Bain Capital - Wikipedia, the free encyclopedia                                                              http://en.wik...
Bain Capital - Wikipedia, the free encyclopedia                                                                    http://...
Bain Capital - Wikipedia, the free encyclopedia                                                              http://en.wik...
Bain Capital - Wikipedia, the free encyclopedia                                                               http://en.wi...
Bain Capital - Wikipedia, the free encyclopedia                                                                http://en.w...
Bain Capital - Wikipedia, the free encyclopedia                                                               http://en.wi...
Bain Capital - Wikipedia, the free encyclopedia                                                             http://en.wiki...
Bain Capital - Wikipedia, the free encyclopedia                                                                http://en.w...
Bain Capital - Wikipedia, the free encyclopedia                                                         http://en.wikipedi...
Bain Capital - Wikipedia, the free encyclopedia                                                                 http://en....
Bain Capital - Wikipedia, the free encyclopedia                                                                 http://en....
Bain Capital - Wikipedia, the free encyclopedia                                                                    http://...
Bain Capital - Wikipedia, the free encyclopedia                                                                   http://e...
Bain Capital - Wikipedia, the free encyclopedia                                                                 http://en....
Bain Capital - Wikipedia, the free encyclopedia                                                             http://en.wiki...
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BAIN CAPITAL (Wikipedia)

  1. 1. Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital Bain Capital From Wikipedia, the free encyclopedia Bain Capital is a Boston-headquartered alternative asset management and Bain Capital LLC 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 $66 billion of investor capital across its various investment platforms. Type Private, LLC The firm was founded in 1984 by partners from the consulting firm Bain & Industry Private equity Company. Since inception it has invested in or acquired hundreds of Founded 1984 companies including AMC Entertainment, Aspen Education Group, Brookstone, Burger King, Burlington Coat Factory, Clear Channel Founder(s) Bill Bain [1], Willard Mitt Romney, t y, Communications, Dominos Pizza, DoubleClick, Dunkin Donuts, D&M T. Coleman Andrews III, Eric Kriss Holdings, Guitar Center, Hospital Corporation of America (HCA), Sealy, The Headquarters 111 Huntington Avenue Sports Authority, Staples, Toys "R" Us, Warner Music Group and The Boston, Massachusetts, U.S. Weather Channel. Number of Boston, Chicago, New York, As of the end of 2011, Bain Capital had approximately 400 professionals, locations London, Palo Alto, Luxembourg, most with previous experience in consulting, operations or finance.[2] Bain is Tokyo, Hong Kong, Shanghai and headquartered at the John Hancock Tower in Boston, Massachusetts with Mumbai additional offices in New York City, Chicago, Palo Alto, London, Luxembourg, Munich, Mumbai, Hong Kong, Shanghai and Tokyo. Key people Joshua Bekenstein, John Connaughton, Paul Edgerley, Mark The company, and its actions during its first 15 y p y g years, have become the Nunnelly, Stephen Pagliuca, Jordan subject of political and media scrutiny as a result of co-founder Mitt Romneys Hitch later political career, especially his 2012 presidential campaign.[4] c Products Venture capital, investment management, public equity, high-yield assets, Mezzanine capital, Contents leveraged buyouts and growth capital 1 History Total assets US$ 66 billion (2012) 1.1 1984 founding and early history 1.2 1990s Employees 400+ (2012)[2] 1.3 1999-2002: Romney departure and political legacy 1.4 Early 2000s Website www.baincapital.com 1.5 Bain and the 2000s buy-out boom (http://www.baincapital.com/) 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 History1 of 15 9/6/2012 9:18 PM
  2. 2. Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital 1984 founding and early history Bain Capital was founded in 1984 by Bain & Company partners Mitt Romney, T. p y p yp y Coleman Andrews III, and Eric Kriss, after Bill Bain had offered Romney the chance to y head a new venture that would invest in companies and apply Bains consulting techniques to improve operations.[5] In addition to the three founding partners, the early [5 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 y y p [ general partner[8][9] or managing partner.[10] He later became referred to as managing g p [8][9] p [10] [ [11] [12] [12] director or CEO as well. He was also the sole shareholder of the firm.[13] At the [1 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 countrys 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 Capitals 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 In late 2011, Bain Capital moved its partners saw weak spots in so many potential deals that by 1986, very few had been headquarters to the John Hancock done.[25] At first, Bain Capital focused on venture capital opportunities.[25] One of Bains Tower in Boston, Massachusetts. Bain earliest and most notable venture investments was in Staples, Inc., the office supply occupies 210,000 sq. ft. from the 36th retailer. In 1986, Bain provided $4.5 million to two supermarket executives, Leo Kahn to 43rd floors.[3] 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 Bain Capital was an initial investor in Staples, by 1989 was generating an annualized return in excess of 50 percent. By the end Inc. of the decade, Bains 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 was2 of 15 9/6/2012 9:18 PM
  3. 3. Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital 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 Capitals 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 Ampads products into its existing product lines, generated a cash gain of $56 million on the sale.[36] Under Bains 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 Bains 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] Ampads 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. Bains 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 TRWs 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] Dominos Pizza[45] and Artisan Entertainment.[46] Much of the firms profits was earned from a relatively small number of deals, with Bain Capitals 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]3 of 15 9/6/2012 9:18 PM
  4. 4. Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital Bains 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. Dades private equity owners merged the company with DuPonts 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 firms 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 Romneys 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 Romneys 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 Romneys 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] Romneys leave of absence and the level of activity he had within the4 of 15 9/6/2012 9:18 PM
  5. 5. Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital 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 firms 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 In 2002, Bain acquired Burger King Huntsman, Sr., but the deal was never completed. [90][91] together with TPG Capital and Goldman Sachs Capital Partners. 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 Kings 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 y g year, in 2005, Bain was one of seven private equity firms involved in the p buyout of SunGard in a transaction valued at $11.3 billion. Bains partners in the acquisition B p Bain led a consortium in the were Silver Lake Partners, TPG Capital, Goldman Sachs Capital Partners, Kohlberg Kravis buyout of Toys "R" Us in 2004 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 g y g y gy company in history, a distinction it would cede to the buyout of Freescale Semiconductor. The SunGard transaction is also p y y y notable in the number of firms involved in the transaction, the largest club deal completed to that p g l p point. The involvement of seven firms in the consortium was criticized by investors in private equity who considered cross-holdings among firms to be5 of 15 9/6/2012 9:18 PM
  6. 6. Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital 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 Bain led the buyout of Dunkin Brands Factory, a discount retailer operating 367 department stores in 42 states, in a $2 billion for $2.4 billion in 2005 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 p g p y p 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 ) acquisition financing.[109] Just days after the announcement of the HD Supply deal, on June 27, Bain announced the acquisition [1 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 stocks 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 Capitals family of funds includes private equity, venture capital, public equity, and leveraged debt assets.6 of 15 9/6/2012 9:18 PM
  7. 7. Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital 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. Bains 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 $38 billion, including its global private equity funds and separate funds focusing specifically on investments in Europe and Asia. Since 1998, each of Bains global funds has invested alongside a coinvestment fund that invests only in certain larger transactions. The following is a summary of Bains private equity funds raised from its inception through the beginning of 2012:[124] Fund Vintage Committed Year Capital ($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 firms 30 investment professionals are currently investing its fourth fund, Bain Capital Venture Fund 2009, which raised $525 million from investors.[126] The following is a summary of Bains private equity funds raised from its inception through the beginning of 2012:[124] Fund Vintage Committed Year Capital ($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]7 of 15 9/6/2012 9:18 PM
  8. 8. Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital 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, Brooksides 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 nations 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 Capitals 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 investments8 of 15 9/6/2012 9:18 PM
  9. 9. Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital Sports Authority Guitar Center Hospital Corporation of Gymboree (invested 1987) (acquired June 2006) America (acquired October 2010) (acquired July 2006) Clear Channel Houghton Mifflin Staples, Inc. D&M Holdings Communications (acquired December (invested 1986) (acquired July 2008) (acquired July 2008) 2002) Dominos Pizza The Weather Channel Burger King Sealy Corporation (acquired September (acquired September (acquired December (acquired November 1998) 2008) 2002) 1997) Brookstone Burlington Coat Factory Dunkin Donuts Steel Dynamics (1994) (acquired 1991) (acquired January 2006) (acquired December 2005) See also Private equity Venture capital Corporatism Mitt Romney9 of 15 9/6/2012 9:18 PM
  10. 10. Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital References 1. ^ [1] (http://www.vanderbilt.edu/boardoftrust/cmembers record-of-job-cuts.html. /bain.html) . William H. Bain Bio. 15. ^ Kranish; Helman, The Real Romney, p. 134. 2. ^ "Team" (http://www.baincapital.com 16. ^ Rees, Matthew (December 1, 2006). "Mister PowerPoint /Team/Default.aspx) , Bain Capital, Goes to Washington" (http://www.american.com/archive http://www.baincapital.com/Team/Default.aspx, retrieved /2006/december/mitt-romney/) . The American. January 4, 2012 http://www.american.com/archive/2006/december/mitt- 3. ^ Bain Capital will move to Hancock Tower romney/. (http://www.boston.com/business/ticker/2010/05 17. ^ Kirkpatrick, David D. (June 4, 2007). "Romneys /bain_capital_wi_1.html) . Boston.com, May 11, 2010 Fortunes Tied to Business Riches" (http://www.nytimes.com 4. ^ Knickerbocker, Brad. Why is Mitt Romneys time at Bain /2007/06/04/us/politics/04bain.html) . The New York Times. Capital such a target? (http://www.csmonitor.com/USA/DC- http://www.nytimes.com/2007/06/04/us/politics/04bain.html. Decoder/2012/0623/Why-is-Mitt-Romney-s-time-at-Bain- 18. ^ Wallace-Wells, Benjamin (October 23, 2011). "Mitt Capital-such-a-target) The Christian Science Monitor. Romney and the 1% Economy" (http://nymag.com/print Accessed: 24 June 2012. /?/news/politics/mitt-romney-2011-10/) . New York. 5. ^ Pappu, Sridhar (September 2005). "The Holy Cow! http://nymag.com/print/?/news/politics/mitt-romney-2011-10/. Candidate" (http://www.theatlantic.com/doc/200509/pappu/3) 19. ^ Elliot, Justin (January 20, 2012). "The roots of Bain Capital . The Atlantic Monthly. http://www.theatlantic.com in El Salvador’s civil war" (http://www.salon.com/2012/01 /doc/200509/pappu/3. /20/the_roots_of_bain_capital_in_el_salvador/) . Salon. 6. ^ Bain & Company Profile http://www.salon.com/2012/01 (http://www.fundinguniverse.com/company-histories/Bain- /20/the_roots_of_bain_capital_in_el_salvador/. Retrieved July amp;-Company-Company-History.html) . Funding Universe, 21, 2012. 2000 20. ^ Tanfani, Joseph; Melanie Mason, Matea Gold (July 19, 7. ^ McKibben, Gordon (October 30, 1990). "Bain & Co. plans 2012). "Bain Capital started with help of offshore investors" major layoffs, Boston staff hardest hit" (http://www.latimes.com/news/nationworld/nation/la-na- (http://www.highbeam.com/doc/1P2-8199011.html) . The bain-creation-20120719,0,5698366,full.story) . Los Angeles Boston Globe. http://www.highbeam.com Times. http://www.latimes.com/news/nationworld/nation/la-na- /doc/1P2-8199011.html.(subscription required) bain-creation-20120719,0,5698366,full.story. Retrieved July 8. ^ Lewis, Diane E. (January 30, 1991). "Bain agrees to 21, 2012. reshape ownership" (http://www.highbeam.com 21. ^ Kranish; Helman, The Real Romney, p. 133. /doc/1P2-7645576.html) . The Boston Globe. 22. ^ Big Consultants Woo Employees by Offering a Piece of the http://www.highbeam.com/doc/1P2-7645576.html.(subscription Action (http://www.nytimes.com/1999/10/22/business required) /big-consultants-woo-employees-by-offering-a-piece-of-the- 9. ^ Fabrikant, Geraldine (January 30, 1991). "Bain Names action.html) . New York Times, October 22, 1999 Chief Executive And Begins a Reorganization" 23. ^ Sorkin, Andrew Ross (June 4, 2007). "Romneys (http://www.nytimes.com/1991/01/30/business/business- Presidential Run Puts Spotlight on Bain Capital" people-bain-names-chief-executive-and-begins- (http://dealbook.blogs.nytimes.com/2007/06/04/romneys- a-reorganization.html) . The New York Times. presidential-run-throws-spotlight-on-bain-capital/) . The New http://www.nytimes.com/1991/01/30/business/business- York Times. http://dealbook.blogs.nytimes.com/2007/06 people-bain-names-chief-executive-and-begins- /04/romneys-presidential-run-throws-spotlight-on-bain- a-reorganization.html. capital/. 10. ^ Horowitz, Alan S. (February 1, 1992). "Venture capital 24. ^ Kranish; Helman, The Real Romney, p. 138. primer" (http://www.highbeam.com/doc/1G1-11836430.html) . 25. ^ Gavin, Robert; Pfeiffer, Sacha (June 26, 2007). Utah Business. http://www.highbeam.com "The Making of Mitt Romney: Part 3: Reaping profit in study, /doc/1G1-11836430.html. sweat" (http://www.boston.com/news/politics/2008/specials 11. ^ Romney, Mitt (June 21, 1998). "Dads ideas live on – and in /romney/articles/part3_main/) . The Boston Globe. others" (http://www.highbeam.com/doc/1P2-8473315.html) . http://www.boston.com/news/politics/2008/specials/romney The Boston Globe. http://www.highbeam.com /articles/part3_main/. /doc/1P2-8473315.html. 26. ^ "Growth in Office-Supply Supermarkets Threatens Tough 12. ^ Nyhan, David (May 28, 1995). "Theyre trying to sell War for Market Share". Wall Street Journal, December 1, volunteerism up the river" (http://www.highbeam.com 1988 /doc/1P2-8329806.html) . The Boston Globe. 27. ^ Staples Inc. Plans to Go Public (http://www.highbeam.com http://www.highbeam.com/doc/1P2-8329806.html.(subscription /doc/1P2-8113146.html) . The Boston Globe, March 22, 1989 required) 28. ^ Staples Inc. Company Profile 13. ^ Romney, Turnaround, pp. 15–16. (http://www.fundinguniverse.com/company-histories/Staples- 14. ^ Blum, Justin; Lerer, Lisa (July 20, 2011). Inc-Company-History.html) . Funding Universe, 2002 "Romneys Record Defies Image as Job-Creator" 29. ^ "The Netherlands: Staples Sets Deal" (http://www.bloomberg.com/news/2011-07-20/romney-as-job- (http://www.nytimes.com/2008/06/12/business/worldbusiness creator-clashes-with-bain-record-of-job-cuts.html) . /12fobriefs-STAPLESSETSD_BRF.html) . The New York Bloomberg News. http://www.bloomberg.com Times. Bloomberg News. June 12, 2008. /news/2011-07-20/romney-as-job-creator-clashes-with-bain- http://www.nytimes.com/2008/06/12/business/worldbusiness10 of 15 9/6/2012 9:18 PM
  11. 11. Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital /12fobriefs-STAPLESSETSD_BRF.html. (http://www.nytimes.com/1997/11/04/business/company- 30. ^ Barbaro, Michael (November 13, 2011). "After a news-sealy-to-be-sold-to-management-and-an-investor- Romney Deal, Profits and Then Layoffs" group.html) . New York Times, November 4, 1997 (http://www.nytimes.com/2011/11/13/us/politics/after- 44. ^ Raytheon in $358 million Deal to Sell Laundry Business mitt-romney-deal-company-showed-profits-and-then- (http://www.nytimes.com/1998/02/24/business/company- layoffs.html) . The New York Times: p. A1. news-raytheon-in-358-million-deal-to-sell-laundry- http://www.nytimes.com/2011/11/13/us/politics/after- business.html) . New York Times, February 24, 1998 mitt-romney-deal-company-showed-profits-and-then- 45. ^ Dominos Pizza Founder To Retire And Sell A Stake layoffs.html. (http://www.nytimes.com/1998/09/26/business/company- 31. ^ Counselor To The King (http://www.nytimes.com/1989/09 news-domino-s-pizza-founder-to-retire-and-sell-a-stake.html) . /24/magazine/counselor-to-the-king.html) . New York Times, New York Times, September 26, 1998 September 24, 1989 46. ^ Playing Movies Like a Growth Stock 32. ^ Confessore, Nicholas; Shear, Michael D. (July 16, (http://www.nytimes.com/1998/12/21/business/media-playing- 2012). "When Did Romney Step Back From Bain? Its movies-like-a-growth-stock.html) . New York Times, Complicated, Filings Suggest" (http://www.nytimes.com December 21, 1998 /2012/07/16/us/politics/when-did-romney-step-back- 47. ^ Kranish, Michael; Helman, Scott (February 2012). "The from-bain-its-complicated.htm?_r=1) . The New York Times: Meaning of Mitt" (http://www.vanityfair.com/politics/2012/02 p. A10. http://www.nytimes.com/2012/07/16/us/politics/when- /mitt-romney-201202.print) . Vanity Fair. did-romney-step-back-from-bain-its-complicated.htm?_r=1. http://www.vanityfair.com/politics/2012/02/mitt-romney- 33. ^ Healy, Beth; Kranish, Michael (July 20, 201202.print. 2012). "Romney kept reins, bargained hard on severance" 48. ^ Maremont, Mark (January 9, 2012). "Romney at Bain: (http://www.boston.com/news/politics/articles/2012/07 Big Gains, Some Busts" (http://online.wsj.com/article /20/romney_kept_reins_bargained_hard_on_severance /SB10001424052970204331304577140850713493694.html) . /?page=full) . The Boston Globe. http://www.boston.com The Wall Street Journal. http://online.wsj.com/article /news/politics/articles/2012/07 /SB10001424052970204331304577140850713493694.html. /20/romney_kept_reins_bargained_hard_on_severance 49. ^ Fabrikant, Geraldine (January 30, 1991). "Bain Names /?page=full. Chief Executive And Begins a Reorganization" 34. ^ "Venture-Capital Funds Grow Larger and Larger - But (http://www.nytimes.com/1991/01/30/business/business- Start-Up Companies Find Theyre Still Left Out in the Cold". people-bain-names-chief-executive-and-begins- The Wall Street Journal, September 7, 1989 a-reorganization.html) . The New York Times. 35. ^ Bain Names Chief Executive And Begins a Reorganization http://www.nytimes.com/1991/01/30/business/business- (http://www.nytimes.com/1991/01/30/business/business- people-bain-names-chief-executive-and-begins- people-bain-names-chief-executive-and-begins- a-reorganization.html. a-reorganization.html) . New York Times, January 30, 1991 50. ^ Phillips, Frank (October 8, 1994). "Romney agrees to talk; 36. ^ Mead Corp. to Lay Off 1,000 (http://www.nytimes.com union balks" (http://www.highbeam.com /1992/07/03/business/company-news-mead-corp-to-lay-off- /doc/1P2-8299040.html) . The Boston Globe. 1000.html) . New York Times, July 3, 1992 http://www.highbeam.com/doc/1P2-8299040.html. 37. ^ "American Pad & Paper Company Profile" 51. ^ Yang, Jia Lynn (December 14, 2011), "Mitt Romney’s (http://www.answers.com/topic/american-pad-paper- Bain Capital tenure shows mixed record on bankruptcies" company?cat=biz-fin) . Answers.com. (http://www.washingtonpost.com/business/economy/romneys- http://www.answers.com/topic/american-pad-paper- bain-capital-record-shows-mixed-record-on-bankruptcies company?cat=biz-fin. Retrieved 2012-02-11. /2011/12/13/gIQANksluO_story.html) , Washington Post, 38. ^ James Abundis and Robert Gavin, "Ampad: A controversial http://www.washingtonpost.com/business/economy/romneys- deal" (http://www.boston.com/news/daily/26/ampad.pdf) , The bain-capital-record-shows-mixed-record-on-bankruptcies Boston Globe, http://www.boston.com/news/daily /2011/12/13/gIQANksluO_story.html /26/ampad.pdf, retrieved January 4, 2012 52. ^ Vaillancourt, Meg (October 10, 1994). "Romney meets with 39. ^ Totes is Bought By Boston Investment Firm strikers Ind. workers say nothing resolved" (http://www.nytimes.com/1994/06/28/business/company- (http://www.highbeam.com/doc/1P2-8299231.html) . The news-totes-is-bought-by-boston-investment-firm.html) . New Boston Globe. http://www.highbeam.com York Times, June 28, 1994 /doc/1P2-8299231.html. 40. ^ Totes To Buy A Majority Interest In Aris Isotoner 53. ^ Phillips, Frank (January 5, 1995). "Strike-bound factory tied (http://www.nytimes.com/1997/06/06/business/totes-to-buy- to Romney during US Senate race is set to close" a-majority-interest-in-aris-isotoner.html) . New York Times, (http://www.highbeam.com/doc/1P2-8310951.html) . The June 6, 1997 Boston Globe. http://www.highbeam.com 41. ^ TRW Credit Reporting Unit To Be Sold for $1 Billion /doc/1P2-8310951.html. (http://www.nytimes.com/1996/02/10/business/trw-credit- 54. ^ Hoover, Ken (January 13, 2012).Mitt Romney-Led Bain reporting-unit-to-be-sold-for-1-billion.html) . Bloomberg Funded Steel Dynamics Success (http://news.investors.com Business News, February 10, 1996 /article/597772/201201131836/mitt-romney-bain-capital- 42. ^ Large British Retailer to Buy U.S. Credit-Data Company funded-steel-dynamics.htm) . Investors Business Daily (http://www.nytimes.com/1996/11/15/business/large-british- 55. ^ Helling, Dave (2012-01-06). "Bain Capital tied to retailer-to-buy-us-credit-data-company.html) . New York bankruptcy, closing of KC steel plant" Times, November 15, 1996 (http://www.kansascity.com/2012/01/06/3356924/bain- 43. ^ Sealy to be Sold to Management and an Investor Group capital-tied-to-bankruptcy.html) . KansasCity.com.11 of 15 9/6/2012 9:18 PM
  12. 12. Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital http://www.kansascity.com/2012/01/06/3356924/bain-capital- backers use ‘day-to-day’ to reshape questions about Bain" tied-to-bankruptcy.html. Retrieved 2012-02-01. (http://www.boston.com/politicalintelligence/2012/07/16/mitt- 56. ^ David Wren. "Romneys Bain made millions as S.C. romney-and-backers-use-day-day-reshape-questions-about- steelmaker went bankrupt" (http://www.kansascity.com bain/1eFGBl8dO9uOZvjXyViomM/story.html) . The Boston /2012/01/14/3370204/romneys-bain-made-millions-as.html) . Globe. http://www.boston.com/politicalintelligence/2012/07 KansasCity.com. http://www.kansascity.com/2012/01 /16/mitt-romney-and-backers-use-day-day-reshape-questions- /14/3370204/romneys-bain-made-millions-as.html. Retrieved about-bain/1eFGBl8dO9uOZvjXyViomM/story.html. 2012-02-01. Retrieved August 13, 2012. 57. ^ "Missouri Valley Special Collections : Item Viewer" 69. ^ Mitt Romney, quoted by the Boston Herald in February (http://www.kchistory.org 1999 (Greg Gatlin, “Romney Looks To Restore Olympic /cdm4/item_viewer.php?CISOROOT=/Local& Pride,” The Boston Herald, February 12, 1999) CISOPTR=22900&CISOBOX=1&REC=14) . Kchistory.org. 70. ^ Bain Capital Fund VI, L.P. (February 20, 2001). 2001-02-08. http://www.kchistory.org "SCHEDULE 13D (Rule 13d-101)" (http://www.sec.gov /cdm4/item_viewer.php?CISOROOT=/Local& /Archives/edgar/data/1054290/000092701601001009 CISOPTR=22900&CISOBOX=1&REC=14. Retrieved /0000927016-01-001009-0001.txt) . Securities and Exchange 2012-02-01. Commission. http://www.sec.gov/Archives/edgar 58. ^ Sullivan, Andy (January 6, 2012). "Special report: /data/1054290/000092701601001009 Romneys steel skeleton in the Bain closet" /0000927016-01-001009-0001.txt. Retrieved July 14, 2012. (http://www.reuters.com/article/2012/01/06/us-campaign- "Bain Capital, Inc., a Delaware corporation ("Bain Capital"), romney-bailout-idUSTRE8050LL20120106) . Reuters. is the sole managing partner of the BCIP entities. Mr. W. Mitt http://www.reuters.com/article/2012/01/06/us-campaign- Romney is the sole shareholder, sole director, Chief Executive romney-bailout-idUSTRE8050LL20120106. Retrieved Officer and President of Bain Capital and thus is the 2012-02-01. controlling person of Bain Capital." 59. ^ fundinguniverse.com Dade Behring company history 71. ^ Marshall, John. "No, Romney Didn’t Leave Bain in 1999" (http://www.fundinguniverse.com/company-histories/Dade- (http://talkingpointsmemo.com/archives/2012/07 Behring-Holdings-Inc-Company-History.html) . Funding /no_romney_didnt_leave_bain_in_1999.php?ref=fpblg) . Universe http://talkingpointsmemo.com/archives/2012/07 60. ^ Dade Behring Form 10K 1999 Annual Report /no_romney_didnt_leave_bain_in_1999.php?ref=fpblg. (http://www.sec.gov/Archives/edgar/data/942307 Retrieved 11 July 2012. /0000950131-00-002295.txt) . Securities and Exchange 72. ^ Borchers, Callum. "Mitt Romney stayed at Bain 3 years Commission, Filed March 30, 2000 longer than he stated" (http://bostonglobe.com/news/politics 61. ^ Aventis May Sell Controlling Stake in Dade Behring /2012/07/11/government-documents-indicate-mitt-romney- (http://www.nytimes.com/2000/12/20/business/company- continued-bain-after-date-when-says-left news-aventis-may-sell-controlling-stake-in-dade-behring.html) /IpfKYWjnrsel4pvCFbsUTI/story.html) . Christopher M. . New York Times, December 20, 2000 Mayer. http://bostonglobe.com/news/politics/2012/07 62. ^ Dade Behring Registration Statement (http://www.sec.gov /11/government-documents-indicate-mitt-romney-continued- /Archives/edgar/data/942307/000104746903013116 bain-after-date-when-says-left/IpfKYWjnrsel4pvCFbsUTI /a2106091zs-1.htm) . Securities and Exchange Commission, /story.html. Retrieved 12 July 2012. April 11, 2003 73. ^ Gentile, Sal (July 15, 2012). "Former Bain Capital 63. ^ Farragher, Thomas; Nelson, Scott Bernard (October 24, partner says Romney was legally CEO of Bain Capital until 2002). "Business record helps, hinders Romney" 2002" (http://upwithchrishayes.msnbc.msn.com/_news (http://www.highbeam.com/doc/1P2-7751688.html) . The /2012/07/15/12751962-former-bain-capital-partner- Boston Globe: p. A1. http://www.highbeam.com says-romney-was-legally-ceo-of-bain-capital-until-2002?lite) . /doc/1P2-7751688.html.(subscription required) msnbc.com. http://upwithchrishayes.msnbc.msn.com/_news 64. ^ Roche, Lisa Riley; Bernick Jr., Bob (August 20, 2001). /2012/07/15/12751962-former-bain-capital-partner- "Public service for Romney" (http://www.deseretnews.com says-romney-was-legally-ceo-of-bain-capital-until-2002?lite. /article/859621/Public-service-for-Romney.html) . Deseret 74. ^ Braun, Stephen; Gillum, Jack (July 25, 2012). "Fact News. http://www.deseretnews.com/article/859621/Public- Check: Romney Met Bain Partners After Exit" service-for-Romney.html. (http://hosted.ap.org/dynamic/stories 65. ^ Glenn Kessler (July 12, 2012). "Mitt Romney and his /U/US_ROMNEY_BAIN_FACT_CHECK?SITE=AP& departure from Bain" (http://www.washingtonpost.com/blogs SECTION=HOME&TEMPLATE=DEFAULT) . Associated /fact-checker/post/mitt-romney-and-his-departure-from-bain Press. http://hosted.ap.org/dynamic/stories /2012/07/12/gJQAASzUfW_blog.html) (blog by expert). The /U/US_ROMNEY_BAIN_FACT_CHECK?SITE=AP& Washington Post. http://www.washingtonpost.com/blogs/fact- SECTION=HOME&TEMPLATE=DEFAULT. checker/post/mitt-romney-and-his-departure-from-bain 75. ^ King, John. "John King: Why is 1999 so important in /2012/07/12/gJQAASzUfW_blog.html. Retrieved July 14, 2012?" (http://www.cnn.com/2012/07/12/politics/john- 2012. king-bain/index.html?hpt=hp_c1) . CNN. http://www.cnn.com 66. ^ Kranish; Helman, The Real Romney, pp. 206–207. /2012/07/12/politics/john-king-bain/index.html?hpt=hp_c1. 67. ^ "Is Romney to Blame for Cancer Death?" Retrieved 12 July 2012. (http://factcheck.org/2012/08/is-romney-to-blame-for-cancer- 76. ^ Charles, Deborah (July 12, 2012). "Romney faces new death/) . FactCheck. August 8, 2012. http://factcheck.org questions over tenure at Bain" /2012/08/is-romney-to-blame-for-cancer-death/. (http://articles.chicagotribune.com/2012-07-12/news/sns-rt-us- 68. ^ Callum Borchers (July 16, 2012). "Mitt Romney and usa-campaign-romney-bainbre86b1gd-20120712_1_bain-12 of 15 9/6/2012 9:18 PM
  13. 13. Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital investments-bain-capital-mitt-romney) . Chicago Tribune. Huffington Post. July 12, 2012. Reuters. http://articles.chicagotribune.com/2012-07-12 http://www.huffingtonpost.com/2012/07/12/mitt-romney- /news/sns-rt-us-usa-campaign-romney-bainbre86b1gd- bain-departure_n_1669006.html. Retrieved July 14, 2012. 20120712_1_bain-investments-bain-capital-mitt-romney. "[Statement by Bain] "Mitt Romney left Bain Capital in 77. ^ Kuhnhenn, Jim (August 14, 2007). "Romney Worth As February 1999 to run the Olympics and has had absolutely no Much As $250 Million" (http://www.foxnews.com/story involvement with the management or investment activities of /0,2933,293140,00.html) . The Washington Post. Associated the firm or with any of its portfolio companies since the day Press. http://www.foxnews.com/story/0,2933,293140,00.html. of his departure," the statement reads. "Due to the sudden 78. ^ Confessore, Nicholas; Drew, Christopher; Creswell, Julie nature of Mr. Romneys departure, he remained the sole (December 18, 2011). "Buyout Profits Keep Flowing to stockholder for a time while formal ownership was being Romney" (http://www.nytimes.com/2011/12/19/us/politics documented and transferred to the group of partners who took /retirement-deal-keeps-bain-money-flowing- over management of the firm in 1999. Accordingly, Mr. to-romney.html?_r=1&pagewanted=all) . The New York Romney was reported in various capacities on SEC filings Times. http://www.nytimes.com/2011/12/19/us/politics during this period."" /retirement-deal-keeps-bain-money-flowing- 86. ^ Elspeth Reeve (July 12, 2012). "Why Romneys Quit Date to-romney.html?_r=1&pagewanted=all. at Bain Matters" (http://www.theatlanticwire.com/politics 79. ^ Hicks, Josh (November 2, 2011). "Romney’s claims about /2012/07/why-romneys-quit-date-bain-matters/54489/) . Bain Capital job creation" (http://www.washingtonpost.com Atlantic Wire. http://www.theatlanticwire.com/politics /blogs/fact-checker/post/fact-checker-biography-romneys- /2012/07/why-romneys-quit-date-bain-matters/54489/. claims-about-bain-capital-job-creation/2011/10 Retrieved July 14, 2012. /28/gIQAA447cM_blog.html) . The Washington Post. 87. ^ Group to Buy Controlling Interest in Datek Online for $700 http://www.washingtonpost.com/blogs/fact-checker/post/fact- Million (http://www.nytimes.com/2000/12/02/business/group- checker-biography-romneys-claims-about-bain-capital- to-buy-controlling-interest-in-datek-online-for-700- job-creation/2011/10/28/gIQAA447cM_blog.html. million.html) . New York Times, December 02, 2000 80. ^ Hagey, Keach (January 11, 2012). "Mitt Romney’s Bain 88. ^ Bain Capital Buys Toys Unit of Consolidated Stores Capital days: A black box" (http://www.politico.com (http://www.nytimes.com/2000/12/09/business/company- /news/stories/0112/71344.html) . Politico. news-bain-capital-buys-toys-unit-of-consolidated-stores.html) http://www.politico.com/news/stories/0112/71344.html. . New York Times, December 09, 2000 81. ^ Callum Borchers; Christopher Rowland (July 12, 2012). 89. ^ Buyout Profits Keep Flowing to Romney "Mitt Romney stayed at Bain 3 years longer than he stated: (http://www.nytimes.com/2011/12/19/us/politics/retirement- Firm’s 2002 filings identify him as CEO, though he said he deal-keeps-bain-money-flowing-to-romney.html) . New York left in 1999" (http://www.bostonglobe.com/news/politics Times, December 18, 2011 /2012/07/11/government-documents-indicate-mitt-romney- 90. ^ Bain Capital Buys Stake In Huntsman, Chemical Company continued-bain-after-date-when-says-left (http://www.nytimes.com/2001/02/24/business/company- /IpfKYWjnrsel4pvCFbsUTI/story.html) . The Boston Globe. news-bain-capital-buys-stake-in-huntsman-chemical- http://www.bostonglobe.com/news/politics/2012/07 company.html) . New York Times, February 24, 2001 /11/government-documents-indicate-mitt-romney-continued- 91. ^ Huntsman, Bain Capital dealing: Huntsman offering $600 bain-after-date-when-says-left/IpfKYWjnrsel4pvCFbsUTI million equity stake to venture firm /story.html. Retrieved July 14, 2012. (http://www.deseretnews.com/article/827395/Huntsman- 82. ^ King, John. "John King: Why is 1999 so important in Bain-Capital-dealing.html) . Deseret News, Feb. 24, 2001 2012?" (http://www.cnn.com/2012/07/12/politics/john- 92. ^ U.S. Investors Agree to Buy Burger King From Diageo for king-bain/index.html?hpt=hp_c1) . CNN. http://www.cnn.com $2.26 Billion (http://query.nytimes.com /2012/07/12/politics/john-king-bain/index.html?hpt=hp_c1. /gst/fullpage.html?res=940DEFDB1E38F935A15754C0A9649 Retrieved 12 July 2012. . New York Times, July 26, 2002 83. ^ Glenn Kessler (July 13, 2012). "Do Bain SEC documents 93. ^ A Lower Price Is Said to Revive Burger King Sale suggest Mitt Romney is a criminal?" (http://query.nytimes.com (http://www.washingtonpost.com/blogs/fact-checker/post/do- /gst/fullpage.html?res=9E06E0D7123AF931A25751C1A9649 bain-sec-documents-suggest-mitt-romney-is-a-criminal , New York Times, December 12, 2002 /2012/07/12/gJQAlyPpgW_blog.html) (blog by expert). The 94. ^ Grace Wong (2006-05-12). "Burger King IPO set to fire up" Washington Post. http://www.washingtonpost.com/blogs/fact- (http://money.cnn.com/2006/05/12/markets/ipo/burger_king checker/post/do-bain-sec-documents-suggest-mitt-romney- /index.htm) . CNN Money. http://money.cnn.com/2006/05 is-a-criminal/2012/07/12/gJQAlyPpgW_blog.html. Retrieved /12/markets/ipo/burger_king/index.htm. Retrieved July 14, 2012. 2007-09-30. 84. ^ Michael D. Shear (July 13, 2012). "Romney Seeks Obama 95. ^ Vivendi Finishes Sale of Houghton Mifflin To Investors Apology for Bain Attacks" (http://www.nytimes.com/2012/07 (http://query.nytimes.com /14/us/politics/romney-demands-apology-from-obama- /gst/fullpage.html?res=9504E2DC133FF932A35752C0A9659C on-bain-allegations.html) . The New York Times. . New York Times, January 1, 2003 http://www.nytimes.com/2012/07/14/us/politics/romney- 96. ^ Sorkin, Andrew Ross and Rozhon, Tracie. "Three Firms Are demands-apology-from-obama-on-bain-allegations.html. Said to Buy Toys R Us for $6 Billion Retrieved July 14, 2012. (http://www.nytimes.com/2005/03/17/business/17toys.html) ." 85. ^ "Mitt Romneys Own 2002 Testimony Undermines Bain New York Times, March 17, 2005 Departure Claim" (http://www.huffingtonpost.com/2012/07 97. ^ Whats Next for Toys R Us? (http://online.wsj.com/article /12/mitt-romney-bain-departure_n_1669006.html) . /0,,SB111110691050583265,00.html) . Wall Street Journal,13 of 15 9/6/2012 9:18 PM
  14. 14. Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital March 18, 2005 115. ^ Michael J. de la Merced (July 7, 2008). "Weather Channel 98. ^ Deal Mania: Shades of the 80s: The leveraged buyout is Is Sold to NBC and Equity Firms" (http://www.nytimes.com back in vogue (http://www.usnews.com/usnews/biztech /2008/07/07/business/media/07weather.html) . New York /articles/050418/18lbo.htm) . US News & World Report, Times. http://www.nytimes.com/2008/07/07/business/media April 10, 2005 /07weather.html. Retrieved 2008-09-17. 99. ^ "Capital Firms Agree to Buy SunGard Data in Cash Deal 116. ^ . Reuters. http://today.reuters.com (http://www.nytimes.com/2005/03/29/business /news/articlenews.aspx?type=newsOne& /29sungard.html) ." Bloomberg L.P., March 29, 2005 storyID=2006-11-16T130113Z_01_N16247497_RTRUKOC_ 100. ^ Do Too Many Cooks Spoil the Takeover Deal? 0_US-MEDIA-CLEARCHANNEL.xml. (http://www.nytimes.com/2005/04/03/business/yourmoney 117. ^ "D&M Saga Finally Ends With Bain Capital Deal - /03dealbook.html) . New York Times, April 3, 2005 2008-07-07 06:00:00" (http://www.twice.com/article/243122- 101. ^ Parent of Dunkin Donuts Sold For $2.4 Billion to Equity D_M_Saga_Finally_Ends_With_Bain_Capital_Deal.php) . Firms (http://www.nytimes.com/2005/12/13/business TWICE. http://www.twice.com/article/243122- /13doughnuts.html) (New York Times, 2005 D_M_Saga_Finally_Ends_With_Bain_Capital_Deal.php. 102. ^ Sorkin, Andrew Ross. "HCA Buyout Highlights Era of Retrieved 2012-02-11. Going Private (http://www.nytimes.com/2006/07/25/business 118. ^ Barboza, David (June 22, 2009). "Bain Capital to Invest in /25buyout.html) ." New York Times, July 25, 2006 Chinese Retailer" (http://www.nytimes.com/2009/06 103. ^ Bloomberg News (2006-08-04). "Technology; Royal Philips /23/business/global/23bain.html) . The New York Times. Sells Unit for $4.4 Billion" (http://www.nytimes.com/2006/08 http://www.nytimes.com/2009/06/23/business/global /04/business/worldbusiness/04chip.html) . New York Times. /23bain.html. http://www.nytimes.com/2006/08/04/business/worldbusiness 119. ^ Bain Capital pays $1.6 billion for Dow division /04chip.html. Retrieved 2008-04-27. (http://www.masshightech.com/stories/2010/03/01/daily16- 104. ^ KKR in deal to buy Philips Semiconductors Bain-Capital-pays-16-billion-for-Dow-division.html) , Mass (http://www.forbes.com/technology/2006/08/02/philips- High Tech, March 2, 2010, http://www.masshightech.com kkr-semiconductors-cx_po_0802philips.html) . Forbes, /stories/2010/03/01/daily16-Bain-Capital-pays-16-billion- August 2, 2006 for-Dow-division.html 105. ^ Bain Adds Guitar Center To Its Lineup 120. ^ Dagher, Veronica; Holmes, Elizabeth (October 12, 2010). (http://www.forbes.com/2007/06/27/guitar-center-update- "Bain Pays .8 Billion for Gymboree" (http://online.wsj.com markets-equity-cx_er_0627markets27.html) . Forbes, June 27, /article 2007 /SB10001424052748703794104575545880678080828.html) . 106. ^ Bain to Buy Burlington Coat Factory The Wall Street Journal. http://online.wsj.com/article (http://www.thestreet.com/story/10262389/1/bain-to-buy- /SB10001424052748703794104575545880678080828.html. burlington-coat-factory.html) . The Street.com, January 18, 121. ^ Physio-Controls sale to Bain completed 2006 (http://seattletimes.nwsource.com/html/businesstechnology 107. ^ Consortium Buys Michaels for $6 Billion /2017376342_physio31.html?syndication=rss) , The Seattle (http://www.nytimes.com/2006/07/01/business/01deal.html) . Times, January 30, 2012, http://seattletimes.nwsource.com New York Times, July 1, 2006 /html/businesstechnology 108. ^ Zimmerman, Ann; Berman, Dennis K. (June 20, 2007). /2017376342_physio31.html?syndication=rss "Home Depot Boosts Buyback, Sets Unit Sale" 122. ^ Bain Capital Private Equity (http://online.wsj.com/article (http://www.baincapitalprivateequity.com) (company website) /SB118226545165740543.html?mod=home_whats_news_us) . 123. ^ Bain Capital Europe (http://www.baincapital.co.uk) The Wall Street Journal. http://online.wsj.com/article (company website) /SB118226545165740543.html?mod=home_whats_news_us. 124. ^ Data collected from Preqin, a private equity database 109. ^ Private Equitys White-Knuckle Deal system (http://www.businessweek.com/magazine/content/07_38 125. ^ Includes coinvestment funds for Bain Capital Fund /b4050001.htm) . Business Week, September 17, 2007 VI ($300m), Bain Capital Fund VII ($617m), Bain Capital 110. ^ Bain Plucks Up Guitar Center (http://www.thestreet.com Fund VIII ($750m), Bain Capital Fund IX ($2 billion) and Bain /newsanalysis/retail/10365064.html) , The Street, June 27, Capital Fund X ($1.8 billion), each raised alongside the main 2007, http://www.thestreet.com/newsanalysis/retail funds /10365064.html 126. ^ Bain Capital Ventures (http://www.baincapitalventures.com) 111. ^ Bain Capital Agrees to Buy Edgars for 25 Billion Rand (company website) (http://www.bloomberg.com/apps/news?pid=newsarchive& 127. ^ Rusli, Evelyn M. (2012-01-30). "Bain Capital Ventures sid=aaKM8qOpFiiU) . Bloomberg, February 8, 2007] Raises $600 Million Fund" (http://dealbook.nytimes.com 112. ^ Bavaria set to Boom with Bain (http://www.sail-world.com /2012/01/30/bain-capital-ventures-raises-600-million-fund/) . /cruisingaus/index.cfm?nid=35266&rid=12) . Sail World, July Dealbook.nytimes.com. http://dealbook.nytimes.com/2012/01 1, 2007 /30/bain-capital-ventures-raises-600-million-fund/. Retrieved 113. ^ Bain cheers return on Sensata float 2012-02-11. (http://www.efinancialnews.com/story/2010-03-12/bain- 128. ^ Tuesday, June 17th, 2008 (2012-01-31). "LinkedIn Closes sensata-ipo-pipeline) . Financial News, March 12, 2010 Its Round; Got That Billion Dollar Valuation" 114. ^ Robert Marich. "The Weather Channel Sale Wraps" (http://www.techcrunch.com/2008/06/17/linkedin-raises- (http://www.broadcastingcable.com/article/CA6595811.html) . 53-million-at-billion-dollar-valuation/) . Techcrunch.com. Broadcasting & Cable. http://www.broadcastingcable.com http://www.techcrunch.com/2008/06/17/linkedin-raises- /article/CA6595811.html. Retrieved 2008-09-26. 53-million-at-billion-dollar-valuation/. Retrieved 2012-02-11.14 of 15 9/6/2012 9:18 PM
  15. 15. Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital 129. ^ Business Wire (2009-04-20). "SurveyMonkey Announces website) Group Led by Spectrum Equity to Become Majority Investor" 132. ^ Absolute Return Capital (http://www.businesswire.com/portal/site/google (http://www.absolutereturninvestor.com) (company website) /?ndmViewId=news_view&newsId=20090420006039& 133. ^ Vickers, Marcia (June 27, 2007). "The Republicans Mr. newsLang=en) . Businesswire.com. Fix-it" (http://money.cnn.com/magazines/fortune http://www.businesswire.com/portal/site/google /fortune_archive/2007/07/09/100121803/index.htm) . Fortune. /?ndmViewId=news_view&newsId=20090420006039& http://money.cnn.com/magazines/fortune/fortune_archive newsLang=en. Retrieved 2012-02-11. /2007/07/09/100121803/index.htm. 130. ^ Brookside Capital (http://www.brooksidefund.com) 134. ^ Kosman, The Buyout of America, p. 106. (company website) 135. ^ Kosman, The Buyout of America, p. 118. 131. ^ Sankaty Advisors (http://www.sankaty.com) (company 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 Capital Private equity firms of the United States Companies based in Boston, Massachusetts Companies established in 1984 Mitt Romney15 of 15 9/6/2012 9:18 PM

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