the firm and to his departure negotiations.
[74]
Bain Capital Fund VI in 1998 was the last one Romney was involved in; investors
were worried that with Romney gone, the firm would have trouble raising money for Bain Capital Fund VII in 2000, but in
practice the $2.5 billion was raised without much trouble.
[33]
His former partners have said that Romney had no role in assessing
other new investments after February 1999,
[33]
nor was he involved in directing the company’s investment funds.
[32]
Discussions over the final terms of Romney's departure dragged on during this time, with Romney negotiating for the best deal
he could get and his continuing position as CEO and sole shareholder giving him the leverage to do so.
[73][33]
Although he had left open the possibility of returning to Bain after the Olympics, Romney made his crossover to politics
permanent with an announcement in August 2001.
[64]
His separation from the firm was finalized in early 2002.
[33][76]
Romney
negotiated a ten-year retirement agreement with Bain Capital
[33]
that allowed him to receive a passive profit share and interest
as a retired partner in some Bain Capital entities, including buyout and Bain Capital investment funds, in exchange for his
ownership in the management company.
[77][78]
Because the private equity business continued to thrive, this deal would bring
him millions of dollars in annual income.
[78]
Romney was the first and last CEO of Bain Capital; since his departure became
final, it has continued to be run by management committee.
[33]
Bain Capital itself, and especially its actions and investments during its first 15 years, came under press scrutiny as the result of
Romney's 2008 and 2012 presidential campaigns.
[30][79][80]
Bain Capital made as few comments about those actions and
investments as possible, as even by the standards of the private equity industry it was known for its commitment towards secrecy
about itself and privacy for its clients and investors.
[80]
Romney's leave of absence and the level of activity he had within the
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
4 of 15 9/6/2012 9:18 PM
In 2002, Bain acquired Burger King
together with TPG Capital and
Goldman Sachs Capital Partners.
Bain led a consortium in the
buyout of Toys "R" Us in 2004
firm during the 1999-2002 period also garnered attention.
[81][82][83][84][85][86]
Early 2000s
Bain Capital began the new decade by closing on its seventh fund, Bain Capital Fund VII,
with over $3.1 billion of investor commitments. The firm's most notable investments in
2000 included the $700 million acquisition of Datek, the online stock brokerage firm,
[87]
as well as the $305 million acquisition of KB Toys from Consolidated Stores.
[88]
Datek
was ultimately merged with Ameritrade in 2002. KB Toys, which had been financially
troubled since the 1990s as a result of increased pressure from national discount chains
such as Wal-Mart and Target, filed for Chapter 11 bankruptcy protection in January
2004. Bain had been able to recover value on its investment through a dividend
recapitalization in 2003.
[89]
In early 2001, Bain agreed to purchase a 30 percent stake,
worth $600 million, in Huntsman Corporation, a leading chemical company owned by Jon
Huntsman, Sr., but the deal was never completed.
[90][91]
With a significant amount of committed capital in its new fund available for investment,
Bain was one of a handful of private equity investors capable of completing large
transactions in the adverse conditions of the early 2000s recession. In July 2002, Bain together with TPG Capital and Goldman
Sachs Capital Partners, announced the high profile $2.3 billion leveraged buyout of Burger King from Diageo.
[92]
However, in
November the original transaction collapsed, when Burger King failed to meet certain performance targets. In December 2002,
Bain and its co-investors agreed on a reduced $1.5 billion purchase price for the investment.
[93]
The Bain consortium had
support from Burger King's franchisees, who controlled approximately 92% of Burger King restaurants at the time of the
transaction. Under its new owners, Burger King underwent a major brand overhaul including the use of The Burger King
character in advertising. In February 2006, Burger King announced plans for an initial public offering.
[94]
In late 2002, Bain remained active acquiring Houghton Mifflin Company for $1.28 billion, together with Thomas H. Lee Partners
and The Blackstone Group. Houghton Mifflin and Burger King represented two of the first large club deals, completed since the
collapse of the Dot-com bubble.
[95]
In November 2003, Bain completed an investment in Warner Music Group. In 2004 Bain acquired the Dollarama chain of dollar
stores, based in Montreal, Quebec, Canada and operating stores in the provinces of Eastern Canada for $1.05 billion CAD. In
March 2004, Bain acquired Brenntag Group from Deutsche Bahn AG (Exited in 2006; sold to BC Partners for $4B). In August
2003, Bain acquired a 50% interest in Bombardier Inc.'s recreational products division, along with the Bombardier family and
the Caisse de dépôt et placement du Québec, and created Bombardier Recreational Products or BRP.
Bain and the 2000s buy-out boom
In 2004 a consortium comprising KKR, Bain Capital and real estate development company
Vornado Realty Trust announced the $6.6 billion acquisition of Toys "R" Us, the toy retailer.
A month earlier, Cerberus Capital Management, made a $5.5 billion offer for both the toy
and baby supplies businesses.
[96]
The Toys 'R' Us buyout was one of the largest in several
years.
[97]
Following this transaction, by the end of 2004 and in 2005, major buyouts were
once again becoming common and market observers were stunned by the leverage levels
and financing terms obtained by financial sponsors in their buyouts.
[98]
The following year, in 2005, Bain was one of seven private equity firms involved in the
buyout of SunGard in a transaction valued at $11.3 billion. Bain's partners in the acquisition
were Silver Lake Partners, TPG Capital, Goldman Sachs Capital Partners, Kohlberg Kravis
Roberts, Providence Equity Partners, and The Blackstone Group. This represented the
largest leveraged buyout completed since the takeover of RJR Nabisco at the end of the
1980s leveraged buyout boom. Also, at the time of its announcement, SunGard would be the largest buyout of a technology
company in history, a distinction it would cede to the buyout of Freescale Semiconductor. The SunGard transaction is also
notable in the number of firms involved in the transaction, the largest club deal completed to that point. The involvement of
seven firms in the consortium was criticized by investors in private equity who considered cross-holdings among firms to be
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
5 of 15 9/6/2012 9:18 PM
p
Goldman Sachs Capital Partners,
in 2005, Bain was one of seven private equity firms involved in thegy p
buyout of SunGard in a transaction valued at $11.3 billion. B
SunGard would bethe largest buyout of a technologygy
company in history, SunGard transaction is also
gy gy
y
notable in the number of firms involved in the transaction, the largest club deal completed to that point. l
py y
The involvement of
seven firms in the consortium was criticized by investors in private equity who considered cross-holdings among firms to be
g pp
together with TPG Capital and
Goldman Sachs Capital Partners.
Bain led a consortium in the
buyout of Toys "R" Us in 2004
firm during the 1999-2002 period also garnered attention.
[81][82][83][84][85][86]
Early 2000s
Bain Capital began the new decade by closing on its seventh fund, Bain Capital Fund VII,
with over $3.1 billion of investor commitments. The firm's most notable investments in
2000 included the $700 million acquisition of Datek, the online stock brokerage firm,
[87]
as well as the $305 million acquisition of KB Toys from Consolidated Stores.
[88]
Datek
was ultimately merged with Ameritrade in 2002. KB Toys, which had been financially
troubled since the 1990s as a result of increased pressure from national discount chains
such as Wal-Mart and Target, filed for Chapter 11 bankruptcy protection in January
2004. Bain had been able to recover value on its investment through a dividend
recapitalization in 2003.
[89]
In early 2001, Bain agreed to purchase a 30 percent stake,
worth $600 million, in Huntsman Corporation, a leading chemical company owned by Jon
Huntsman, Sr., but the deal was never completed.
[90][91]
With a significant amount of committed capital in its new fund available for investment,
Bain was one of a handful of private equity investors capable of completing large
transactions in the adverse conditions of the early 2000s recession. In July 2002, Bain together with TPG Capital and Goldman
Sachs Capital Partners, announced the high profile $2.3 billion leveraged buyout of Burger King from Diageo.
[92]
However, in
November the original transaction collapsed, when Burger King failed to meet certain performance targets. In December 2002,
Bain and its co-investors agreed on a reduced $1.5 billion purchase price for the investment.
[93]
The Bain consortium had
support from Burger King's franchisees, who controlled approximately 92% of Burger King restaurants at the time of the
transaction. Under its new owners, Burger King underwent a major brand overhaul including the use of The Burger King
character in advertising. In February 2006, Burger King announced plans for an initial public offering.
[94]
In late 2002, Bain remained active acquiring Houghton Mifflin Company for $1.28 billion, together with Thomas H. Lee Partners
and The Blackstone Group. Houghton Mifflin and Burger King represented two of the first large club deals, completed since the
collapse of the Dot-com bubble.
[95]
In November 2003, Bain completed an investment in Warner Music Group. In 2004 Bain acquired the Dollarama chain of dollar
stores, based in Montreal, Quebec, Canada and operating stores in the provinces of Eastern Canada for $1.05 billion CAD. In
March 2004, Bain acquired Brenntag Group from Deutsche Bahn AG (Exited in 2006; sold to BC Partners for $4B). In August
2003, Bain acquired a 50% interest in Bombardier Inc.'s recreational products division, along with the Bombardier family and
the Caisse de dépôt et placement du Québec, and created Bombardier Recreational Products or BRP.
Bain and the 2000s buy-out boom
In 2004 a consortium comprising KKR, Bain Capital and real estate development company
Vornado Realty Trust announced the $6.6 billion acquisition of Toys "R" Us, the toy retailer.
A month earlier, Cerberus Capital Management, made a $5.5 billion offer for both the toy
and baby supplies businesses.
[96]
The Toys 'R' Us buyout was one of the largest in several
years.
[97]
Following this transaction, by the end of 2004 and in 2005, major buyouts were
once again becoming common and market observers were stunned by the leverage levels
and financing terms obtained by financial sponsors in their buyouts.
[98]
The following year, in 2005, Bain was one of seven private equity firms involved in the
buyout of SunGard in a transaction valued at $11.3 billion. Bain's partners in the acquisition
were Silver Lake Partners, TPG Capital, Goldman Sachs Capital Partners, Kohlberg Kravis
Roberts, Providence Equity Partners, and The Blackstone Group. This represented the
largest leveraged buyout completed since the takeover of RJR Nabisco at the end of the
1980s leveraged buyout boom. Also, at the time of its announcement, SunGard would be the largest buyout of a technology
company in history, a distinction it would cede to the buyout of Freescale Semiconductor. The SunGard transaction is also
notable in the number of firms involved in the transaction, the largest club deal completed to that point. The involvement of
seven firms in the consortium was criticized by investors in private equity who considered cross-holdings among firms to be
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
5 of 15 9/6/2012 9:18 PM
p
Goldman Sachs Capital Partners,
in 2005, Bain was one of seven private equity firms involved in thegy p
buyout of SunGard in a transaction valued at $11.3 billion. B
SunGard would bethe largest buyout of a technologygy
company in history, SunGard transaction is also
gy gy
y
notable in the number of firms involved in the transaction, the largest club deal completed to that point. l
py y
The involvement of
seven firms in the consortium was criticized by investors in private equity who considered cross-holdings among firms to be
g pp
Bain led the buyout of Dunkin' Brands
for $2.4 billion in 2005
generally unattractive.
[99][100]
Bain led a consortium, together with The Carlyle Group and Thomas H. Lee Partners to
acquire Dunkin' Brands. The private equity firms paid $2.425 billion in cash for the
parent company of Dunkin' Donuts and Baskin-Robbins in December 2005.
[101]
In 2006, Bain Capital and Kohlberg Kravis Roberts, together with Merrill Lynch and the
Frist family (which had founded the company) completed a $31.6 billion acquisition of
Hospital Corporation of America
, 17 years after it was taken private for the first time in a
management buyout. At the time of its announcement, the HCA buyout would be the first of several to set new records for the largest buyout, eclipsing the 1989 buyout of RJR Nabisco. It would later be surpassed by the buyouts of Equity Office Properties and
TXU.
[102]
In August 2006, Bain was part of the consortium, together with Kohlberg
Kravis Roberts, Silver Lake Partners and AlpInvest Partners, that acquired a controlling
80.1% share of semiconductors unit of Philips for €6.4 billion. The new company, based
in the Netherlands, was renamed NXP Semiconductors.
[103][104]
During the buyout boom, Bain was active in the acquisition of various retail
businesses.
[105]
In January 2006, Bain announced the acquisition of Burlington Coat
Factory, a discount retailer operating 367 department stores in 42 states, in a $2 billion
buyout transaction.
[106]
Six months later, in October 2006, Bain and The Blackstone
Group acquired Michaels Stores
, the largest arts and crafts retailer in North America in a
$6.0 billion leveraged buyout. Bain and Blackstone narrowly beat out Kohlberg Kravis Roberts and TPG Capital in an auction
for the company.
[107]
In June 2007, Bain agreed to acquire HD Supply, the wholesale construction supply business of Home
Depot for $10.3 billion.
[108]
Bain, along with partners Carlyle Group and Clayton, Dubilier & Rice, would later negotiate a lower
price ($8.5 billion) when the initial stages of the subprime mortgage crisis caused lenders to seek to renegotiate the terms of the
acquisition financing.
[109]
Just days after the announcement of the HD Supply deal, on June 27, Bain announced the acquisition
of Guitar Center, the leading musical equipment retailer in the U.S. Bain paid $1.9 billion, plus $200 million in assumed debt,
representing a 26% premium to the stock's closing price prior to the announcement.
[110]
Bain also acquired Edcon Limited,
which operates Edgars Department Stores in South Africa and Zimbabwe for 25 billion-rand ($3.5 billion) in February 2007.
[111]
Other investments during the buyout boom included: Bavaria Yachtbau, acquired for €1.3 billion in July 2007
[112]
as well as
Sensata Technologies, acquired from Texas Instruments in 2006 for approximately $3 billion.
[113]
Since 2008
In the wake of the closure of the credit markets in 2007 and 2008, Bain managed to close only a small number of sizable
transactions. In July 2008, Bain, together with NBC Universal and The Blackstone Group agreed to purchase The Weather
Channel from Landmark Communications.
[114][115]
Subsequent investments include, but are not limited to:
July 2008 – Bain, together with Thomas H. Lee Partners, acquired Clear Channel Communications.
[116]
July 2008 – Bain acquired D&M Holdings for $442 million.
[117]
June 2009 – Bain Capital announced a deal to acquire a 9–23 percent stake in Chinese electronics manufacturer GOME
Electrical Appliances for $233–432 million.
[118]
March 2010 – Bain acquired Styron (polystyrene, latex), a division of The Dow Chemical Company, for $1.6 billion.
[119]
October 2010 – Bain acquired Gymboree for $1.8 billion.
[120]
July 2011 – Bain acquired Securitas Direct AB together with Hellman & Friedman
January 2012 – Bain acquired Physio-Control for $478 million.
[121]
Businesses and affiliates
Bain Capital's family of funds includes private equity, venture capital, public equity, and leveraged debt assets.
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
6 of 15 9/6/2012 9:18 PM
Bain led a consortium, together with The Carlyle Group
Bain, along with partnersCarlyle Group and Clayton, Dubilier & Rice, would later negotiate a lowerp gp yp y g
price ($8.5 billion) when the initial stages of the subprime mortgage crisis caused lenders to seek to renegotiate the terms of the)
financing.
[1
acquisition
for $2.4 billion in 2005
generally unattractive.
[99][100]
Bain led a consortium, together with The Carlyle Group and Thomas H. Lee Partners to
acquire Dunkin' Brands. The private equity firms paid $2.425 billion in cash for the
parent company of Dunkin' Donuts and Baskin-Robbins in December 2005.
[101]
In 2006, Bain Capital and Kohlberg Kravis Roberts, together with Merrill Lynch and the
Frist family (which had founded the company) completed a $31.6 billion acquisition of
Hospital Corporation of America
, 17 years after it was taken private for the first time in a
management buyout. At the time of its announcement, the HCA buyout would be the first of several to set new records for the largest buyout, eclipsing the 1989 buyout of RJR Nabisco. It would later be surpassed by the buyouts of Equity Office Properties and
TXU.
[102]
In August 2006, Bain was part of the consortium, together with Kohlberg
Kravis Roberts, Silver Lake Partners and AlpInvest Partners, that acquired a controlling
80.1% share of semiconductors unit of Philips for €6.4 billion. The new company, based
in the Netherlands, was renamed NXP Semiconductors.
[103][104]
During the buyout boom, Bain was active in the acquisition of various retail
businesses.
[105]
In January 2006, Bain announced the acquisition of Burlington Coat
Factory, a discount retailer operating 367 department stores in 42 states, in a $2 billion
buyout transaction.
[106]
Six months later, in October 2006, Bain and The Blackstone
Group acquired Michaels Stores
, the largest arts and crafts retailer in North America in a
$6.0 billion leveraged buyout. Bain and Blackstone narrowly beat out Kohlberg Kravis Roberts and TPG Capital in an auction
for the company.
[107]
In June 2007, Bain agreed to acquire HD Supply, the wholesale construction supply business of Home
Depot for $10.3 billion.
[108]
Bain, along with partners Carlyle Group and Clayton, Dubilier & Rice, would later negotiate a lower
price ($8.5 billion) when the initial stages of the subprime mortgage crisis caused lenders to seek to renegotiate the terms of the
acquisition financing.
[109]
Just days after the announcement of the HD Supply deal, on June 27, Bain announced the acquisition
of Guitar Center, the leading musical equipment retailer in the U.S. Bain paid $1.9 billion, plus $200 million in assumed debt,
representing a 26% premium to the stock's closing price prior to the announcement.
[110]
Bain also acquired Edcon Limited,
which operates Edgars Department Stores in South Africa and Zimbabwe for 25 billion-rand ($3.5 billion) in February 2007.
[111]
Other investments during the buyout boom included: Bavaria Yachtbau, acquired for €1.3 billion in July 2007
[112]
as well as
Sensata Technologies, acquired from Texas Instruments in 2006 for approximately $3 billion.
[113]
Since 2008
In the wake of the closure of the credit markets in 2007 and 2008, Bain managed to close only a small number of sizable
transactions. In July 2008, Bain, together with NBC Universal and The Blackstone Group agreed to purchase The Weather
Channel from Landmark Communications.
[114][115]
Subsequent investments include, but are not limited to:
July 2008 – Bain, together with Thomas H. Lee Partners, acquired Clear Channel Communications.
[116]
July 2008 – Bain acquired D&M Holdings for $442 million.
[117]
June 2009 – Bain Capital announced a deal to acquire a 9–23 percent stake in Chinese electronics manufacturer GOME
Electrical Appliances for $233–432 million.
[118]
March 2010 – Bain acquired Styron (polystyrene, latex), a division of The Dow Chemical Company, for $1.6 billion.
[119]
October 2010 – Bain acquired Gymboree for $1.8 billion.
[120]
July 2011 – Bain acquired Securitas Direct AB together with Hellman & Friedman
January 2012 – Bain acquired Physio-Control for $478 million.
[121]
Businesses and affiliates
Bain Capital's family of funds includes private equity, venture capital, public equity, and leveraged debt assets.
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
6 of 15 9/6/2012 9:18 PM
Bain led a consortium, together with The Carlyle Group
Bain, along with partnersCarlyle Group and Clayton, Dubilier & Rice, would later negotiate a lowerp gp yp y g
price ($8.5 billion) when the initial stages of the subprime mortgage crisis caused lenders to seek to renegotiate the terms of the)
financing.
[1
acquisition
Bain Capital Private Equity
Bain Capital Private Equity has raised ten funds and invested in more than 250 companies. The private equity activity includes
leveraged buyouts and growth capital in a wide variety of industries.
[122]
Bain began investing in Europe in 1989 through its
London-based affiliate Bain Capital Europe.
[123]
Bain also operates international affiliates Bain Capital Asia and Bain Capital
India.
Bain Capital Private Equity is made up of more than 250 investment professionals, including 38 managing directors operating
from offices in Boston, Hong Kong, London, Mumbai, Munich, New York, Shanghai, and Tokyo, as of the beginning of 2011.
Historically, Bain has primarily relied on private equity funds, pools of committed capital from pension funds, insurance
companies, endowments, fund of funds, high net worth individuals, sovereign wealth funds and other institutional investors.
Bain's own investment professionals are the largest single investor in each of its funds. From 1993, when Bain raised its first
institutional fund through the beginning of 2012, Bain had completed fundraising for 11 funds with total investor commitments
of over $38 billion, including its global private equity funds and separate funds focusing specifically on investments in Europe
and Asia. Since 1998, each of Bain's global funds has invested alongside a coinvestment fund that invests only in certain larger
transactions. The following is a summary of Bain's private equity funds raised from its inception through the beginning of
2012:
[124]
Fund Vintage
Year
Committed
Capital ($m)
Bain Capital Fund IV 1993 $300
Bain Capital Fund V 1995 $500
Bain Capital Fund VI 1998 $1,400
[125]
Bain Capital Fund VII 2000 $3,117
[125]
Bain Capital Fund VIII 2004 $4,250
[125]
Bain Capital Fund VIII-E (Europe) 2004 $1,015
Bain Capital Fund IX 2006 $10,000
[125]
Bain Capital Europe III 2008 € 3,500
Bain Capital Asia 2008 $1,000
Bain Capital Fund X 2008 $11,800
[125]
Bain Capital Asia II 2011 $2,000
Bain Capital Ventures
Main article: Bain Capital Ventures
Bain Capital Ventures is the venture capital arm of Bain Capital, focused on seed through late-stage growth equity, investing in
business services, consumer, healthcare, internet & mobile, and software companies. Bain Capital Ventures has raised
approximately $1.53 billion of investor capital since 2001 across four investment funds. The firm's 30 investment professionals
are currently investing its fourth fund, Bain Capital Venture Fund 2009, which raised $525 million from investors.
[126]
The following is a summary of Bain's private equity funds raised from its inception through the beginning of 2012:
[124]
Fund Vintage
Year
Committed
Capital ($m)
Bain Capital Venture Fund 2001 $250
Bain Capital Venture Partners 2005 2005 $250
Bain Capital Venture Partners 2007 2007 $500
Bain Capital Venture Partners 2009 2009 $525
Bain Capital Venture Partners 2012 2012 $600
[127]
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
7 of 15 9/6/2012 9:18 PM
Bain Capital Private Equity has raised ten funds and invested in more than 250 companies. The private equity activity includes
leveraged buyouts and growth capital in a wide variety of industries.
[122]
Bain began investing in Europe in 1989 through its
London-based affiliate Bain Capital Europe.
[123]
Bain also operates international affiliates Bain Capital Asia and Bain Capital
India.
Bain Capital Private Equity is made up of more than 250 investment professionals, including 38 managing directors operating
from offices in Boston, Hong Kong, London, Mumbai, Munich, New York, Shanghai, and Tokyo, as of the beginning of 2011.
Historically, Bain has primarily relied on private equity funds, pools of committed capital from pension funds, insurance
companies, endowments, fund of funds, high net worth individuals, sovereign wealth funds and other institutional investors.
Bain's own investment professionals are the largest single investor in each of its funds. From 1993, when Bain raised its first
institutional fund through the beginning of 2012, Bain had completed fundraising for 11 funds with total investor commitments
of over $38 billion, including its global private equity funds and separate funds focusing specifically on investments in Europe
and Asia. Since 1998, each of Bain's global funds has invested alongside a coinvestment fund that invests only in certain larger
transactions. The following is a summary of Bain's private equity funds raised from its inception through the beginning of
2012:
[124]
Fund Vintage
Year
Committed
Capital ($m)
Bain Capital Fund IV 1993 $300
Bain Capital Fund V 1995 $500
Bain Capital Fund VI 1998 $1,400
[125]
Bain Capital Fund VII 2000 $3,117
[125]
Bain Capital Fund VIII 2004 $4,250
[125]
Bain Capital Fund VIII-E (Europe) 2004 $1,015
Bain Capital Fund IX 2006 $10,000
[125]
Bain Capital Europe III 2008 € 3,500
Bain Capital Asia 2008 $1,000
Bain Capital Fund X 2008 $11,800
[125]
Bain Capital Asia II 2011 $2,000
Bain Capital Ventures
Main article: Bain Capital Ventures
Bain Capital Ventures is the venture capital arm of Bain Capital, focused on seed through late-stage growth equity, investing in
business services, consumer, healthcare, internet & mobile, and software companies. Bain Capital Ventures has raised
approximately $1.53 billion of investor capital since 2001 across four investment funds. The firm's 30 investment professionals
are currently investing its fourth fund, Bain Capital Venture Fund 2009, which raised $525 million from investors.
[126]
The following is a summary of Bain's private equity funds raised from its inception through the beginning of 2012:
[124]
Fund Vintage
Year
Committed
Capital ($m)
Bain Capital Venture Fund 2001 $250
Bain Capital Venture Partners 2005 2005 $250
Bain Capital Venture Partners 2007 2007 $500
Bain Capital Venture Partners 2009 2009 $525
Bain Capital Venture Partners 2012 2012 $600
[127]
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
7 of 15 9/6/2012 9:18 PM
Since 2001, Bain Capital Ventures' most notable investments include DoubleClick, LinkedIn,
[128]
Shopping.com, Taleo
Corporation, MinuteClinic and SurveyMonkey.
[129]
Brookside Capital
Brookside Capital is the public equity affiliate of Bain Capital. Established in October 1996, Brookside's primary objective is to
invest in securities of publicly traded companies that offer opportunities to realize substantial long-term capital appreciation.
Brookside employs a long/short equity strategy to reduce market risk in the portfolio
[130]
Sankaty Advisors
Sankaty Advisors, the fixed income affiliate of Bain Capital, is one of the nation's leading private managers of high yield debt
securities. With $15.7 billion of assets under management, Sankaty invests in a wide variety of securities, including leveraged
loans, high-yield bonds, distressed securities, mezzanine debt, convertible bonds, structured products and equity investments.
Sankaty has approximately 140 employees, including 80 investment professionals across offices in Boston, Chicago, New York
and London.
[131]
Absolute Return Capital
Absolute Return Capital (ARC) is the absolute return affiliate of Bain Capital managing approximately $1.2 billion of capital.
Approximately one-third of the capital managed by ARC represents commitments from Bain investment professionals.
Established in May 2004, ARC invests across fixed income, equity and commodity markets to produce attractive risk-adjusted
returns while maintaining low correlation to traditional investments.
[132]
Appraisals and critiques
Bain Capital's approach of applying consulting expertise to the companies it invested in became widely copied within the private
equity industry.
[14][133]
University of Chicago Booth School of Business economist Steven Kaplan said in 2011 that the firm
"came up with a model that was very successful and very innovative and that now everybody uses."
[18]
In his 2009 book The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American Economy, Josh
Kosman described Bain Capital as "notorious for its failure to plow profits back into its businesses," being the first large private-
equity firm to derive a large fraction of its revenues from corporate dividends and other distributions. The revenue potential of
this strategy, which may "starve" a company of capital,
[134]
was increased by a 1970s court ruling that allowed companies to
consider the entire fair-market value of the company, instead of only their "hard assets", in determining how much money was
available to pay dividends.
[135]
In at least some instances, companies acquired by Bain borrowed money in order to increase
their dividend payments, ultimately leading to the collapse of what had been financially stable businesses.
[51]
Investments gallery
Selected Bain Capital investments
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
8 of 15 9/6/2012 9:18 PM
[128]
Shopping.com, Taleo
Corporation, MinuteClinic and SurveyMonkey.
[129]
Brookside Capital
Brookside Capital is the public equity affiliate of Bain Capital. Established in October 1996, Brookside's primary objective is to
invest in securities of publicly traded companies that offer opportunities to realize substantial long-term capital appreciation.
Brookside employs a long/short equity strategy to reduce market risk in the portfolio
[130]
Sankaty Advisors
Sankaty Advisors, the fixed income affiliate of Bain Capital, is one of the nation's leading private managers of high yield debt
securities. With $15.7 billion of assets under management, Sankaty invests in a wide variety of securities, including leveraged
loans, high-yield bonds, distressed securities, mezzanine debt, convertible bonds, structured products and equity investments.
Sankaty has approximately 140 employees, including 80 investment professionals across offices in Boston, Chicago, New York
and London.
[131]
Absolute Return Capital
Absolute Return Capital (ARC) is the absolute return affiliate of Bain Capital managing approximately $1.2 billion of capital.
Approximately one-third of the capital managed by ARC represents commitments from Bain investment professionals.
Established in May 2004, ARC invests across fixed income, equity and commodity markets to produce attractive risk-adjusted
returns while maintaining low correlation to traditional investments.
[132]
Appraisals and critiques
Bain Capital's approach of applying consulting expertise to the companies it invested in became widely copied within the private
equity industry.
[14][133]
University of Chicago Booth School of Business economist Steven Kaplan said in 2011 that the firm
"came up with a model that was very successful and very innovative and that now everybody uses."
[18]
In his 2009 book The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American Economy, Josh
Kosman described Bain Capital as "notorious for its failure to plow profits back into its businesses," being the first large private-
equity firm to derive a large fraction of its revenues from corporate dividends and other distributions. The revenue potential of
this strategy, which may "starve" a company of capital,
[134]
was increased by a 1970s court ruling that allowed companies to
consider the entire fair-market value of the company, instead of only their "hard assets", in determining how much money was
available to pay dividends.
[135]
In at least some instances, companies acquired by Bain borrowed money in order to increase
their dividend payments, ultimately leading to the collapse of what had been financially stable businesses.
[51]
Investments gallery
Selected Bain Capital investments
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
8 of 15 9/6/2012 9:18 PM
Sports Authority
(invested 1987)
Guitar Center
(acquired June 2006)
Hospital Corporation of
America
(acquired July 2006)
Gymboree
(acquired October 2010)
Clear Channel
Communications
(acquired July 2008)
Houghton Mifflin
(acquired December
2002)
Staples, Inc.
(invested 1986)
D&M Holdings (acquired July 2008)
Domino's Pizza
(acquired September
1998)
The Weather Channel
(acquired September
2008)
Burger King
(acquired December
2002)
Sealy Corporation
(acquired November
1997)
Brookstone (acquired 1991) Burlington Coat Factory (acquired January 2006)
Dunkin' Donuts
(acquired December
2005)
Steel Dynamics (1994)
See also
Private equity
Venture capital
Corporatism
Mitt Romney
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
9 of 15 9/6/2012 9:18 PM
(invested 1987)
Guitar Center
(acquired June 2006)
Hospital Corporation of
America
(acquired July 2006)
Gymboree
(acquired October 2010)
Clear Channel
Communications
(acquired July 2008)
Houghton Mifflin
(acquired December
2002)
Staples, Inc.
(invested 1986)
D&M Holdings (acquired July 2008)
Domino's Pizza
(acquired September
1998)
The Weather Channel
(acquired September
2008)
Burger King
(acquired December
2002)
Sealy Corporation
(acquired November
1997)
Brookstone (acquired 1991) Burlington Coat Factory (acquired January 2006)
Dunkin' Donuts
(acquired December
2005)
Steel Dynamics (1994)
See also
Private equity
Venture capital
Corporatism
Mitt Romney
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
9 of 15 9/6/2012 9:18 PM
References
^ [1] (http://www.vanderbilt.edu/boardoftrust/cmembers
/bain.html) . William H. Bain Bio.
1.
^
D
E
"Team" (http://www.baincapital.com
/Team/Default.aspx) , Bain Capital,
http://www.baincapital.com/Team/Default.aspx, retrieved
January 4, 2012
2.
^ Bain Capital will move to Hancock Tower
(http://www.boston.com/business/ticker/2010/05
/bain_capital_wi_1.html) . Boston.com, May 11, 2010
3.
^ Knickerbocker, Brad. Why is Mitt Romney's time at Bain
Capital such a target? (http://www.csmonitor.com/USA/DC-
Decoder/2012/0623/Why-is-Mitt-Romney-s-time-at-Bain-
Capital-such-a-target) The Christian Science Monitor.
Accessed: 24 June 2012.
4.
^ Pappu, Sridhar (September 2005). "The Holy Cow!
Candidate" (http://www.theatlantic.com/doc/200509/pappu/3)
. The Atlantic Monthly. http://www.theatlantic.com
/doc/200509/pappu/3.
5.
^
D
E
Bain & Company Profile
(http://www.fundinguniverse.com/company-histories/Bain-
amp;-Company-Company-History.html) . Funding Universe,
2000
6.
^ McKibben, Gordon (October 30, 1990). "Bain & Co. plans
major layoffs, Boston staff hardest hit"
(http://www.highbeam.com/doc/1P2-8199011.html) . The
Boston Globe. http://www.highbeam.com
/doc/1P2-8199011.html.
(subscription required)
7.
^
D
E
Lewis, Diane E. (January 30, 1991). "Bain agrees to
reshape ownership" (http://www.highbeam.com
/doc/1P2-7645576.html) . The Boston Globe.
http://www.highbeam.com/doc/1P2-7645576.html.
(subscription
required)
8.
^
D
E
Fabrikant, Geraldine (January 30, 1991). "Bain Names
Chief Executive And Begins a Reorganization"
(http://www.nytimes.com/1991/01/30/business/business-
people-bain-names-chief-executive-and-begins-
a-reorganization.html) . The New York Times.
http://www.nytimes.com/1991/01/30/business/business-
people-bain-names-chief-executive-and-begins-
a-reorganization.html.
9.
^ Horowitz, Alan S. (February 1, 1992). "Venture capital
primer" (http://www.highbeam.com/doc/1G1-11836430.html) .
Utah Business. http://www.highbeam.com
/doc/1G1-11836430.html.
10.
^ Romney, Mitt (June 21, 1998). "Dad's ideas live on – and in
others" (http://www.highbeam.com/doc/1P2-8473315.html) .
The Boston Globe. http://www.highbeam.com
/doc/1P2-8473315.html.
11.
^ Nyhan, David (May 28, 1995). "They're trying to sell
volunteerism up the river" (http://www.highbeam.com
/doc/1P2-8329806.html) . The Boston Globe.
http://www.highbeam.com/doc/1P2-8329806.html.
(subscription
required)
12.
^ Romney, Turnaround, pp. 15–16.13.
^
D
E
F
G
H
Blum, Justin; Lerer, Lisa (July 20, 2011).
"Romney's Record Defies Image as Job-Creator"
(http://www.bloomberg.com/news/2011-07-20/romney-as-job-
creator-clashes-with-bain-record-of-job-cuts.html) .
Bloomberg News. http://www.bloomberg.com
/news/2011-07-20/romney-as-job-creator-clashes-with-bain-
14.
record-of-job-cuts.html.
^ Kranish; Helman, The Real Romney, p. 134.15.
^
D
E
Rees, Matthew (December 1, 2006). "Mister PowerPoint
Goes to Washington" (http://www.american.com/archive
/2006/december/mitt-romney/) . The American.
http://www.american.com/archive/2006/december/mitt-
romney/.
16.
^
D
E
F
Kirkpatrick, David D. (June 4, 2007). "Romney's
Fortunes Tied to Business Riches" (http://www.nytimes.com
/2007/06/04/us/politics/04bain.html) . The New York Times.
http://www.nytimes.com/2007/06/04/us/politics/04bain.html.
17.
^
D
E
F
G
Wallace-Wells, Benjamin (October 23, 2011). "Mitt
Romney and the 1% Economy" (http://nymag.com/print
/?/news/politics/mitt-romney-2011-10/) . New York.
http://nymag.com/print/?/news/politics/mitt-romney-2011-10/.
18.
^ Elliot, Justin (January 20, 2012).
"The roots of Bain Capital
in El Salvador’s civil war" (http://www.salon.com/2012/01
/20/the_roots_of_bain_capital_in_el_salvador/) . Salon.
http://www.salon.com/2012/01
/20/the_roots_of_bain_capital_in_el_salvador/. Retrieved July
21, 2012.
19.
^ Tanfani, Joseph; Melanie Mason, Matea Gold (July 19,
2012). "Bain Capital started with help of offshore investors"
(http://www.latimes.com/news/nationworld/nation/la-na-
bain-creation-20120719,0,5698366,full.story) . Los Angeles
Times. http://www.latimes.com/news/nationworld/nation/la-na-
bain-creation-20120719,0,5698366,full.story. Retrieved July
21, 2012.
20.
^ Kranish; Helman, The Real Romney, p. 133.21.
^ Big Consultants Woo Employees by Offering a Piece of the
Action (http://www.nytimes.com/1999/10/22/business
/big-consultants-woo-employees-by-offering-a-piece-of-the-
action.html) . New York Times, October 22, 1999
22.
^
D
E
Sorkin, Andrew Ross (June 4, 2007). "Romney's
Presidential Run Puts Spotlight on Bain Capital"
(http://dealbook.blogs.nytimes.com/2007/06/04/romneys-
presidential-run-throws-spotlight-on-bain-capital/) . The New
York Times. http://dealbook.blogs.nytimes.com/2007/06
/04/romneys-presidential-run-throws-spotlight-on-bain-
capital/.
23.
^ Kranish; Helman, The Real Romney, p. 138.24.
^
D
E
F
G
H
I
Gavin, Robert; Pfeiffer, Sacha (June 26, 2007).
"The Making of Mitt Romney: Part 3: Reaping profit in study,
sweat" (http://www.boston.com/news/politics/2008/specials
/romney/articles/part3_main/) . The Boston Globe.
http://www.boston.com/news/politics/2008/specials/romney
/articles/part3_main/.
25.
^ "Growth in Office-Supply 'Supermarkets' Threatens Tough
War for Market Share". Wall Street Journal, December 1,
1988
26.
^ Staples Inc. Plans to Go Public (http://www.highbeam.com
/doc/1P2-8113146.html) . The Boston Globe, March 22, 1989
27.
^ Staples Inc. Company Profile
(http://www.fundinguniverse.com/company-histories/Staples-
Inc-Company-History.html) . Funding Universe, 2002
28.
^ "The Netherlands: Staples Sets Deal"
(http://www.nytimes.com/2008/06/12/business/worldbusiness
/12fobriefs-STAPLESSETSD_BRF.html) . The New York
Times. Bloomberg News. June 12, 2008.
http://www.nytimes.com/2008/06/12/business/worldbusiness
29.
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
10 of 15 9/6/2012 9:18 PM
^ [1] (http://www.vanderbilt.edu/boardoftrust/cmembers
/bain.html) . William H. Bain Bio.
1.
^
D
E
"Team" (http://www.baincapital.com
/Team/Default.aspx) , Bain Capital,
http://www.baincapital.com/Team/Default.aspx, retrieved
January 4, 2012
2.
^ Bain Capital will move to Hancock Tower
(http://www.boston.com/business/ticker/2010/05
/bain_capital_wi_1.html) . Boston.com, May 11, 2010
3.
^ Knickerbocker, Brad. Why is Mitt Romney's time at Bain
Capital such a target? (http://www.csmonitor.com/USA/DC-
Decoder/2012/0623/Why-is-Mitt-Romney-s-time-at-Bain-
Capital-such-a-target) The Christian Science Monitor.
Accessed: 24 June 2012.
4.
^ Pappu, Sridhar (September 2005). "The Holy Cow!
Candidate" (http://www.theatlantic.com/doc/200509/pappu/3)
. The Atlantic Monthly. http://www.theatlantic.com
/doc/200509/pappu/3.
5.
^
D
E
Bain & Company Profile
(http://www.fundinguniverse.com/company-histories/Bain-
amp;-Company-Company-History.html) . Funding Universe,
2000
6.
^ McKibben, Gordon (October 30, 1990). "Bain & Co. plans
major layoffs, Boston staff hardest hit"
(http://www.highbeam.com/doc/1P2-8199011.html) . The
Boston Globe. http://www.highbeam.com
/doc/1P2-8199011.html.
(subscription required)
7.
^
D
E
Lewis, Diane E. (January 30, 1991). "Bain agrees to
reshape ownership" (http://www.highbeam.com
/doc/1P2-7645576.html) . The Boston Globe.
http://www.highbeam.com/doc/1P2-7645576.html.
(subscription
required)
8.
^
D
E
Fabrikant, Geraldine (January 30, 1991). "Bain Names
Chief Executive And Begins a Reorganization"
(http://www.nytimes.com/1991/01/30/business/business-
people-bain-names-chief-executive-and-begins-
a-reorganization.html) . The New York Times.
http://www.nytimes.com/1991/01/30/business/business-
people-bain-names-chief-executive-and-begins-
a-reorganization.html.
9.
^ Horowitz, Alan S. (February 1, 1992). "Venture capital
primer" (http://www.highbeam.com/doc/1G1-11836430.html) .
Utah Business. http://www.highbeam.com
/doc/1G1-11836430.html.
10.
^ Romney, Mitt (June 21, 1998). "Dad's ideas live on – and in
others" (http://www.highbeam.com/doc/1P2-8473315.html) .
The Boston Globe. http://www.highbeam.com
/doc/1P2-8473315.html.
11.
^ Nyhan, David (May 28, 1995). "They're trying to sell
volunteerism up the river" (http://www.highbeam.com
/doc/1P2-8329806.html) . The Boston Globe.
http://www.highbeam.com/doc/1P2-8329806.html.
(subscription
required)
12.
^ Romney, Turnaround, pp. 15–16.13.
^
D
E
F
G
H
Blum, Justin; Lerer, Lisa (July 20, 2011).
"Romney's Record Defies Image as Job-Creator"
(http://www.bloomberg.com/news/2011-07-20/romney-as-job-
creator-clashes-with-bain-record-of-job-cuts.html) .
Bloomberg News. http://www.bloomberg.com
/news/2011-07-20/romney-as-job-creator-clashes-with-bain-
14.
record-of-job-cuts.html.
^ Kranish; Helman, The Real Romney, p. 134.15.
^
D
E
Rees, Matthew (December 1, 2006). "Mister PowerPoint
Goes to Washington" (http://www.american.com/archive
/2006/december/mitt-romney/) . The American.
http://www.american.com/archive/2006/december/mitt-
romney/.
16.
^
D
E
F
Kirkpatrick, David D. (June 4, 2007). "Romney's
Fortunes Tied to Business Riches" (http://www.nytimes.com
/2007/06/04/us/politics/04bain.html) . The New York Times.
http://www.nytimes.com/2007/06/04/us/politics/04bain.html.
17.
^
D
E
F
G
Wallace-Wells, Benjamin (October 23, 2011). "Mitt
Romney and the 1% Economy" (http://nymag.com/print
/?/news/politics/mitt-romney-2011-10/) . New York.
http://nymag.com/print/?/news/politics/mitt-romney-2011-10/.
18.
^ Elliot, Justin (January 20, 2012).
"The roots of Bain Capital
in El Salvador’s civil war" (http://www.salon.com/2012/01
/20/the_roots_of_bain_capital_in_el_salvador/) . Salon.
http://www.salon.com/2012/01
/20/the_roots_of_bain_capital_in_el_salvador/. Retrieved July
21, 2012.
19.
^ Tanfani, Joseph; Melanie Mason, Matea Gold (July 19,
2012). "Bain Capital started with help of offshore investors"
(http://www.latimes.com/news/nationworld/nation/la-na-
bain-creation-20120719,0,5698366,full.story) . Los Angeles
Times. http://www.latimes.com/news/nationworld/nation/la-na-
bain-creation-20120719,0,5698366,full.story. Retrieved July
21, 2012.
20.
^ Kranish; Helman, The Real Romney, p. 133.21.
^ Big Consultants Woo Employees by Offering a Piece of the
Action (http://www.nytimes.com/1999/10/22/business
/big-consultants-woo-employees-by-offering-a-piece-of-the-
action.html) . New York Times, October 22, 1999
22.
^
D
E
Sorkin, Andrew Ross (June 4, 2007). "Romney's
Presidential Run Puts Spotlight on Bain Capital"
(http://dealbook.blogs.nytimes.com/2007/06/04/romneys-
presidential-run-throws-spotlight-on-bain-capital/) . The New
York Times. http://dealbook.blogs.nytimes.com/2007/06
/04/romneys-presidential-run-throws-spotlight-on-bain-
capital/.
23.
^ Kranish; Helman, The Real Romney, p. 138.24.
^
D
E
F
G
H
I
Gavin, Robert; Pfeiffer, Sacha (June 26, 2007).
"The Making of Mitt Romney: Part 3: Reaping profit in study,
sweat" (http://www.boston.com/news/politics/2008/specials
/romney/articles/part3_main/) . The Boston Globe.
http://www.boston.com/news/politics/2008/specials/romney
/articles/part3_main/.
25.
^ "Growth in Office-Supply 'Supermarkets' Threatens Tough
War for Market Share". Wall Street Journal, December 1,
1988
26.
^ Staples Inc. Plans to Go Public (http://www.highbeam.com
/doc/1P2-8113146.html) . The Boston Globe, March 22, 1989
27.
^ Staples Inc. Company Profile
(http://www.fundinguniverse.com/company-histories/Staples-
Inc-Company-History.html) . Funding Universe, 2002
28.
^ "The Netherlands: Staples Sets Deal"
(http://www.nytimes.com/2008/06/12/business/worldbusiness
/12fobriefs-STAPLESSETSD_BRF.html) . The New York
Times. Bloomberg News. June 12, 2008.
http://www.nytimes.com/2008/06/12/business/worldbusiness
29.
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
10 of 15 9/6/2012 9:18 PM
/12fobriefs-STAPLESSETSD_BRF.html.
^
D
E
F
G
H
Barbaro, Michael (November 13, 2011). "After a
Romney Deal, Profits and Then Layoffs"
(http://www.nytimes.com/2011/11/13/us/politics/after-
mitt-romney-deal-company-showed-profits-and-then-
layoffs.html) . The New York Times: p. A1.
http://www.nytimes.com/2011/11/13/us/politics/after-
mitt-romney-deal-company-showed-profits-and-then-
layoffs.html.
30.
^ Counselor To The King (http://www.nytimes.com/1989/09
/24/magazine/counselor-to-the-king.html) . New York Times,
September 24, 1989
31.
^
D
E
F
Confessore, Nicholas; Shear, Michael D. (July 16,
2012). "When Did Romney Step Back From Bain? It's
Complicated, Filings Suggest" (http://www.nytimes.com
/2012/07/16/us/politics/when-did-romney-step-back-
from-bain-its-complicated.htm?_r=1) . The New York Times:
p. A10. http://www.nytimes.com/2012/07/16/us/politics/when-
did-romney-step-back-from-bain-its-complicated.htm?_r=1.
32.
^
D
E
F
G
H
I
J
K
L
M
Healy, Beth; Kranish, Michael (July 20,
2012). "Romney kept reins, bargained hard on severance"
(http://www.boston.com/news/politics/articles/2012/07
/20/romney_kept_reins_bargained_hard_on_severance
/?page=full) . The Boston Globe. http://www.boston.com
/news/politics/articles/2012/07
/20/romney_kept_reins_bargained_hard_on_severance
/?page=full.
33.
^ "Venture-Capital Funds Grow Larger and Larger - But
Start-Up Companies Find They're Still Left Out in the Cold".
The Wall Street Journal, September 7, 1989
34.
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^ . Reuters. http://today.reuters.com
/news/articlenews.aspx?type=newsOne&
storyID=2006-11-16T130113Z_01_N16247497_RTRUKOC_
0_US-MEDIA-CLEARCHANNEL.xml.
116.
^ "D&M Saga Finally Ends With Bain Capital Deal -
2008-07-07 06:00:00" (http://www.twice.com/article/243122-
D_M_Saga_Finally_Ends_With_Bain_Capital_Deal.php) .
TWICE. http://www.twice.com/article/243122-
D_M_Saga_Finally_Ends_With_Bain_Capital_Deal.php.
Retrieved 2012-02-11.
117.
^ Barboza, David (June 22, 2009). "Bain Capital to Invest in
Chinese Retailer" (http://www.nytimes.com/2009/06
/23/business/global/23bain.html) . The New York Times.
http://www.nytimes.com/2009/06/23/business/global
/23bain.html.
118.
^ Bain Capital pays $1.6 billion for Dow division
(http://www.masshightech.com/stories/2010/03/01/daily16-
Bain-Capital-pays-16-billion-for-Dow-division.html) , Mass
High Tech, March 2, 2010, http://www.masshightech.com
/stories/2010/03/01/daily16-Bain-Capital-pays-16-billion-
for-Dow-division.html
119.
^ Dagher, Veronica; Holmes, Elizabeth (October 12, 2010).
"Bain Pays .8 Billion for Gymboree" (http://online.wsj.com
/article
/SB10001424052748703794104575545880678080828.html) .
The Wall Street Journal. http://online.wsj.com/article
/SB10001424052748703794104575545880678080828.html.
120.
^ Physio-Control's sale to Bain completed
(http://seattletimes.nwsource.com/html/businesstechnology
/2017376342_physio31.html?syndication=rss) , The Seattle
Times, January 30, 2012, http://seattletimes.nwsource.com
/html/businesstechnology
/2017376342_physio31.html?syndication=rss
121.
^ Bain Capital Private Equity
(http://www.baincapitalprivateequity.com) (company website)
122.
^ Bain Capital Europe (http://www.baincapital.co.uk)
(company website)
123.
^
D
E
Data collected from Preqin, a private equity database
system
124.
^
D
E
F
G
H
Includes coinvestment funds for Bain Capital Fund
VI ($300m), Bain Capital Fund VII ($617m), Bain Capital
Fund VIII ($750m), Bain Capital Fund IX ($2 billion) and Bain
Capital Fund X ($1.8 billion), each raised alongside the main
funds
125.
^ Bain Capital Ventures (http://www.baincapitalventures.com)
(company website)
126.
^ Rusli, Evelyn M. (2012-01-30). "Bain Capital Ventures
Raises $600 Million Fund" (http://dealbook.nytimes.com
/2012/01/30/bain-capital-ventures-raises-600-million-fund/) .
Dealbook.nytimes.com. http://dealbook.nytimes.com/2012/01
/30/bain-capital-ventures-raises-600-million-fund/. Retrieved
2012-02-11.
127.
^ Tuesday, June 17th, 2008 (2012-01-31). "LinkedIn Closes
Its Round; Got That Billion Dollar Valuation"
(http://www.techcrunch.com/2008/06/17/linkedin-raises-
53-million-at-billion-dollar-valuation/) . Techcrunch.com.
http://www.techcrunch.com/2008/06/17/linkedin-raises-
53-million-at-billion-dollar-valuation/. Retrieved 2012-02-11.
128.
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
14 of 15 9/6/2012 9:18 PM
^ Deal Mania: Shades of the '80s: The leveraged buyout is
back in vogue (http://www.usnews.com/usnews/biztech
/articles/050418/18lbo.htm) . US News & World Report,
April 10, 2005
98.
^ "Capital Firms Agree to Buy SunGard Data in Cash Deal
(http://www.nytimes.com/2005/03/29/business
/29sungard.html) ." Bloomberg L.P., March 29, 2005
99.
^ Do Too Many Cooks Spoil the Takeover Deal?
(http://www.nytimes.com/2005/04/03/business/yourmoney
/03dealbook.html) . New York Times, April 3, 2005
100.
^ Parent of Dunkin' Donuts Sold For $2.4 Billion to Equity
Firms (http://www.nytimes.com/2005/12/13/business
/13doughnuts.html) (New York Times, 2005
101.
^ Sorkin, Andrew Ross. "HCA Buyout Highlights Era of
Going Private (http://www.nytimes.com/2006/07/25/business
/25buyout.html) ." New York Times, July 25, 2006
102.
^ Bloomberg News (2006-08-04). "Technology; Royal Philips
Sells Unit for $4.4 Billion" (http://www.nytimes.com/2006/08
/04/business/worldbusiness/04chip.html) . New York Times.
http://www.nytimes.com/2006/08/04/business/worldbusiness
/04chip.html. Retrieved 2008-04-27.
103.
^ KKR in deal to buy Philips Semiconductors
(http://www.forbes.com/technology/2006/08/02/philips-
kkr-semiconductors-cx_po_0802philips.html) . Forbes,
August 2, 2006
104.
^ Bain Adds Guitar Center To Its Lineup
(http://www.forbes.com/2007/06/27/guitar-center-update-
markets-equity-cx_er_0627markets27.html) . Forbes, June 27,
2007
105.
^ Bain to Buy Burlington Coat Factory
(http://www.thestreet.com/story/10262389/1/bain-to-buy-
burlington-coat-factory.html) . The Street.com, January 18,
2006
106.
^ Consortium Buys Michaels for $6 Billion
(http://www.nytimes.com/2006/07/01/business/01deal.html) .
New York Times, July 1, 2006
107.
^ Zimmerman, Ann; Berman, Dennis K. (June 20, 2007).
"Home Depot Boosts Buyback, Sets Unit Sale"
(http://online.wsj.com/article
/SB118226545165740543.html?mod=home_whats_news_us) .
The Wall Street Journal. http://online.wsj.com/article
/SB118226545165740543.html?mod=home_whats_news_us.
108.
^ Private Equity's White-Knuckle Deal
(http://www.businessweek.com/magazine/content/07_38
/b4050001.htm) . Business Week, September 17, 2007
109.
^ Bain Plucks Up Guitar Center (http://www.thestreet.com
/newsanalysis/retail/10365064.html) , The Street, June 27,
2007, http://www.thestreet.com/newsanalysis/retail
/10365064.html
110.
^ Bain Capital Agrees to Buy Edgars for 25 Billion Rand
(http://www.bloomberg.com/apps/news?pid=newsarchive&
sid=aaKM8qOpFiiU) . Bloomberg, February 8, 2007]
111.
^ Bavaria set to Boom with Bain (http://www.sail-world.com
/cruisingaus/index.cfm?nid=35266&rid=12) . Sail World, July
1, 2007
112.
^ Bain cheers return on Sensata float
(http://www.efinancialnews.com/story/2010-03-12/bain-
sensata-ipo-pipeline) . Financial News, March 12, 2010
113.
^ Robert Marich. "The Weather Channel Sale Wraps"
(http://www.broadcastingcable.com/article/CA6595811.html) .
Broadcasting & Cable. http://www.broadcastingcable.com
/article/CA6595811.html. Retrieved 2008-09-26.
114.
^ Michael J. de la Merced (July 7, 2008). "Weather Channel
Is Sold to NBC and Equity Firms" (http://www.nytimes.com
/2008/07/07/business/media/07weather.html) . New York
Times. http://www.nytimes.com/2008/07/07/business/media
/07weather.html. Retrieved 2008-09-17.
115.
^ . Reuters. http://today.reuters.com
/news/articlenews.aspx?type=newsOne&
storyID=2006-11-16T130113Z_01_N16247497_RTRUKOC_
0_US-MEDIA-CLEARCHANNEL.xml.
116.
^ "D&M Saga Finally Ends With Bain Capital Deal -
2008-07-07 06:00:00" (http://www.twice.com/article/243122-
D_M_Saga_Finally_Ends_With_Bain_Capital_Deal.php) .
TWICE. http://www.twice.com/article/243122-
D_M_Saga_Finally_Ends_With_Bain_Capital_Deal.php.
Retrieved 2012-02-11.
117.
^ Barboza, David (June 22, 2009). "Bain Capital to Invest in
Chinese Retailer" (http://www.nytimes.com/2009/06
/23/business/global/23bain.html) . The New York Times.
http://www.nytimes.com/2009/06/23/business/global
/23bain.html.
118.
^ Bain Capital pays $1.6 billion for Dow division
(http://www.masshightech.com/stories/2010/03/01/daily16-
Bain-Capital-pays-16-billion-for-Dow-division.html) , Mass
High Tech, March 2, 2010, http://www.masshightech.com
/stories/2010/03/01/daily16-Bain-Capital-pays-16-billion-
for-Dow-division.html
119.
^ Dagher, Veronica; Holmes, Elizabeth (October 12, 2010).
"Bain Pays .8 Billion for Gymboree" (http://online.wsj.com
/article
/SB10001424052748703794104575545880678080828.html) .
The Wall Street Journal. http://online.wsj.com/article
/SB10001424052748703794104575545880678080828.html.
120.
^ Physio-Control's sale to Bain completed
(http://seattletimes.nwsource.com/html/businesstechnology
/2017376342_physio31.html?syndication=rss) , The Seattle
Times, January 30, 2012, http://seattletimes.nwsource.com
/html/businesstechnology
/2017376342_physio31.html?syndication=rss
121.
^ Bain Capital Private Equity
(http://www.baincapitalprivateequity.com) (company website)
122.
^ Bain Capital Europe (http://www.baincapital.co.uk)
(company website)
123.
^
D
E
Data collected from Preqin, a private equity database
system
124.
^
D
E
F
G
H
Includes coinvestment funds for Bain Capital Fund
VI ($300m), Bain Capital Fund VII ($617m), Bain Capital
Fund VIII ($750m), Bain Capital Fund IX ($2 billion) and Bain
Capital Fund X ($1.8 billion), each raised alongside the main
funds
125.
^ Bain Capital Ventures (http://www.baincapitalventures.com)
(company website)
126.
^ Rusli, Evelyn M. (2012-01-30). "Bain Capital Ventures
Raises $600 Million Fund" (http://dealbook.nytimes.com
/2012/01/30/bain-capital-ventures-raises-600-million-fund/) .
Dealbook.nytimes.com. http://dealbook.nytimes.com/2012/01
/30/bain-capital-ventures-raises-600-million-fund/. Retrieved
2012-02-11.
127.
^ Tuesday, June 17th, 2008 (2012-01-31). "LinkedIn Closes
Its Round; Got That Billion Dollar Valuation"
(http://www.techcrunch.com/2008/06/17/linkedin-raises-
53-million-at-billion-dollar-valuation/) . Techcrunch.com.
http://www.techcrunch.com/2008/06/17/linkedin-raises-
53-million-at-billion-dollar-valuation/. Retrieved 2012-02-11.
128.
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
14 of 15 9/6/2012 9:18 PM
^ Business Wire (2009-04-20). "SurveyMonkey Announces
Group Led by Spectrum Equity to Become Majority Investor"
(http://www.businesswire.com/portal/site/google
/?ndmViewId=news_view&newsId=20090420006039&
newsLang=en) . Businesswire.com.
http://www.businesswire.com/portal/site/google
/?ndmViewId=news_view&newsId=20090420006039&
newsLang=en. Retrieved 2012-02-11.
129.
^ Brookside Capital (http://www.brooksidefund.com)
(company website)
130.
^ Sankaty Advisors (http://www.sankaty.com) (company131.
website)
^ Absolute Return Capital
(http://www.absolutereturninvestor.com) (company website)
132.
^ Vickers, Marcia (June 27, 2007). "The Republicans' Mr.
Fix-it" (http://money.cnn.com/magazines/fortune
/fortune_archive/2007/07/09/100121803/index.htm) . Fortune.
http://money.cnn.com/magazines/fortune/fortune_archive
/2007/07/09/100121803/index.htm.
133.
^ Kosman, The Buyout of America, p. 106.134.
^ Kosman, The Buyout of America, p. 118.135.
Bibliography
Kosman, Josh (2009). The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American
Economy. Portfolio Hardcover. ISBN 1591843693.
Kranish, Michael; Helman, Scott (2012). The Real Romney. New York: HarperCollins. ISBN 978-0-06-212327-5.
External links
Bain Capital (http://www.baincapital.com) (company website)
"Companies’ Ills Did Not Harm Romney’s Firm" (http://www.nytimes.com/2012/06/23/us/politics/companies-ills-did-
not-harm-romneys-firm.html) article by Michael Luo and Julie Creswell in The New York Times June 22, 2012
Retrieved from "http://en.wikipedia.org/w/index.php?title=Bain_Capital&oldid=511148590"
Categories: Bain CapitalPrivate equity firms of the United StatesCompanies based in Boston, Massachusetts
Companies established in 1984Mitt Romney
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
15 of 15 9/6/2012 9:18 PM
Group Led by Spectrum Equity to Become Majority Investor"
(http://www.businesswire.com/portal/site/google
/?ndmViewId=news_view&newsId=20090420006039&
newsLang=en) . Businesswire.com.
http://www.businesswire.com/portal/site/google
/?ndmViewId=news_view&newsId=20090420006039&
newsLang=en. Retrieved 2012-02-11.
129.
^ Brookside Capital (http://www.brooksidefund.com)
(company website)
130.
^ Sankaty Advisors (http://www.sankaty.com) (company131.
website)
^ Absolute Return Capital
(http://www.absolutereturninvestor.com) (company website)
132.
^ Vickers, Marcia (June 27, 2007). "The Republicans' Mr.
Fix-it" (http://money.cnn.com/magazines/fortune
/fortune_archive/2007/07/09/100121803/index.htm) . Fortune.
http://money.cnn.com/magazines/fortune/fortune_archive
/2007/07/09/100121803/index.htm.
133.
^ Kosman, The Buyout of America, p. 106.134.
^ Kosman, The Buyout of America, p. 118.135.
Bibliography
Kosman, Josh (2009). The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American
Economy. Portfolio Hardcover. ISBN 1591843693.
Kranish, Michael; Helman, Scott (2012). The Real Romney. New York: HarperCollins. ISBN 978-0-06-212327-5.
External links
Bain Capital (http://www.baincapital.com) (company website)
"Companies’ Ills Did Not Harm Romney’s Firm" (http://www.nytimes.com/2012/06/23/us/politics/companies-ills-did-
not-harm-romneys-firm.html) article by Michael Luo and Julie Creswell in The New York Times June 22, 2012
Retrieved from "http://en.wikipedia.org/w/index.php?title=Bain_Capital&oldid=511148590"
Categories: Bain CapitalPrivate equity firms of the United StatesCompanies based in Boston, Massachusetts
Companies established in 1984Mitt Romney
Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
15 of 15 9/6/2012 9:18 PM
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