[140] In 2016, the firm named Jonathan Lavine and John Connaughton as co-managing partners, and also named Steven Pagliuca and Joshua Bekenstein as co-chairman. [46], In 1994, Bain acquired Totes, a producer of umbrellas and overshoes. [96] Datek was acquired by TD Ameritrade in 2002. Bain Capital and Carlyle Group LP have made a 3.4 billion euro ($3.8 billion) bid to acquire German lighting firm Osram Licht AG, concluding months of negotiations for the long-sought deal. Do Too Many Cooks Spoil the Takeover Deal? Then in 2000, right before Romney gave up his ownership stake in Bain Capital, the firm targeted KB Toys. Individuals seeking investment positions should inquire through their universities. [68] Aventis, the successor of Hoechst, acquired 52% of the combined company. [164], Originally founded as Sankaty Advisors,[163] Bain Capital Credit is the fixed income affiliate of Bain Capital, a manager of high yield debt securities. Romney’s Bain Capital Profited Billions by Bankrupting American Workers. Bain Capital, the private equity firm branded a "job destroyer" in the US presidential elections, has bought a majority stake in the state-owned blood products firm Plasma Resources UK. [72][73] The decision caused turmoil at Bain Capital, with a power struggle ensuing. Since our founding in 1984, we’ve applied our insight and experience to organically expand into several asset classes including private equity, credit, public equity, venture capital and real estate. [142] Later that year, Bain partnered with Cinven to take German company Stada Arzneimittel private. George H. W. Bush and Mitt Romney were part of the team that fleeced the former Soviet Union through Riggs-Valmet Bank and then laundered the money through Romney’s Bain Capital. The SunGard transaction is also notable in the number of firms involved in the transaction, the largest club deal completed to that point. CHARLOTTE, N.C .-. Bain Capital partnered with KKR and Merrill Lynch to buy the hospital chain for $33 billion in November 2006. It specializes in private equity, venture capital, credit, public equity, impact investing, life sciences, and real estate. 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. [39] 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. [109], 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. Bain Capital began the new decade by closing on its seventh fund, Bain Capital Fund VII, with over $3.1 billion of investor commitments. If you have any questions regarding your account, please contact [email protected].com. The deal is the latest big acquisition … At the time of the bankruptcy, Bain Capital held a 34.9% equity ownership interest in the company. [20][180] 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. [22][30] 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. Since our founding, Bain Capital has remained highly aligned to our limited partners and grown to become one of the world’s largest private, multi-asset investing firms. [178], Bain Capital Tech Opportunities was created in 2019 to make investments in technology companies, particularly in enterprise software and cybersecurity. Bain had acquired a 50% … [179], Bain Capital's approach of applying consulting expertise to the companies it invested in became widely copied within the private equity industry. [47] Three years later, Totes, under Bain's ownership, acquired Isotoner, a producer of leather gloves. But 10 deals were very successful and represented 70 percent of the total profits. [4] Since inception it has invested in or acquired hundreds of companies including AMC Theatres, Artisan Entertainment, Aspen Education Group, Apex Tool Group, Brookstone, Burger King, Burlington Coat Factory, Canada Goose, DIC Entertainment, Domino's Pizza, DoubleClick, Dunkin' Donuts, D&M Holdings, Guitar Center, Hospital Corporation of America (HCA), iHeartMedia, KB Toys, Sealy, Sports Authority, Staples, Toys "R" Us, Virgin Australia, Warner Music Group, Fingerhut, The Weather Channel, and Apple Leisure Group, which includes AMResorts and Apple Vacations. [165] Bain Capital Credit has also pursued distressed debt strategies in Europe. Bain Capital Private Equity has sold Consolidated Container Co., a plastic packaging manufacturer in Atlanta, to the New York–based conglomerate … Bain Capital is poised to sign a deal to buy Virgin Australia. [21][71] It had made between 100 and 150 deals where it acquired and then sold a company. [11] In addition to the three founding partners, the early team included Fraser Bullock, Robert F. White, Joshua Bekenstein, Adam Kirsch, and Geoffrey S. [54], 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. [102], In late 2002, Bain remained active acquiring Houghton Mifflin for $1.28 billion, together with Thomas H. Lee Partners and Blackstone Group. American private equity firm Bain Capital will be the new owner of Virgin Australia after its … [29] The partners saw weak spots in so many potential deals that by 1986, very few had been done. CNBC earlier reported that Bain Capital would buy the cheerleading company for $2.5 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. [30] One of Bain's earliest and most notable venture investments was in Staples, Inc., the office supply retailer. "Both Bain Capital and Cyrus Capital Partners are well-funded, have deep aviation experience, and they see real value in the business and its future." We know that great outcomes come from great teams. The debacle that followed serves as a prime example of … The Bain Capital square symbol is a trademark of Bain Capital, LP. [98][99], 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. With over $95 billion in assets under management, the firm operates business units that create value through private equity, public equity, credit and venture capital across multiple sectors and industries. Virgin Australia administrators name Bain Capital as new owner. [81][83] 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. Bain Capital is a Boston-based global alternative investment firm that was founded in 1984. After the competition, Bill Bain grew increasingly frustrated by the wait for Henderson's retirement, the fi…   Over the course of the company’s history, it has made a … 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. [122][123], In July 2008, Bain Capital Private Equity, together with NBC Universal and Blackstone Group agreed to purchase The Weather Channel from Landmark Communications. [136] In November 2014, the company and Virgin Group announced the creation of a new cruise line, which is currently known as Virgin Voyages. Since our founding in 1984, we’ve applied our insight and experience to organically expand into several asset classes … Under its new owners, Burger King underwent a major brand overhaul including the use of The Burger King character in advertising. [59], Hospital Corporation of America (acquired July 2006), iHeartMedia (acquired July 2008 as Clear Channel Communications), Houghton Mifflin (acquired December 2002), The Weather Channel (invested September 2008), DIC Entertainment (acquired September 2000), Sealy Corporation (acquired November 1997), Burlington Coat Factory (acquired January 2006), This article is about the investment firm. If you have any questions regarding your account, please contact [email protected]. 1. The group of creditors will take over ownership of Toms from its founder Blake Mycoskie and private equity firm Bain Capital. [35][56] Revenues declined from 1999 through 2002 and despite attempts to cut costs through layoffs the company entered into bankruptcy in 2002. Bain Capital was founded in 1984 in Boston, Massachusetts. All Rights Reserved.Privacy PolicyTerms of UseRegulatory DisclosuresWeb Fraud and Phishing Warning, Meet the Bain Capital Investor Relations team, private equity, public equity, fixed income, credit, venture capital and real estate investments, Accelerate your professional growth with supportive leaders who invest in you, Be individually empowered and accountable as part of a collaborative, diverse, and inclusive team, Own your work and its outcomes while driving positive impact in all we do, Share in a culture of excellence with a continuous improvement mindset. The Wall Street Journal, September 7, 1989, Mitt Romney, quoted by the Boston Herald in February 1999 (Greg Gatlin, “Romney Looks To Restore Olympic Pride,” The Boston Herald, February 12, 1999), Sorkin, Andrew Ross and Rozhon, Tracie. [151] The firm also has specialized businesses focused on impact investing, life sciences and real estate. [35] 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. The involvement of seven firms in the consortium was criticized by investors in private equity who considered cross-holdings among firms to be generally unattractive. Since joining Bain in 1997 as a consultant with Bain & Company, Mr. Gordon has served on the boards of directors for several healthcare companies in which Bain Capital has invested. [127] In 2010, the company acquired Styron, a division of The Dow Chemical Company, for $1.6 billion,[128] and also acquired Gymboree for $1.8 billion. Company List # a b c d e f g h i j k l m n o p q r s t v w x z a b c d e f g h i j k l m n o p q r s t v w x z. [38][81], Although he had left open the possibility of returning to Bain after the Olympics, Romney made his crossover to politics in 1999. In 1984, Romney helped co-found Bain Capitol, which made a series of investments in small and medium-sized American … [104] The Toys 'R' Us buyout was one of the largest in several years. [170] In June 2019, the company sold Impact Fitness to Morgan Stanley Capital Partners. Bain Capital Public Equity employs a long/short equity strategy to reduce market risk in the portfolio. [116] 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. [141] In March 2017, Bain Capital Private Equity agreed to acquire industrial cleaning company Diversey for $3.2 billion. It was later surpassed by the buyouts of EQ Office and TXU. workers say nothing resolved", "Strike-bound factory tied to Romney during US Senate race is set to close", Mitt Romney-Led Bain Funded Steel Dynamics' Success, "Bain Capital tied to bankruptcy, closing of KC steel plant", "Romney's Bain made millions as S.C. steelmaker went bankrupt", "Missouri Valley Special Collections : Item Viewer", "Special report: Romney's steel skeleton in the Bain closet", fundinguniverse.com Dade Behring company history, Aventis May Sell Controlling Stake in Dade Behring, "Mitt Romney and his departure from Bain", "Mitt Romney and backers use 'day-to-day' to reshape questions about Bain", "Mitt Romney stayed at Bain 3 years longer than he stated", "Former Bain Capital partner says Romney was 'legally' CEO of Bain Capital until 2002", "Fact Check: Romney Met Bain Partners After Exit", "John King: Why is 1999 so important in 2012? This has empowered us to deliver an enduring impact to a diverse group of investors including pensions, endowments, foundations and individuals. He was also the sole shareholder of the firm. [35][55][56], 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. [150], Bain Capital's businesses include private equity, venture capital, public equity, and credit. [28], The Bain Capital team was initially reluctant to invest its capital. Since 2008, the Bain Capital subsidiary has completed a number of transaction types, including minority ownership, majority ownership, and completely-funded acquisitions. 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. We respect the power of facts. ", "Romney faces new questions over tenure at Bain", "Romney's claims about Bain Capital job creation", "Mitt Romney's Bain Capital days: A black box", "Mitt Romney stayed at Bain 3 years longer than he stated: Firm's 2002 filings identify him as CEO, though he said he left in 1999", "Do Bain SEC documents suggest Mitt Romney is a criminal? This represented the largest leveraged buyout completed since the takeover of RJR Nabisco at the end of the 1980s leveraged buyout boom. At the time of its announcement, the HCA buyout was the first of several to set new records for the largest buyout, eclipsing the 1989 buyout of RJR Nabisco. Bain Capital, LP is one of the world’s leading private multi-asset alternative investment firms with approximately $120 billion of assets under management that creates lasting impact for our investors, teams, businesses, and the communities in which we live. [38][77], During his leave of absence, Romney continued to be listed in filings to the U.S. Securities and Exchange Commission[78] as "sole shareholder, sole director, Chief Executive Officer and President". [42] Ampad's revenue began to decline in 1997 and the company laid off employees and closed production facilities to maintain profitability. Bain Capital is an American private investment firm based in Boston, Massachusetts. Bain Capital is one of the world’s leading multi-asset alternative investment firms. Together, we create lasting impact for our investors, teams, businesses, and the communities in which we live. Bain Capital Private Equity is planning to acquire Varsity Brands, a company that capitalizes on the business of school spirit, in a deal reportedly worth about $2.5 billion. A managing director at Bain Capital, he oversees private equity investing with a focus on the healthcare sector. Over time, we have organically expanded this approach across asset classes to build one of the strongest alternative asset platforms in the world. 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. Physio-Control of Redmond, the region's first big medical device manufacturer and a major employer, is being sold to Bain Capital for $487 … The Flight Attendants Association of Australia expressed support for Cyrus … Physio-Control of Redmond, the region's first big medical device manufacturer and a major employer, is being sold to Bain Capital for $487 million, parent company Medtronic announced. About Bain Capital Ventures Bain Capital Ventures invests from seed- to growth-stage in fast-growing startups that are leveraging technology to … About Bain Capital Specialty Finance, Inc. Bain Capital Specialty Finance, Inc. is an externally managed specialty finance company focused on lending to middle-market companies. We believe in doing the right thing. [74], Romney was not involved in day-to-day operations of the firm after starting the Olympics position. [132] Later that year, the company acquired hand and power tool company Apex Tool Group for roughly $1.6 billion. [20][22] The firm's average annual return on investments was 113 percent. The new owner wants the 126-year-old brand move beyond its … Bain Capital and Carlyle Group LP have made a 3.4 billion euro ($3.8 billion) bid to acquire German lighting firm Osram Licht AG, concluding months of … We leverage our shared platform to capture cross-asset class opportunities in strategic areas of focus. [130], In 2012, Bain Capital Private Equity acquired Physio-Control for $478 million,[131] and also acquired a 30% stake in Genpact Ltd., India's largest business process and call center outsourcing firm, for $1 billion. Bain Capital sees potential to double the size of Dollarama to 600 stores. Company List # a b c d e f g h i j k l m n o p q r s t v w x z a b c d e f g h i j k l m n o p q r s t v w x z. After its acquisition of the Fedrigoni group, the London investment company will in fact add another Italian paper company to its own portfolio. US-based investment firm Bain Capital has agreed to buy the savings, retirement and protection businesses of Liverpool Victoria Financial Services, one of the UK’s largest insurance companies, for £530m. [101] The Bain consortium had support from Burger King's franchisees, who controlled approximately 92% of Burger King restaurants at the time of the transaction. [107][108], Bain led a consortium, together with The Carlyle Group and Thomas H. Lee Partners to acquire Dunkin' Brands. [154] Bain Capital Real Estate closed an initial fund of $1.5 billion in July 2019. In 1994, Bain, together with Goldman Sachs Capital Partners completed a carveout acquisition of Dade International,[67] the medical diagnostics division of Baxter International in a $440 million acquisition. Romney retired from Bain to help manage the Olympics in 1999. [171], Bain Capital Life Sciences invests in companies that focus on medical innovation and serve patients with unmet medical needs. Other notable Bain investments of the late 1990s included Sealy Corporation, the manufacturer of mattresses;[51] Alliance Laundry Systems;[52] Domino's Pizza[53] and Artisan Entertainment. In February 2006, Bain purchased an outfit called CRC Health Group for $723 million and proceeded to go on a shopping spree, snapping up nearly 20 new facilities over the next two years. [8][155] Historically, Bain Capital 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. 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. And, we leverage our shared platform to capture cross-asset class opportunities in strategic areas of focus. [72] His separation from the firm was finalized in early 2002. [25] They and other wealthy Latin Americans invested $9 million primarily through offshore companies registered in Panama. [133] In May 2013, Bain Capital Private Equity partnered with investment firms Golden Gate Capital, GIC Private Limited, and Insight Venture Partners to purchase BMC Software for roughly $6.9 billion. In another case, Romney’s Bain Capital invested $60 million in GS International in 1993, securing $65 million in profits before the company went bankrupt in 2002 and laid off 750 American … The revenue potential of this strategy, which may "starve" a company of capital,[181] 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. The firm also has specialized businesses focused on impact investing, life sciences and real estate. Kantar, valued at over £3 billion, contains WPP’s health, media and consulting practices and was put up for sale at the turn of the year. [118] 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. Are the unions happy with the decision? In 2017, Bain Capital Credit closed its first credit fund in Asia, focusing on distressed debt in the region. Since commencing investment operations on October 13, 2016, and through … [37] As CEO, Romney had a final say in every deal made. Vetsource is a healthcare information technology company that provides veterinary practices with a cloud-based technology layer from which it deploys practice enhancing software and services for veterinarians. Bain Capital, LP is one of the world’s leading private multi-asset alternative investment firms with approximately $120 billion of assets under management that creates lasting impact for our investors, teams, businesses, and the communities in which we live. By 1985, things were going poorly enough that Romney considered closing the operation, returning investors' money to them, and having the partners go back to their old positions. WPP has been struggling with the dramatic shrinkage of its market share for some time. The firm initially gave a cut of its profits to Bain & Company, but Romney later persuaded Bill Bain to give that up. KB Toys, which had been financially troubled since the 1990s as a result of increased pressure from national discount chains such as Walmart and Target, filed for Chapter 11 bankruptcy protection in January 2004. Advertising giant WPP has confirmed the sale of a 60% majority stake in its Kantar business to Bain Capital. He purchased Bain Capital's interest in 2004 and took the company public the following year. Bain Capital, under Romney's command, bought Ampad in 1992, took the company public in 1996 and had relinquished control by the time the office supply manufacturer declared bankruptcy in 2000, according to a Boston Globe analysis of Security and Exchange Commission filings. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus. © 2012-2020 Bain Capital, LP. We believe in acting with both empathy and conviction. BCSF is managed by BCSF Advisors, L.P., an SEC-registered investment adviser and a subsidiary of Bain Capital Credit, L.P. Bain Capital has ties to Virgin Group founder Richard Branson, via a cruise ship joint venture with the group called Virgin Voyages. Bain Capital Private Equityfounded in Boston, Bain Capital Public Equity founded in Boston, Inception of first U.S.cash flow CollateralizedLoan Obligation (“CLO”)(Great Point 1999-1), Launch of the Credit Opportunities Program ("COPs"), Credit Opportunities I ("COPs I") holds final close, Opening of Shanghai, Tokyo, and Hong Kong Offices, Acquires and assumes management of Katonah Collateralized Loan Obligations ("CLOs"), Credit Opportunities II (“COPs II”) holds final close, Inception of first Euro cash flow Collateralized Loan Obligation (“CLO”) (Nash Point I), Credit Opportunities III (“COPs III”) holds final close, Credit Opportunities IV (“COPs IV”) holds final close, Inception of Bain Capital Senior Loan Fund, LP (“SLF”), Bain Capital Middle Market Credit ("MMC 10") holds final close, Inception of Bain Capital High Income Partnership, LP (“HIP”), Bain Capital Distressed and Special Situations 2013 (“DSS 13”) holds final close, Inception of Senior Direct Lending ("SDL") Strategy, Bain Capital Middle Market Credit 14 (“MMC 14”) holds final close CLO Partners (“CLOPs”) holds final close, Fund 2014 raised $650M Coinvestment Fund I raised $200M, Launch of Bain Capital Senior Loan Fund’s Socially Responsible Investment, LP (“SRI”) sleeve, Bain Capital Direct Lending 2015 holds final close, Acquires and assumes management of Collateralized Loan Obligation (“CLO”) Cavalry II, III, IV, and V, Distressed and Special Situations 16 (“DSS 16”) holds final close, Bain Capital Specialty Finance, Inc., a Business Development Company (BDC), launches, Inception of Bain Capital Structured Credit Fund (“SCF”), Bain Capital Real Estate founded in Boston, Bain Capital Special Situations Asia holds final close, Bain Capital Partnership Strategies commercialized, Bain Capital Tech Opportunities founded in Boston, Bain Capital Special Situations Europe holds final close. Bain Capital and Cyrus Capital Partners emerged as the final suitors for Virgin Australia Holdings Ltd. as administrators race to sell the airline before it runs out of cash. We believe that our people and the shared values we’ve espoused since our founding remain the core of our competitive advantage. [167], Bain Capital Double Impact focuses on impact investing with companies that provide financial returns as well as social and environmental impact. Manischewitz has been bought by a unit of the private equity firm Bain Capital for an undisclosed amount. [110] 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. Established in October 1996, Bain Capital Public Equity's primary objective is to invest in securities of publicly traded companies that offer opportunities to realize substantial long-term capital appreciation. [62] 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 new owner wants the 126-year-old … We see things through. Today, the firm operates a global team that aligns their interests with those of their investors and partners for a lasting impact. The life insurance company, which says it needs significant long-term investment, is selling itself to Bain Capital … September 6, 2017—Diversey, a leading hygiene and cleaning solutions company, today announced that the purchase of the business by Bain Capital Private Equity from Sealed Air Corporation (NYSE:SEE) is complete. [30][58][59] 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. [70], By the end of the decade, Bain Capital was on its way to being one of the top private equity firms in the nation,[28] having increased its number of partners from 5 to 18, having 115 employees overall, and having $4 billion under its management.
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