Bain Capital

Bain Capital

Bain Capital is a Boston-headquartered global alternative investment firm specializing in private equity, venture capital and credit products founded in 1984 by Mitt Romney, T. Coleman Andrews, and Eric Kriss.

Founded in 1984, Bain Capital is a private equity and multi-asset alternative investment firm based in Boston, Massachusetts. The firm prefers to invest in the retail, business service, consumer, financial service, healthcare, energy, technology, media, telecommunication and industrial sectors.

History

The firm was founded in 1984 by partners from the consulting firm Bain & Company. These partners included Mitt Romney, T. Coleman Andrews III, and Eric Kriss. The early Bain Capital team included Fraser Bullock, Robert F. White, Joshua Bekenstein, Adam Kirsch, and Geoffrey S. Renhert. Even though founded by Bain & Company executives, Bain Capital is not an affiliate or division of Bain & Company but rather a separate entity. Bain Capital remains a private, employee-owned company.

The firm, and its actions during its first 15 years, became the subject of political and media scrutiny as a result of co-founder Mitt Romney's later political career, including his 2012 presidential campaign. Mitt Romney served as Bain Capital's first and last CEO. Since his departure, Bain Capital has continued to be run by management committee, lead by Co-Chairman Sephen Pagliuca in 2020.

As of 2018, the firm managed more than $105 billion of investor capital.

Funding and Acquisitions

Since inception, Bain Capital has invested in or acquired hundreds of companies. Their investment approach has extended to include public equity, credit, venture capital, real estate, and cross-asset class opportunities in strategic focus areas. They prefer to organize their investments around funds. The originally venture capital focus of their investments shifted towards a focus on leveraged buyouts and growth capital investments in more mature companies.

One of Bain Capital's early venture investments was in Staples, Inc in 1986. They provided $4.5 million to help executives Leo Kahn and Thomas G. Stemberg open the office supply supermarket in Brighton, Massachusetts. They followed a similar venture capital investment strategy through the remainder of the 1980's until the 1990's. Bain Capital's shift in investment strategy towards a focus on leveraged buyouts and growth capital investments in the early 1990's was exemplified by their acquisition of Ampad from Mead Corporation in 1992. The acquisition saw Ampad grow in sales from $106.7 million in 1992 to $583.9 million in 1996, the same year the company listed on the New York Stock Exchange.

Bain Capital describes their investment approach as consulting-based, intending to develop relationships and partnerships with management teams in order to find insights into long-term value for businesses and markets. And they strive in all investment categories to create impact for their investors, teams, and businesses.

Bain Capital's investments and acquisitions have included:

  • AMC Theatres
  • Artisan Entertainment
  • Aspen Education Group
  • Apex Tool Group
  • Brookstone
  • Burger King
  • Burlington Coat Factory
  • Canada Goose
  • DIC Entertainment
  • Domino's Pizza
  • DoubleClick
  • Dunkin' Donuts
  • D&M Holdings
  • Guitar Center
  • Hospital Corporation of America (HCA)
  • iHeartMedia
  • KB Toys
  • Sealy
  • Sports Authority
  • Staples
  • Toys "R" Us
  • Warner Music Group
  • Fingerhut
  • The Weather Channel
  • Apple Leisure Group
Charitable Organizations

Through the Bain Capital Community Partnership, Bain Capital and its employees strive to make an impact in the communities and neighborhoods where they work and live by supporting a wide array of charitable and nonprofit organizations with their time, expertise and resources. In 1986, Bain Capital employees founded Bain Capital Children's Charity (BCCC) to provide support to causes that benefit youth around the world. Each year, BCCC supports more than 110 organizations worldwide, and has donated more than $50 million to nonprofit organizations since its founding.

Timeline

August 22, 2020
Consolidated Container Company to be Acquired by Bain Capital
August 18, 2020
Bain Capital completed a $1.2 billion deal to buy Japanese nursing home operator Nichiigakkan after fending off a higher, last minute bid from rival Baring Private Equity Asia (BPEA).
August 6, 2020
Aaref Hilaly joins Bain Capital.
July 30, 2020
Bain Capital Agrees to SPAC Deal for Cerevel
July 23, 2020
Bain Capital Credit acquired former Hypo Alpe Adria Bank from the Austrian government, which was the owner through the vehicle HBI-Bundesholding AG.
June 26, 2020
Bain Capital buys Virgin Australia out of administration.
May 21, 2020
Bain Capital Credit Goes Live with Hazeltree Collateral Manager.
May 12, 2020
Zelis backers Parthenon and Bain Capital step in to lead amid CEO departure.
April 27, 2020
Bain Capital said to pass $2 billion for distressed, special situation fund amid Coronavirus deal opportunity.
February 5, 2020
Bain Capital has agreed to acquire a controlling stake in the Italian IT company Engineering Group from funds advised by Apax Partners and Neuberger Berman.
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Funded Companies

Company
Description
Industry
Website
Location
Compound (company)

Compound is a company with an open-source protocol for algorithmic Money Markets on the Ethereum blockchain.It designs apps that allows for users of cryptocurrencies to monetize and borrow tokens.

CloudGenix is a U.S-based company developing software-defined WAN.

Netdata monitors and diagnoses slowdowns in software, infrastructure and applications.

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Associated investment funds

Investment Fund
Total offering (USD)
Total sold (USD)
Location
Date signed
BV Capital Fund IV (Asia), L.P.
26,000,000
1,000,000
January 10, 2011
10,700,000,000
January 1, 2008
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People

Name
Role
LinkedIn

Further reading

Title
Author
Link
Type
Date

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Michael O'Leary
March 4, 2021
Harvard Business Review
Companies aren't holding themselves accountable. Their stakeholders must.
Sarah Butler
February 7, 2021
the Guardian
Members and policyholders have yet to receive full details of potential £530m sale to Bain Capital
IANS
December 22, 2020
@bsindia
Reliance Capitals expression of interest for asset monetisation garnered mega response with 60 bids being received
Swaraj Singh Dhanjal
December 9, 2020
DealStreetAsia
The asset monetization process is being managed by SBI Caps and JM Financial Services.
Dan DeFrancesco
December 7, 2020
Business Insider
The top finance stories for December 7, including the latest news on the breakout stars at $5.3 billion Plaid.
Dev Chatterjee
December 2, 2020
@bsindia
Oaktree, JC Flowers, 6 others submit EoIs for entire company
Nassim Khadem
December 2, 2020
www.abc.net.au
About 6,000 workers at Virgin Australia will be asked to vote on a new workplace enterprise agreement that would see their pay frozen for 18 months to two years as the airline struggles to recover from the coronavirus pandemic.
IANS
December 2, 2020
@bsindia
Over eight bidders have bid for entire assets on as-is-where-is basis.
Dan DeFrancesco
November 25, 2020
Business Insider
The top finance stories for November 25, including the latest news on BlackRock's desire to get into customized index funds.
The Freedonia Group
November 18, 2020
www.prnewswire.com:443
/PRNewswire/ -- Bain Capital, a leading US private equity firm, announced that it had purchased a majority stake in US LBM, a key US building materials...
Nassim Khadem
November 18, 2020
www.abc.net.au
A revamped Virgin Australia will target the mid-market, says new CEO Jayne Hrdlicka. She's promised no nasty changes to its Velocity Frequent Flyer program for its 10 million members but its business class offering, in-flight WiFi and entertainment are under review.
Nassim Khadem
November 17, 2020
www.abc.net.au
Bain Capital takes custody of the Virgin Australia airline after one of the most challenging administrations in Australia's corporate history.
Nassim Khadem
November 16, 2020
www.abc.net.au
Virgin Australia's outgoing chief executive Paul Scurrah says it was a mutual decision with Bain Capital boss Mike Murphy for him to leave the company given Jayne Hrdlicka was "more aligned" to the private equity player's outcomes.
Nassim Khadem
October 15, 2020
www.abc.net.au
Former Jetstar boss Jayne Hrdlicka will take over as chief executive of Virgin Australia from Paul Scurrah by November.
Nassim Khadem
October 16, 2020
www.abc.net.au
When former Jetstar boss Jayne Hrdlicka takes over as the first female chief executive of Virgin Australia in November, her first challenge will be winning over the unions and staff.
Reuters
August 27, 2020
@bsindia
Bain, which initially planned to list Kioxia last year, pushed back the listing because of deteriorating market conditions
Reuters
August 25, 2020
@bsindia
Priority creditors and employees will receive 100% of funds owed, the report said

References

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