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 $66 billion of investor capital across its various investment
platforms. Type Private, LLC
The firm was founded in 1984 by partners from the consulting firm Bain & Industry Private equity
Company. Since inception it has invested in or acquired hundreds of Founded 1984
companies including AMC Entertainment, Aspen Education Group,
Brookstone, Burger King, Burlington Coat Factory, Clear Channel Founder(s) Bill Bain [1], Willard Mitt Romney,
t y,
Communications, Domino's Pizza, DoubleClick, Dunkin' Donuts, D&M T. Coleman Andrews III, Eric Kriss
Holdings, Guitar Center, Hospital Corporation of America (HCA), Sealy, The
Headquarters 111 Huntington Avenue
Sports Authority, Staples, Toys "R" Us, Warner Music Group and The
Boston, Massachusetts, U.S.
Weather Channel.
Number of Boston, Chicago, New York,
As of the end of 2011, Bain Capital had approximately 400 professionals, locations London, Palo Alto, Luxembourg,
most with previous experience in consulting, operations or finance.[2] Bain is Tokyo, Hong Kong, Shanghai and
headquartered at the John Hancock Tower in Boston, Massachusetts with Mumbai
additional offices in New York City, Chicago, Palo Alto, London,
Luxembourg, Munich, Mumbai, Hong Kong, Shanghai and Tokyo. Key people Joshua Bekenstein, John
Connaughton, Paul Edgerley, Mark
The company, and its actions during its first 15 y
p y g years, have become the Nunnelly, Stephen Pagliuca, Jordan
subject of political and media scrutiny as a result of co-founder Mitt Romney's Hitch
later political career, especially his 2012 presidential campaign.[4]
c
Products Venture capital, investment
management, public equity,
high-yield assets, Mezzanine capital,
Contents leveraged buyouts and growth
capital
1 History
Total assets US$ 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
History
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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 Bain's 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 country's civil
war.[19] They and other wealthy Latin Americans invested $9 million primarily through
offshore companies registered in Panama.[20]
While Bain Capital was founded by Bain executives, the firm was not an affiliate or a
division of Bain & Company but rather a completely separate company. Initially, the two
firms shared the same offices - in an office tower at Copley Place in Boston[21] - and a
similar approach to improving business operations. However, the two firms had put in
place certain protections to avoid sharing information between the two companies and
the Bain & Company executives had the ability to veto investments that posed potential
conflicts of interest.[22] Bain Capital also provided an investment opportunity for
partners of Bain & Company. Bain Capital's original $37 million fund was raised entirely
from private individuals in mid-1984.[6] The firm initially gave a cut of its profits to Bain
& Company, but Romney later persuaded Bill Bain to give that up.[23]
The Bain Capital team was initially reluctant to invest its capital. By 1985, things were
going poorly enough that Romney considered closing the operation, returning investors'
money back to them, and having the partners go back to their old positions.[24] The 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 Bain's 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, Bain's second fund, raised in 1987 had deployed $106 million into
13 investments.[31] As the firm began organizing around funds, each such fund
was run by a specific general partnership – that included all Bain Capital executives as well as others – which in turn was
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controlled by Bain Capital Inc., the management company that Romney had full ownership control of.[32] As CEO, Romney had
the final approval say on every deal made.[33]
1990s
Beginning in 1989, the firm, which began as a venture capital source investing in start-up companies, adjusted its strategy to
focus on leveraged buyouts and growth capital investments in more mature companies.[34] Their model was to buy existing firms
with money mostly borrowed against their assets, partner with existing management to apply Bain methodology to their
operations (rather than the hostile takeovers practiced in other leverage buyout scenarios), and sell them off in a few years.
[25][17]
Existing CEOs were offered large equity stakes in the process, owing to Bain Capital's belief in the emerging agency
theory that CEOs should be bound to maximizing shareholder value rather than other goals.[18] By the end of 1990, Bain had
raised $175 million of capital and financed 35 companies with combined revenues of $3.5 billion.[35]
In July 1992, Bain acquired Ampad (originally American Pad & Paper) from Mead Corporation, which had acquired the
company in 1986. Mead which had been experiencing difficulties integrating Ampad's products into its existing product lines,
generated a cash gain of $56 million on the sale.[36] Under Bain's ownership, the company enjoyed a significant growth in sales
from $106.7 million in 1992 to $583.9 million in 1996, when the company was listed on the New York Stock Exchange. Under
Bain's ownership, the company also made a number of acquisitions, including writing products company SCM in July 1994,
brand names from the American Trading and Production Corporation in August 1995, WR Acquisition and the Williamhouse-
Regency Division of Delaware, Inc. in October, 1995, Niagara Envelope Company, Inc. in 1996, and Shade/Allied, Inc. in
February 1997.[37] Ampad's revenue began to decline in 1997 and the company laid off employees and closed production
facilities to maintain profitability. However, the company filed for bankruptcy in 2001 and the assets were acquired in 2003 by
Crescent Investments. Bain's ownership of Ampad, is estimated to have generated more than $100 million in profit for Bain.[38]
In 1994, Bain acquired Totes, a producer of umbrellas and overshoes.[39] Three years later, Totes, under Bain’s ownership,
acquired Isotoner, a producer of leather gloves.[40]
Bain, together with Thomas H. Lee Partners, acquired Experian, the consumer credit reporting business of TRW, in 1996 for
more than $1 billion. Formerly known as TRW's Information Systems and Services unit, Experian is one of the leading providers
of credit reports on consumers and businesses in the US.[41] The company was sold to Great Universal Stores for $1.7 billion just
months after being acquired.[42] Other notable Bain investments of the late 1990s included Sealy Corporation, the manufacturer
of mattresses;[43] Alliance Laundry Systems;[44] Domino's Pizza[45] and Artisan Entertainment.[46]
Much of the firm's profits was earned from a relatively small number of deals, with Bain Capital's overall success and failure rate
being about even. One study of 68 deals that Bain Capital made up through the 1990s found that the firm lost money or broke
even on 33 of them.[47] Another study that looked at the eight-year period following 77 deals during the same time found that in
17 cases the company went bankrupt or out of business, and in 6 cases Bain Capital lost all its investment. But 10 deals were
very successful and represented 70 percent of the total profits.[48]
Romney had two diversions from Bain Capital during the first half of the decade. From January 1991 to December 1992,[49][25]
Romney served as the CEO of Bain & Company where he led the successful turnaround of the consulting firm (he remained
managing general partner of Bain Capital during this time).[8][9] In November 1993, he took a leave of absence for his
unsuccessful 1994 run for the U.S. Senate seat from Massachusetts; he returned the day after the election in November 1994.[50]
[25][51]
During that time, Ampad workers went on strike, and asked Romney to intervene; Bain Capital lawyers asked him not to
get involved, although he did meet with the workers to tell them he had no position of active authority in the matter.[52][53]
In 1994, Bain invested in Steel Dynamics, based in Fort Wayne, Indiana, a prosperous steel company that has grown to the fifth
largest in the U.S.A, employs about 6,100 people, and produces carbon steel products with 2010 revenues of $6.3 billion on steel
shipments of 5.3 million tons.[54] In 1993, Bain acquired the Armco Worldwide Grinding System steel plant in Kansas City,
Missouri and merged it with its steel plant in Georgetown, South Carolina to form GST Steel. The Kansas City plant had a strike
in 1997 and Bain closed the plant in 2001 laying off 750 workers when it went into bankruptcy. The South Carolina plant closed
in 2003 but subsequently reopened under a different owner. At the time of its bankruptcy it reported $553.9 million in debts
against $395.2 in assets. Bain reported $58.4 million in profits, the employee pension fund had a liability of $44 million.[55][56]
[57][58]
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Bain's investment in Dade Behring represented a significant investment in the medical diagnostics industry. In 1994, Bain,
together with Goldman Sachs Capital Partners completed a carveout acquisition of Dade International,[59] the medical
diagnostics division of Baxter International in a $440 million acquisition. Dade's private equity owners merged the company with
DuPont's in vitro diagnostics business in May 1996 and subsequently with the Behring Diagnostics division of Hoechst AG in
1997.[60] Aventis, the successor of Hoechst, acquired 52% of the combined company.[61] In 1999, the company reported $1.3
billion of revenue and completed a $1.25 billion leveraged recapitalization that resulted in a payout to shareholders.[60] The
dividend, taken together with other previous shareholder dividends resulted in an eightfold return on investment to Bain Capital
and Goldman Sachs.[30][48] Revenues declined from 1999 through 2002 and despite attempts to cut costs through layoffs the
company entered into bankruptcy in 2002. Following its restructuring, Dade Behring emerged from Bankruptcy in 2003 and
continued to operate independently until 2007 when the business was acquired by Siemens Medical Solutions. Bain and
Goldman lost their remaining stock in the company as part of the bankruptcy.[62]
By the end of the decade, Bain Capital was on its way to being one of the top private equity firms in the nation,[23] having
increased its number of partners from 5 to 18, having 115 employees overall, and having $4 billion under its management.[17][14]
The firm's average annual return on investments was 113 percent.[16][63] It had made between 100 and 150 deals where it
acquired and then sold a company.[30][47][48]
1999-2002: Romney departure and political legacy
Romney took a paid leave of absence from Bain Capital in February 1999 when he became the head of the Salt Lake Organizing
Committee for the 2002 Winter Olympics.[64][65] The decision caused turmoil at Bain Capital, with a power struggle ensuing.[66]
Some partners left and founded the Audax Group and Golden Gate Capital.[33] Other partners threatened to leave, and there was
a prospect of eight-figure lawsuits being filed.[66] Romney was worried that the firm might be destroyed, but the crisis ebbed.[66]
Romney was not involved in day-to-day operations of the firm after starting the Olympics position.[67][68] Those were handled
by a management committee, consisting of five of the fourteen remaining active partners with the firm.[33] However, according
to some interviews and press releases during 1999, Romney said he was keeping a part-time function at Bain.[69][33]
During his leave of absence, Romney continued to be listed in filings to the U.S. Securities and Exchange Commission[70] as
"sole shareholder, sole director, Chief Executive Officer and President".[71][72] The SEC filings reflected the legal reality[73] and
the ownership interest in the Bain Capital management company.[32][74] In practice, former Bain partners have stated that
Romney's attention was mostly occupied by his Olympics position.[75][73] He did stay in regular contact with his partners, and
traveled to meet with them several times, signing corporate and legal documents and paying attention to his own interests within
the firm and to his departure negotiations.[74] Bain Capital Fund VI in 1998 was the last one Romney was involved in; investors
were worried that with Romney gone, the firm would have trouble raising money for Bain Capital Fund VII in 2000, but in
practice the $2.5 billion was raised without much trouble.[33] His former partners have said that Romney had no role in assessing
other new investments after February 1999,[33] nor was he involved in directing the company’s investment funds.[32]
Discussions over the final terms of Romney's departure dragged on during this time, with Romney negotiating for the best deal
he could get and his continuing position as CEO and sole shareholder giving him the leverage to do so.[73][33]
Although he had left open the possibility of returning to Bain after the Olympics, Romney made his crossover to politics
permanent with an announcement in August 2001.[64] His separation from the firm was finalized in early 2002.[33][76] Romney
negotiated a ten-year retirement agreement with Bain Capital[33] that allowed him to receive a passive profit share and interest
as a retired partner in some Bain Capital entities, including buyout and Bain Capital investment funds, in exchange for his
ownership in the management company.[77][78] Because the private equity business continued to thrive, this deal would bring
him millions of dollars in annual income.[78] Romney was the first and last CEO of Bain Capital; since his departure became
final, it has continued to be run by management committee.[33]
Bain Capital itself, and especially its actions and investments during its first 15 years, came under press scrutiny as the result of
Romney's 2008 and 2012 presidential campaigns.[30][79][80] Bain Capital made as few comments about those actions and
investments as possible, as even by the standards of the private equity industry it was known for its commitment towards secrecy
about itself and privacy for its clients and investors.[80] Romney's leave of absence and the level of activity he had within the
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firm during the 1999-2002 period also garnered attention.[81][82][83][84][85][86]
Early 2000s
Bain Capital began the new decade by closing on its seventh fund, Bain Capital Fund VII,
with over $3.1 billion of investor commitments. The firm's most notable investments in
2000 included the $700 million acquisition of Datek, the online stock brokerage firm,[87]
as well as the $305 million acquisition of KB Toys from Consolidated Stores.[88] Datek
was ultimately merged with Ameritrade in 2002. KB Toys, which had been financially
troubled since the 1990s as a result of increased pressure from national discount chains
such as Wal-Mart and Target, filed for Chapter 11 bankruptcy protection in January
2004. Bain had been able to recover value on its investment through a dividend
recapitalization in 2003.[89] In early 2001, Bain agreed to purchase a 30 percent stake,
worth $600 million, in Huntsman Corporation, a leading chemical company owned by Jon 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 King's franchisees, who controlled approximately 92% of Burger King restaurants at the time of the
transaction. Under its new owners, Burger King underwent a major brand overhaul including the use of The Burger King
character in advertising. In February 2006, Burger King announced plans for an initial public offering.[94]
In late 2002, Bain remained active acquiring Houghton Mifflin Company for $1.28 billion, together with Thomas H. Lee Partners
and The Blackstone Group. Houghton Mifflin and Burger King represented two of the first large club deals, completed since the
collapse of the Dot-com bubble.[95]
In November 2003, Bain completed an investment in Warner Music Group. In 2004 Bain acquired the Dollarama chain of dollar
stores, based in Montreal, Quebec, Canada and operating stores in the provinces of Eastern Canada for $1.05 billion CAD. In
March 2004, Bain acquired Brenntag Group from Deutsche Bahn AG (Exited in 2006; sold to BC Partners for $4B). In August
2003, Bain acquired a 50% interest in Bombardier Inc.'s recreational products division, along with the Bombardier family and
the Caisse de dépôt et placement du Québec, and created Bombardier Recreational Products or BRP.
Bain and the 2000s buy-out boom
In 2004 a consortium comprising KKR, Bain Capital and real estate development company
Vornado Realty Trust announced the $6.6 billion acquisition of Toys "R" Us, the toy retailer.
A month earlier, Cerberus Capital Management, made a $5.5 billion offer for both the toy
and baby supplies businesses.[96] The Toys 'R' Us buyout was one of the largest in several
years.[97] Following this transaction, by the end of 2004 and in 2005, major buyouts were
once again becoming common and market observers were stunned by the leverage levels
and financing terms obtained by financial sponsors in their buyouts.[98]
The following 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. Bain's 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 be
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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 stock's closing price prior to the announcement.[110] Bain also acquired Edcon Limited,
which operates Edgars Department Stores in South Africa and Zimbabwe for 25 billion-rand ($3.5 billion) in February 2007.[111]
Other investments during the buyout boom included: Bavaria Yachtbau, acquired for €1.3 billion in July 2007[112] as well as
Sensata Technologies, acquired from Texas Instruments in 2006 for approximately $3 billion.[113]
Since 2008
In the wake of the closure of the credit markets in 2007 and 2008, Bain managed to close only a small number of sizable
transactions. In July 2008, Bain, together with NBC Universal and The Blackstone Group agreed to purchase The Weather
Channel from Landmark Communications.[114][115]
Subsequent investments include, but are not limited to:
July 2008 – Bain, together with Thomas H. Lee Partners, acquired Clear Channel Communications.[116]
July 2008 – Bain acquired D&M Holdings for $442 million.[117]
June 2009 – Bain Capital announced a deal to acquire a 9–23 percent stake in Chinese electronics manufacturer GOME
Electrical Appliances for $233–432 million.[118]
March 2010 – Bain acquired Styron (polystyrene, latex), a division of The Dow Chemical Company, for $1.6 billion.[119]
October 2010 – Bain acquired Gymboree for $1.8 billion.[120]
July 2011 – Bain acquired Securitas Direct AB together with Hellman & Friedman
January 2012 – Bain acquired Physio-Control for $478 million.[121]
Businesses and affiliates
Bain Capital's family of funds includes private equity, venture capital, public equity, and leveraged debt assets.
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Bain Capital Private Equity
Bain Capital Private Equity has raised ten funds and invested in more than 250 companies. The private equity activity includes
leveraged buyouts and growth capital in a wide variety of industries.[122] Bain began investing in Europe in 1989 through its
London-based affiliate Bain Capital Europe.[123] Bain also operates international affiliates Bain Capital Asia and Bain Capital
India.
Bain Capital Private Equity is made up of more than 250 investment professionals, including 38 managing directors operating
from offices in Boston, Hong Kong, London, Mumbai, Munich, New York, Shanghai, and Tokyo, as of the beginning of 2011.
Historically, Bain has primarily relied on private equity funds, pools of committed capital from pension funds, insurance
companies, endowments, fund of funds, high net worth individuals, sovereign wealth funds and other institutional investors.
Bain's own investment professionals are the largest single investor in each of its funds. From 1993, when Bain raised its first
institutional fund through the beginning of 2012, Bain had completed fundraising for 11 funds with total investor commitments
of over $38 billion, including its global private equity funds and separate funds focusing specifically on investments in Europe
and Asia. Since 1998, each of Bain's global funds has invested alongside a coinvestment fund that invests only in certain larger
transactions. The following is a summary of Bain's private equity funds raised from its inception through the beginning of
2012:[124]
Fund Vintage Committed
Year Capital ($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 firm's 30 investment professionals
are currently investing its fourth fund, Bain Capital Venture Fund 2009, which raised $525 million from investors.[126]
The following is a summary of Bain's private equity funds raised from its inception through the beginning of 2012:[124]
Fund Vintage Committed
Year Capital ($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]
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Since 2001, Bain Capital Ventures' most notable investments include DoubleClick, LinkedIn,[128] Shopping.com, Taleo
Corporation, MinuteClinic and SurveyMonkey.[129]
Brookside Capital
Brookside Capital is the public equity affiliate of Bain Capital. Established in October 1996, Brookside's primary objective is to
invest in securities of publicly traded companies that offer opportunities to realize substantial long-term capital appreciation.
Brookside employs a long/short equity strategy to reduce market risk in the portfolio[130]
Sankaty Advisors
Sankaty Advisors, the fixed income affiliate of Bain Capital, is one of the nation's leading private managers of high yield debt
securities. With $15.7 billion of assets under management, Sankaty invests in a wide variety of securities, including leveraged
loans, high-yield bonds, distressed securities, mezzanine debt, convertible bonds, structured products and equity investments.
Sankaty has approximately 140 employees, including 80 investment professionals across offices in Boston, Chicago, New York
and London.[131]
Absolute Return Capital
Absolute Return Capital (ARC) is the absolute return affiliate of Bain Capital managing approximately $1.2 billion of capital.
Approximately one-third of the capital managed by ARC represents commitments from Bain investment professionals.
Established in May 2004, ARC invests across fixed income, equity and commodity markets to produce attractive risk-adjusted
returns while maintaining low correlation to traditional investments.[132]
Appraisals and critiques
Bain Capital's approach of applying consulting expertise to the companies it invested in became widely copied within the private
equity industry.[14][133] University of Chicago Booth School of Business economist Steven Kaplan said in 2011 that the firm
"came up with a model that was very successful and very innovative and that now everybody uses."[18]
In his 2009 book The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American Economy, Josh
Kosman described Bain Capital as "notorious for its failure to plow profits back into its businesses," being the first large private-
equity firm to derive a large fraction of its revenues from corporate dividends and other distributions. The revenue potential of
this strategy, which may "starve" a company of capital,[134] was increased by a 1970s court ruling that allowed companies to
consider the entire fair-market value of the company, instead of only their "hard assets", in determining how much money was
available to pay dividends.[135] In at least some instances, companies acquired by Bain borrowed money in order to increase
their dividend payments, ultimately leading to the collapse of what had been financially stable businesses.[51]
Investments gallery
Selected Bain Capital investments
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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)
Domino's 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 Romney
9 of 15 9/6/2012 9:18 PM
10. Bain Capital - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Bain_Capital
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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 Romney's Own 2002 Testimony Undermines Bain New York Times, March 17, 2005
Departure Claim" (http://www.huffingtonpost.com/2012/07 97. ^ What's 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,
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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-Control's 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 Equity's 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.
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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 Romney
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