Bain Capital

Bain Capital was founded in 1984 by Bain & Company partners Mitt Romney, T. Coleman Andrews III, and Eric Kriss, after Bill Bain had offered Romney the chance to head a new venture that would invest in companies and apply Bain's consulting techniques to improve operations.{{Cite news | author=Pappu, Sridhar | url=https://www.theatlantic.com/doc/200509/pappu/3 | title=The Holy Cow! Candidate | magazine=The Atlantic Monthly | date=September 2005 | access-date=March 5, 2017 | archive-date=October 8, 2008 | archive-url=https://web.archive.org/web/20081008004303/http://www.theatlantic.com/doc/200509/pappu/3 | url-status=dead }} In addition to the three founding partners, the early team included Fraser Bullock, Robert F. White, Joshua Bekenstein, Adam Kirsch, and Geoffrey S. Rehnert.[https://www.fundinguniverse.com/company-histories/bain-company-history Bain & Company Profile]. Funding Universe, 2000

Romney initially held the titles of president{{cite news | url=http://www.highbeam.com/doc/1P2-8199011.html | archive-url=https://web.archive.org/web/20130117074421/http://www.highbeam.com/doc/1P2-8199011.html | url-status=dead | archive-date=January 17, 2013 | title=Bain & Co. plans major layoffs, Boston staff hardest hit | first=Gordon | last=McKibben | newspaper=The Boston Globe | date=October 30, 1990| url-access=subscription}} and managing general partner{{cite news | url=http://www.highbeam.com/doc/1P2-7645576.html | archive-url=https://web.archive.org/web/20130117074312/http://www.highbeam.com/doc/1P2-7645576.html | url-status=dead | archive-date=January 17, 2013 | title=Bain agrees to reshape ownership | first=Diane E. | last=Lewis | newspaper=The Boston Globe | date=January 30, 1991| url-access=subscription}}{{Cite news| url=https://www.nytimes.com/1991/01/30/business/business-people-bain-names-chief-executive-and-begins-a-reorganization.html | title=Bain Names Chief Executive And Begins a Reorganization | author=Fabrikant, Geraldine | newspaper=The New York Times | date=January 30, 1991}} or managing partner.{{cite news | url=http://www.highbeam.com/doc/1G1-11836430.html | archive-url=https://web.archive.org/web/20130117074352/http://www.highbeam.com/doc/1G1-11836430.html | url-status=dead | archive-date=January 17, 2013 | title=Venture capital primer | first=Alan S. | last=Horowitz | magazine=Utah Business | date=February 1, 1992}} He later became referred to as managing director{{cite news | url=http://www.highbeam.com/doc/1P2-8473315.html | archive-url=https://web.archive.org/web/20130117074319/http://www.highbeam.com/doc/1P2-8473315.html | url-status=dead | archive-date=January 17, 2013 | title=Dad's ideas live on – and in others | first=Mitt | last=Romney | newspaper=The Boston Globe | date=June 21, 1998}} or CEO{{cite news | url=http://www.highbeam.com/doc/1P2-8329806.html | archive-url=https://web.archive.org/web/20130117074348/http://www.highbeam.com/doc/1P2-8329806.html | url-status=dead | archive-date=January 17, 2013 | title=They're trying to sell volunteerism up the river | first=David | last=Nyhan | newspaper=The Boston Globe | date=May 28, 1995| url-access=subscription}} as well. He was also the sole shareholder of the firm.Romney, Turnaround, pp. 15–16. At the time, the firm had fewer than ten employees.

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.{{Cite news| last1 = Blum | first1 = Justin | first2 = Lisa | last2=Lerer | title = Romney's Record Defies Image as Job-Creator| publisher = Bloomberg News| date = July 20, 2011| url = https://www.bloomberg.com/news/2011-07-20/romney-as-job-creator-clashes-with-bain-record-of-job-cuts.html}}{{Cite news|author=Rees, Matthew |url=http://www.american.com/archive/2006/december/mitt-romney/ |title=Mister PowerPoint Goes to Washington |magazine=The American |date=December 1, 2006 |url-status=dead |archive-url=https://web.archive.org/web/20120130094507/http://www.american.com/archive/2006/december/mitt-romney/ |archive-date=January 30, 2012 }}{{Cite news|first=David D.|last=Kirkpatrick|title=Romney's Fortunes Tied to Business Riches |url=https://www.nytimes.com/2007/06/04/us/politics/04bain.html |newspaper=The New York Times |date=June 4, 2007 }}{{cite news | url=http://nymag.com/print/?/news/politics/mitt-romney-2011-10/ | title=Mitt Romney and the 1% Economy | author=Wallace-Wells, Benjamin | magazine=New York | date=October 23, 2011 |archive-url = https://web.archive.org/web/20111026041124/http://nymag.com/print/?/news/politics/mitt-romney-2011-10/ |archive-date = October 26, 2011}} Bain partners put in $12 million of their own money and sourced the rest from wealthy individuals.{{cite news | first = Joseph | last = Tanfani |author2=Melanie Mason |author3=Matea Gold | title = Bain Capital started with help of offshore investors | date = July 19, 2012 | url = http://www.latimes.com/news/nationworld/nation/la-na-bain-creation-20120719,0,5698366,full.story | archive-url = https://web.archive.org/web/20120720141404/http://www.latimes.com/news/nationworld/nation/la-na-bain-creation-20120719,0,5698366,full.story | url-status = dead | archive-date = July 20, 2012 | work = Los Angeles Times | access-date = July 21, 2012}} Early investors included Boston real estate mogul Mortimer Zuckerman and Robert Kraft, the owner of the New England Patriots football team. They also included members of elite Salvadoran families such as Ricardo Poma whose capital fled the country's civil war.{{cite news | first = Justin | last = Elliot | title = The roots of Bain Capital in El Salvador's civil war | date = January 20, 2012 | url = http://www.salon.com/2012/01/20/the_roots_of_bain_capital_in_el_salvador/ | work = Salon | access-date = July 21, 2012}} They and other wealthy Latin Americans invested $9 million primarily through offshore companies registered in Panama.

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 BostonKranish; Helman, The Real Romney, p. 133.—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.[https://www.nytimes.com/1999/10/22/business/big-consultants-woo-employees-by-offering-a-piece-of-the-action.html Big Consultants Woo Employees by Offering a Piece of the Action]. The New York Times, October 22, 1999 Bain Capital also provided an investment opportunity for partners of Bain & Company. The firm initially gave a cut of its profits to Bain & Company, but Romney later persuaded Bill Bain to give that up.{{Cite news| url=http://dealbook.blogs.nytimes.com/2007/06/04/romneys-presidential-run-throws-spotlight-on-bain-capital/ | title=Romney's Presidential Run Puts Spotlight on Bain Capital | author=Sorkin, Andrew Ross | newspaper=The New York Times | date=June 4, 2007 | author-link=Andrew Ross Sorkin}}

File:Staples Savi Ranch.jpg]]

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 to them, and having the partners go back to their old positions.Kranish; Helman, The Real Romney, p. 138. The partners saw weak spots in so many potential deals that by 1986, very few had been done.{{Cite news| url=http://www.boston.com/news/politics/2008/specials/romney/articles/part3_main/ | title=The Making of Mitt Romney: Part 3: Reaping profit in study, sweat | author=Gavin, Robert | author2=Pfeiffer, Sacha | newspaper=The Boston Globe | date=June 26, 2007}}

At first, Bain Capital focused on venture capital opportunities. One of Bain's earliest and most notable venture investments was in Staples, Inc., the office supply retailer. In 1986, Bain provided $4.5 million to two supermarket executives, Leo Kahn and Thomas G. Stemberg, to open an office supply supermarket in Brighton, Massachusetts."Growth in Office-Supply 'Supermarkets' Threatens Tough War for Market Share". The Wall Street Journal, December 1, 1988 The fast-growing retail chain went public in 1989;[https://web.archive.org/web/20130117074331/http://www.highbeam.com/doc/1P2-8113146.html Staples Inc. Plans to Go Public]. The Boston Globe, March 22, 1989 by 1996, the company had grown to over 1,100 stores,[http://www.fundinguniverse.com/company-histories/Staples-Inc-Company-History.html Staples Inc. Company Profile]. Funding Universe, 2002 and as of fiscal year-end January 2012, Staples reached over $20 billion in sales, nearly $1.0B in net income, 87,000 employees, and 2,295 stores.[https://www.sec.gov/Archives/edgar/data/791519/000079151912000003/a201110k.htm Securities & Exchange Commission: January 2012 10-K for Staples Inc] retrieved October 28, 2012 Bain Capital eventually reaped a nearly sevenfold return on its investment, and Romney sat on the Staples board of directors for over a decade. Another very successful investment occurred in 1986 when $1 million was invested in medical equipment maker Calumet Coach, which eventually returned $34 million. 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.

Bain invested the $37 million of capital in its first fund in twenty companies and by 1989 was generating an annualized return in excess of 50 percent. By the end of the decade, Bain's second fund, raised in 1987 had deployed $106 million into 13 investments.[https://www.nytimes.com/1989/09/24/magazine/counselor-to-the-king.html Counselor To The King]. New York Times, September 24, 1989 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 controlled by Bain Capital Inc., the management company that Romney had full ownership control of.{{cite news | url=https://www.nytimes.com/2012/07/16/us/politics/when-did-romney-step-back-from-bain-its-complicated.htm?_r=1 | title= When Did Romney Step Back From Bain? It's Complicated, Filings Suggest | author=Confessore, Nicholas | author2=Shear, Michael D. | newspaper=The New York Times | date=July 16, 2012 | page=A10}} As CEO, Romney had a final say in every deal made.

In the 1990s, Bain Capital started several affiliates that supported its private equity and other assets classes. The long-short equity hedge fund, Brookside Capital, was founded in 1996 and, Sankaty Advisors, the company's fixed income affiliate, was started two years later.{{Cite book |last1=Gompers |first1=Paul |title=Private Equity |last2=Ivashina |first2=Victoria |last3=Ruback |first3=Richard |publisher=Anthem Press |year=2019 |isbn=978-1-78308-916-1 |location=London |pages=74 |language=en}} Building affiliates for the firm was directed by three conditions: that it leveraged its core skills; one of its Managing Directors has a leadership role; and, the new business invests in attractive asset class.

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."Venture-Capital Funds Grow Larger and Larger - But Start-Up Companies Find They're Still Left Out in the Cold". The Wall Street Journal, September 7, 1989 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. 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. By the end of 1990, Bain had raised $175 million of capital and financed 35 companies with combined revenues of $3.5 billion.[https://www.nytimes.com/1991/01/30/business/business-people-bain-names-chief-executive-and-begins-a-reorganization.html Bain Names Chief Executive And Begins a Reorganization]. New York Times, January 30, 1991

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.[https://www.nytimes.com/1992/07/03/business/company-news-mead-corp-to-lay-off-1000.html Mead Corp. to Lay Off 1,000]. New York Times, July 3, 1992 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.{{cite web|url=http://www.answers.com/topic/american-pad-paper-company?cat=biz-fin |title=American Pad & Paper Company Profile |publisher=Answers.com |access-date=February 11, 2012}} Ampad's revenue began to decline in 1997, and the company laid off employees and closed production facilities to maintain profitability. Employment declined from 4,105 in 1996 to 3,800 in 2000.[https://web.archive.org/web/20130120160157/http://www.deseretnews.com/top/755/29/Calumet-Coach-30-companies-Mitt-Romneys-Bain-Capital-invested-in-from-1986-1998.html#/top/755/17/American-Pad-Paper-Ampad-30-companies-Mitt-Romneys-Bain-Capital-invested-in-from-1986-1998.html Deseret News: 30 companies Mitt Romney's Bain Capital invested in from 1986-1998 - "American Pad & Paper" By Jackie Hicken] June 17, 2012 The company ceased trading on the New York stock exchange on December 22, 2000,[https://www.sec.gov/Archives/edgar/data/5588/000091205700054438/a2033917z8-k.txt SEC.gov: 8-K filing December 21, 2000] and filed for bankruptcy in 2001. At the time of the bankruptcy, Bain Capital held a 34.9% equity ownership interest in the company.[https://www.sec.gov/Archives/edgar/data/5588/0000912057-00-018255.txt SEC.gov Fiscal year end December 31, 1999 10-K for American Pad & Paper Company] retrieved October 28, 2012 The assets were acquired in 2003 by Crescent Investments. Bain's eight years' of involvement in Ampad is estimated to have generated over $100 million in profits ($60 million in dividends, $45–50 million from the proceeds from stock issued after the company went public, and $1.5-2 million in annual management fees).{{cite news |url=http://www.boston.com/news/daily/26/ampad.pdf |title=Ampad: A controversial deal |newspaper=The Boston Globe | first1=James | last1=Abundis | first2=Robert | last2=Gavin |access-date=January 4, 2012}}

In 1994, Bain acquired Totes, a producer of umbrellas and overshoes.[https://www.nytimes.com/1994/06/28/business/company-news-totes-is-bought-by-boston-investment-firm.html Totes is Bought By Boston Investment Firm]. New York Times, June 28, 1994 Three years later, Totes, under Bain's ownership, acquired Isotoner, a producer of leather gloves.[https://www.nytimes.com/1997/06/06/business/totes-to-buy-a-majority-interest-in-aris-isotoner.html Totes To Buy A Majority Interest In Aris Isotoner]. New York Times, June 6, 1997

Bain, together with Thomas H. Lee Partners, acquired Experian, the consumer credit reporting business of TRW Inc., 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.[https://www.nytimes.com/1996/02/10/business/trw-credit-reporting-unit-to-be-sold-for-1-billion.html TRW Credit Reporting Unit To Be Sold for $1 Billion]. Bloomberg Business News, February 10, 1996 The company was sold to Great Universal Stores for $1.7 billion just months after being acquired.[https://www.nytimes.com/1996/11/15/business/large-british-retailer-to-buy-us-credit-data-company.html Large British Retailer to Buy U.S. Credit-Data Company]. New York Times, November 15, 1996

Other notable Bain investments of the late 1990s, included Sealy Corporation, the manufacturer of mattresses;[https://www.nytimes.com/1997/11/04/business/company-news-sealy-to-be-sold-to-management-and-an-investor-group.html Sealy to be Sold to Management and an Investor Group]. New York Times, November 4, 1997 Alliance Laundry Systems;[https://www.nytimes.com/1998/02/24/business/company-news-raytheon-in-358-million-deal-to-sell-laundry-business.html Raytheon in $358 million Deal to Sell Laundry Business]. New York Times, February 24, 1998 Domino's Pizza[https://www.nytimes.com/1998/09/26/business/company-news-domino-s-pizza-founder-to-retire-and-sell-a-stake.html Domino's Pizza Founder To Retire And Sell A Stake]. New York Times, September 26, 1998 and Artisan Entertainment.[https://www.nytimes.com/1998/12/21/business/media-playing-movies-like-a-growth-stock.html Playing Movies Like a Growth Stock]. New York Times, December 21, 1998

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.{{cite news | url=http://www.vanityfair.com/politics/2012/02/mitt-romney-201202.print | title=The Meaning of Mitt | author=Kranish, Michael | author2=Helman, Scott | magazine=Vanity Fair | date=February 2012 | author-link=Michael Kranish | access-date=January 17, 2012 | archive-date=August 20, 2014 | archive-url=https://web.archive.org/web/20140820055441/http://www.vanityfair.com/politics/2012/02/mitt-romney-201202.print | url-status=dead }} 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.{{cite news | url=https://www.wsj.com/articles/SB10001424052970204331304577140850713493694 | title=Romney at Bain: Big Gains, Some Busts | author=Maremont, Mark | newspaper=The Wall Street Journal | date=January 9, 2012}}

Romney had two diversions from Bain Capital during the first half of the decade. From January 1991 to December 1992,{{Cite news| url=https://www.nytimes.com/1991/01/30/business/business-people-bain-names-chief-executive-and-begins-a-reorganization.html | title=Bain Names Chief Executive And Begins a Reorganization | author=Fabrikant, Geraldine | newspaper=The New York Times | date=January 30, 1991}} Romney was 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). 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.{{cite news | url=http://www.highbeam.com/doc/1P2-8299040.html | archive-url=https://web.archive.org/web/20130117074326/http://www.highbeam.com/doc/1P2-8299040.html | url-status=dead | archive-date=January 17, 2013 | title=Romney agrees to talk; union balks | first=Frank | last=Phillips | newspaper=The Boston Globe | date=October 8, 1994}}{{citation |url=https://www.washingtonpost.com/business/economy/romneys-bain-capital-record-shows-mixed-record-on-bankruptcies/2011/12/13/gIQANksluO_story.html |newspaper=The Washington Post |title=Mitt Romney's Bain Capital tenure shows mixed record on bankruptcies |first=Jia Lynn |last=Yang |date=December 14, 2011}} 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.{{cite news | url=http://www.highbeam.com/doc/1P2-8299231.html | archive-url=https://web.archive.org/web/20130117074407/http://www.highbeam.com/doc/1P2-8299231.html | url-status=dead | archive-date=January 17, 2013 | title=Romney meets with strikers Ind. workers say nothing resolved | first=Meg | last=Vaillancourt | newspaper=The Boston Globe | date=October 10, 1994}}{{cite news | url=http://www.highbeam.com/doc/1P2-8310951.html | archive-url=https://web.archive.org/web/20130117074343/http://www.highbeam.com/doc/1P2-8310951.html | url-status=dead | archive-date=January 17, 2013 | title=Strike-bound factory tied to Romney during US Senate race is set to close | first=Frank | last=Phillips | newspaper=The Boston Globe | date=January 5, 1995}}

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 US, 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.Hoover, Ken (January 13, 2012).[http://news.investors.com/article/597772/201201131836/mitt-romney-bain-capital-funded-steel-dynamics.htm Mitt Romney-Led Bain Funded Steel Dynamics' Success] {{Webarchive|url=https://web.archive.org/web/20120521193418/http://news.investors.com/article/597772/201201131836/mitt-romney-bain-capital-funded-steel-dynamics.htm |date=May 21, 2012 }}. Investors Business Daily 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.{{cite web |last=Helling |first=Dave |url=http://www.kansascity.com/2012/01/06/3356924/bain-capital-tied-to-bankruptcy.html |title=Bain Capital tied to bankruptcy, closing of KC steel plant |publisher=KansasCity.com |date=January 6, 2012 |access-date=February 1, 2012 |archive-date=January 11, 2012 |archive-url=https://web.archive.org/web/20120111023903/http://www.kansascity.com/2012/01/06/3356924/bain-capital-tied-to-bankruptcy.html |url-status=dead }}{{cite web |author=David Wren |url=http://www.kansascity.com/2012/01/14/3370204/romneys-bain-made-millions-as.html |title=Romney's Bain made millions as S.C. steelmaker went bankrupt |publisher=KansasCity.com |access-date=February 1, 2012 |archive-date=January 18, 2012 |archive-url=https://web.archive.org/web/20120118045325/http://www.kansascity.com/2012/01/14/3370204/romneys-bain-made-millions-as.html |url-status=dead }}{{cite web |url=http://www.kchistory.org/cdm4/item_viewer.php?CISOROOT=/Local&CISOPTR=22900&CISOBOX=1&REC=14 |title=Missouri Valley Special Collections : Item Viewer |publisher=Kchistory.org |date=February 8, 2001 |access-date=February 1, 2012 |url-status=dead |archive-url=https://web.archive.org/web/20130116234803/http://www.kchistory.org/cdm4/item_viewer.php?CISOROOT=%2FLocal&CISOPTR=22900&CISOBOX=1&REC=14 |archive-date=January 16, 2013 }}{{cite news|last=Sullivan |first=Andy |url=https://www.reuters.com/article/us-campaign-romney-bailout-idUSTRE8050LL20120106 |title=Special report: Romney's steel skeleton in the Bain closet |work=Reuters |date= January 6, 2012|access-date=February 1, 2012}}

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,[http://www.fundinguniverse.com/company-histories/Dade-Behring-Holdings-Inc-Company-History.html fundinguniverse.com Dade Behring company history]. Funding Universe 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.[https://www.sec.gov/Archives/edgar/data/942307/0000950131-00-002295.txt Dade Behring Form 10K 1999 Annual Report]. Securities and Exchange Commission, Filed March 30, 2000 Aventis, the successor of Hoechst, acquired 52% of the combined company.[https://www.nytimes.com/2000/12/20/business/company-news-aventis-may-sell-controlling-stake-in-dade-behring.html Aventis May Sell Controlling Stake in Dade Behring]. New York Times, December 20, 2000 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. The dividend, taken together with other previous shareholder dividends resulted in an eightfold return on investment to Bain Capital and Goldman Sachs.{{cite news | url=https://www.nytimes.com/2011/11/13/us/politics/after-mitt-romney-deal-company-showed-profits-and-then-layoffs.html| title=After a Romney Deal, Profits and Then Layoffs | author=Barbaro, Michael | newspaper=The New York Times | date=November 13, 2011 | page=A1}} 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.[https://www.sec.gov/Archives/edgar/data/942307/000104746903013116/a2106091zs-1.htm Dade Behring Registration Statement]. Securities and Exchange Commission, April 11, 2003

By the end of the decade, Bain Capital was on its way to being one of the top private equity firms in the nation, having increased its number of partners from 5 to 18, having 115 employees overall, and having $4 billion under its management. The firm's average annual return on investments was 113 percent.{{cite news | url=http://www.highbeam.com/doc/1P2-7751688.html| archive-url=https://web.archive.org/web/20130117074414/http://www.highbeam.com/doc/1P2-7751688.html| url-status=dead| archive-date=January 17, 2013|title=Business record helps, hinders Romney|first1=Thomas|last1=Farragher|first2=Scott Bernard|last2=Nelson|newspaper=The Boston Globe|date=October 24, 2002|page=A1| url-access=subscription}} It had made between 100 and 150 deals where it acquired and then sold a company.

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.{{cite web|last1=Byers|first1=Dylan|title=Bain Capital: Romney left in Feb. 1999|date=July 12, 2012 |url=http://www.politico.com/blogs/media/2012/07/bain-capital-romney-left-in-feb-128772.html|publisher=Politico|access-date=July 23, 2014}}{{cite news|title=Mitt Romney and his departure from Bain|url=https://www.washingtonpost.com/blogs/fact-checker/post/mitt-romney-and-his-departure-from-bain/2012/07/12/gJQAASzUfW_blog.html|access-date=July 14, 2012|newspaper=The Washington Post|date=July 12, 2012|author=Glenn Kessler|format=blog by expert}} The decision caused turmoil at Bain Capital, with a power struggle ensuing. Some partners left and founded the Audax Group and Golden Gate Capital.{{cite news | url=http://www.boston.com/news/politics/articles/2012/07/20/romney_kept_reins_bargained_hard_on_severance/?page=full | title=Romney kept reins, bargained hard on severance | first1=Beth | last1=Healy | first2=Michael | last2=Kranish | newspaper=The Boston Globe | date=July 20, 2012}} Other partners threatened to leave, and there was a prospect of eight-figure lawsuits being filed.Kranish; Helman, The Real Romney, pp. 206–207. Romney was worried that the firm might be destroyed, but the crisis ebbed.

Romney was not involved in day-to-day operations of the firm after starting the Olympics position.{{cite news | url= http://factcheck.org/2012/08/is-romney-to-blame-for-cancer-death/ | title= Is Romney to Blame for Cancer Death?| publisher=FactCheck | date= August 8, 2012}}{{cite news|title= Mitt Romney and backers use 'day-to-day' to reshape questions about Bain |url= http://www.boston.com/politicalintelligence/2012/07/16/mitt-romney-and-backers-use-day-day-reshape-questions-about-bain/1eFGBl8dO9uOZvjXyViomM/story.html |access-date=August 13, 2012|newspaper=The Boston Globe|date=July 16, 2012|author=Callum Borchers}} Those were handled by a management committee, consisting of five of the fourteen remaining active partners with the firm. However, according to some interviews and press releases during 1999, Romney said he was keeping a part-time function at Bain.Mitt Romney, quoted by the Boston Herald in February 1999 (Greg Gatlin, "Romney Looks To Restore Olympic Pride," The Boston Herald, February 12, 1999)

During his leave of absence, Romney continued to be listed in filings to the U.S. Securities and Exchange Commission{{cite web|title=SCHEDULE 13D (Rule 13d-101)|url=https://www.sec.gov/Archives/edgar/data/1054290/000092701601001009/0000927016-01-001009-0001.txt|publisher=Securities and Exchange Commission|access-date=July 14, 2012|author=Bain Capital Fund VI, L.P.|date=February 20, 2001|quote=Bain Capital, Inc., a Delaware corporation ("Bain Capital"), is the sole managing partner of the BCIP entities. Mr. W. Mitt Romney is the sole shareholder, sole director, Chief Executive Officer and President of Bain Capital and thus is the controlling person of Bain Capital.}} as "sole shareholder, sole director, Chief Executive Officer and President".{{cite web|last=Marshall|first=John|title=No, Romney Didn't Leave Bain in 1999|url=http://talkingpointsmemo.com/archives/2012/07/no_romney_didnt_leave_bain_in_1999.php?ref=fpblg|access-date=July 11, 2012|archive-date=July 11, 2012|archive-url=https://web.archive.org/web/20120711060921/http://talkingpointsmemo.com/archives/2012/07/no_romney_didnt_leave_bain_in_1999.php?ref=fpblg|url-status=dead}}{{cite web|last=Borchers|first=Callum|title=Mitt Romney stayed at Bain 3 years longer than he stated|url=http://bostonglobe.com/news/politics/2012/07/11/government-documents-indicate-mitt-romney-continued-bain-after-date-when-says-left/IpfKYWjnrsel4pvCFbsUTI/story.html|publisher=Christopher M. Mayer|access-date=July 12, 2012|archive-date=July 12, 2012|archive-url=https://web.archive.org/web/20120712145617/http://bostonglobe.com/news/politics/2012/07/11/government-documents-indicate-mitt-romney-continued-bain-after-date-when-says-left/IpfKYWjnrsel4pvCFbsUTI/story.html|url-status=dead}} The SEC filings reflected the legal reality and the ownership interest in the Bain Capital management company. In practice, former Bain partners have stated that Romney's attention was mostly occupied by his Olympics position.{{cite news | url=http://upwithchrishayes.msnbc.msn.com/_news/2012/07/15/12751962-former-bain-capital-partner-says-romney-was-legally-ceo-of-bain-capital-until-2002?lite | title=Former Bain Capital partner says Romney was 'legally' CEO of Bain Capital until 2002 | author=Gentile, Sal | publisher=msnbc.com | date=July 15, 2012 | url-status=dead | archive-url=https://web.archive.org/web/20120719012532/http://upwithchrishayes.msnbc.msn.com/_news/2012/07/15/12751962-former-bain-capital-partner-says-romney-was-legally-ceo-of-bain-capital-until-2002?lite | archive-date=July 19, 2012 }}{{cite news|last=King|first=John|title=John King: Why is 1999 so important in 2012?|url=http://www.cnn.com/2012/07/12/politics/john-king-bain/index.html?hpt=hp_c1|publisher=CNN |access-date=July 12, 2012}} 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.{{cite news | url=http://hosted.ap.org/dynamic/stories/U/US_ROMNEY_BAIN_FACT_CHECK?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT | title=Fact Check: Romney Met Bain Partners After Exit | first1=Stephen | last1=Braun | first2=Jack | last2=Gillum | agency=Associated Press | date=July 25, 2012}} 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. His former partners have said that Romney had no role in assessing other new investments after February 1999, nor was he involved in directing the company's investment funds. 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.

Although he had left open the possibility of returning to Bain after the Olympics, Romney made his crossover to politics in 1999. His separation from the firm was finalized in early 2002.{{cite news | last=Charles | first=Deborah | title=Romney faces new questions over tenure at Bain | agency=Reuters | newspaper=Chicago Tribune | date=July 12, 2012 | url=https://www.chicagotribune.com/2012/07/12/romney-faces-new-questions-over-tenure-at-bain/}} Romney negotiated a ten-year retirement agreement with Bain Capital 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.{{Cite news |first=Jim |last=Kuhnhenn |title=Romney Worth As Much As $250 Million |url=http://www.foxnews.com/story/0,2933,293140,00.html |agency=Associated Press |newspaper=The Washington Post |date=August 14, 2007 |access-date=January 17, 2012 |archive-url=https://web.archive.org/web/20120204023043/http://www.foxnews.com/story/0,2933,293140,00.html |archive-date=February 4, 2012 |url-status=dead }}{{cite news | url=https://www.nytimes.com/2011/12/19/us/politics/retirement-deal-keeps-bain-money-flowing-to-romney.html?_r=1&pagewanted=all | title=Buyout Profits Keep Flowing to Romney | author=Confessore, Nicholas | author2=Drew, Christopher | author3=Creswell, Julie | newspaper=The New York Times | date=December 18, 2011}} Because the private equity business continued to thrive, this deal would bring him millions of dollars in annual income. Romney was the first and last CEO of Bain Capital; since his departure became final, it has continued to be run by management committee.

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,{{cite news | url=https://www.washingtonpost.com/blogs/fact-checker/post/fact-checker-biography-romneys-claims-about-bain-capital-job-creation/2011/10/28/gIQAA447cM_blog.html | title=Romney's claims about Bain Capital job creation | author=Hicks, Josh | newspaper=The Washington Post | date=November 2, 2011}}{{cite news | url=http://www.politico.com/news/stories/0112/71344.html | title=Mitt Romney's Bain Capital days: A black box | author=Hagey, Keach | newspaper=Politico | date=January 11, 2012}} including accusations of Asset Stripping.Kantrow, Yvette. (January 23, 2012). [https://www.huffpost.com/entry/romneys-bain_b_1219990 Romney's Bain]. HuffPost.Dowd, Maureen. (January 10, 2012). [https://www.nytimes.com/2012/01/11/opinion/dowd-a-perfect-doll.html A Perfect Doll]. New York Times.Porritt, Richard. (April 13, 2012). [https://www.standard.co.uk/hp/front/rivals-force-mitt-romney-to-defend-former-life-as-an-asset-stripper-7308556.html Rivals force Mitt Romney to defend former life as an 'asset stripper]. Evening Standard. Romney's leave of absence and the level of activity he had within the firm during the 1999-2002 period also garnered attention.{{cite news|title=Mitt Romney stayed at Bain 3 years longer than he stated: Firm's 2002 filings identify him as CEO, though he said he left in 1999|url=https://www.bostonglobe.com/news/politics/2012/07/11/government-documents-indicate-mitt-romney-continued-bain-after-date-when-says-left/IpfKYWjnrsel4pvCFbsUTI/story.html|access-date=July 14, 2012|newspaper=The Boston Globe|date=July 12, 2012|author=Callum Borchers|author2=Christopher Rowland|archive-date=July 13, 2012|archive-url=https://web.archive.org/web/20120713024257/http://bostonglobe.com/news/politics/2012/07/11/government-documents-indicate-mitt-romney-continued-bain-after-date-when-says-left/IpfKYWjnrsel4pvCFbsUTI/story.html|url-status=dead}}{{cite news|title=Do Bain SEC documents suggest Mitt Romney is a criminal?|url=https://www.washingtonpost.com/blogs/fact-checker/post/do-bain-sec-documents-suggest-mitt-romney-is-a-criminal/2012/07/12/gJQAlyPpgW_blog.html|access-date=July 14, 2012|newspaper=The Washington Post|date=July 13, 2012|author=Glenn Kessler|format=blog by expert}}{{cite news|title=Romney Seeks Obama Apology for Bain Attacks|url=https://www.nytimes.com/2012/07/14/us/politics/romney-demands-apology-from-obama-on-bain-allegations.html|access-date=July 14, 2012|newspaper=The New York Times|date=July 13, 2012|author=Michael D. Shear}}{{cite news|title=Mitt Romney's Own 2002 Testimony Undermines Bain Departure Claim|url=http://www.huffingtonpost.com/2012/07/12/mitt-romney-bain-departure_n_1669006.html|access-date=July 14, 2012|newspaper=Huffington Post|date=July 12, 2012|quote=[Statement by Bain] "Mitt Romney left Bain Capital in February 1999 to run the Olympics and has had absolutely no involvement with the management or investment activities of the firm or with any of its portfolio companies since the day of his departure," the statement reads. "Due to the sudden nature of Mr. Romney's departure, he remained the sole stockholder for a time while formal ownership was being documented and transferred to the group of partners who took over management of the firm in 1999. Accordingly, Mr. Romney was reported in various capacities on SEC filings during this period."}}{{cite news|title=Why Romney's Quit Date at Bain Matters|url=http://www.theatlanticwire.com/politics/2012/07/why-romneys-quit-date-bain-matters/54489/|access-date=July 14, 2012|newspaper=Atlantic Wire|date=July 12, 2012|author=Elspeth Reeve|archive-date=July 14, 2012|archive-url=https://web.archive.org/web/20120714233449/http://www.theatlanticwire.com/politics/2012/07/why-romneys-quit-date-bain-matters/54489/|url-status=dead}}

File:Leicester Square Burger King.jpg together with TPG Capital and Goldman Sachs Capital Partners.]]

In 2000, DIC Entertainment chairman and CEO Andy Heyward partnered with Bain Capital Inc in a management buyout of DIC from The Walt Disney Company.{{Cite web |last=DiOrio |first=Carl |date=September 18, 2000 |title=Bain backing buyout of DIC |url=https://variety.com/2000/tv/news/bain-backing-buyout-of-dic-1117786555/ |access-date=August 25, 2022 |website=Variety |language=en-US}} Heyward continued as chairman and CEO of the animation studio, which has more than 2,500 half-hours of programming in its library. He purchased Bain Capital's interest in 2004 and took the company public the following year.

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, sold to TD Ameritrade in 2002,[https://www.nytimes.com/2000/12/02/business/group-to-buy-controlling-interest-in-datek-online-for-700-million.html Group to Buy Controlling Interest in Datek Online for $700 Million]. New York Times, December 2, 2000 as well as the $305 million acquisition of KB Toys from Consolidated Stores.[https://www.nytimes.com/2000/12/09/business/company-news-bain-capital-buys-toys-unit-of-consolidated-stores.html Bain Capital Buys Toys Unit of Consolidated Stores]. New York Times, December 9, 2000 KB Toys, which had been financially troubled since the 1990s as a result of increased pressure from national discount chains such as Walmart and Target, filed for Chapter 11 bankruptcy protection in January 2004. Bain had been able to recover value on its investment through a dividend recapitalization in 2003.[https://www.nytimes.com/2011/12/19/us/politics/retirement-deal-keeps-bain-money-flowing-to-romney.html Buyout Profits Keep Flowing to Romney]. New York Times, December 18, 2011 In early 2001, Bain agreed to purchase a 30 percent stake, worth $600 million, in Huntsman Corporation, a leading chemical company owned by Jon Huntsman, Sr., but the deal was never completed.[https://www.nytimes.com/2001/02/24/business/company-news-bain-capital-buys-stake-in-huntsman-chemical-company.html Bain Capital Buys Stake In Huntsman, Chemical Company]. New York Times, February 24, 2001[https://web.archive.org/web/20120717015609/http://www.deseretnews.com/article/827395/Huntsman-Bain-Capital-dealing.html Huntsman, Bain Capital dealing: Huntsman offering $600 million equity stake to venture firm]. Deseret News, February 24, 2001

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.[https://www.nytimes.com/2002/07/26/business/us-investors-agree-to-buy-burger-king-from-diageo-for-2.26-billion.html U.S. Investors Agree to Buy Burger King From Diageo for $2.26 Billion]. New York Times, July 26, 2002 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.[https://www.nytimes.com/2002/12/12/business/a-lower-price-is-said-to-revive-burger-king-sale-348732.html A Lower Price Is Said to Revive Burger King Sale], The New York Times, December 12, 2002 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.{{cite web |url=https://money.cnn.com/2006/05/12/markets/ipo/burger_king/index.htm |title=Burger King IPO set to fire up |author=Grace Wong |website=CNN Money |date=May 12, 2006 |access-date=September 30, 2007 }}

In late 2002, Bain remained active acquiring Houghton Mifflin for $1.28 billion, together with Thomas H. Lee Partners and Blackstone Group. Houghton Mifflin and Burger King represented two of the first large club deals, completed since the collapse of the Dot-com bubble.[https://www.nytimes.com/2003/01/01/business/company-news-vivendi-finishes-sale-of-houghton-mifflin-to-investors.html Vivendi Finishes Sale of Houghton Mifflin To Investors]. New York Times, January 1, 2003

In November 2003, Bain completed an investment in Warner Music Group through an acquisition by Edgar Bronfman Jr.{{Cite book |last=Canderle |first=Sebastien |title=The Debt Trap: How leverage impacts private-equity performance |date=September 19, 2016 |publisher=Harriman House Limited |isbn=978-0-85719-540-1 |location=Hampshire |pages=153 |language=en}} 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.

File:Toys "R" Us Times Square Oogieloves.jpg in 2004.]]

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.Sorkin, Andrew Ross and Rozhon, Tracie. "[https://www.nytimes.com/2005/03/17/business/17toys.html Three Firms Are Said to Buy Toys 'R' Us for $6 Billion]." New York Times, March 17, 2005 The Toys 'R' Us buyout was one of the largest in several years.[https://www.wsj.com/articles/0,,SB111110691050583265,00 What's Next for Toys 'R' Us?]{{Dead link|date=September 2023 |bot=InternetArchiveBot |fix-attempted=yes }}. Wall Street Journal, March 18, 2005 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.[https://www.usnews.com/usnews/biztech/articles/050418/18lbo.htm Deal Mania: Shades of the '80s: The leveraged buyout is back in vogue]. U.S. News & World Report, April 10, 2005

The following year, in 2005, Bain was one of seven private equity firms involved in the buyout of SunGard in a transaction valued at $11.3 billion.{{Cite news |last=Sorkin |first=Andrew Ross |date=March 28, 2005 |title=Private Investment Firms to Pay $11.3 Billion for SunGard Data |language=en-US |work=The New York Times |url=https://www.nytimes.com/2005/03/28/business/private-investment-firms-to-pay-113-billion-for-sungard-data.html |access-date=August 25, 2022 |issn=0362-4331}} Bain's partners in the acquisition were Silver Lake Partners, TPG Capital, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts, Providence Equity Partners, and Blackstone Group. This represented the largest leveraged buyout completed since the takeover of RJR Nabisco at the end of the 1980s, leveraged buyout boom. Also, at the time of its announcement, SunGard would be the largest buyout of a technology company in history, a distinction it would cede to the buyout of Freescale Semiconductor. The SunGard transaction is also notable in the number of firms involved in the transaction, the largest club deal completed to that point. The involvement of seven firms in the consortium was criticized by investors in private equity who considered cross-holdings among firms to be generally unattractive."[https://www.nytimes.com/2005/03/29/business/29sungard.html Capital Firms Agree to Buy SunGard Data in Cash Deal]." Bloomberg L.P., March 29, 2005[https://www.nytimes.com/2005/04/03/business/yourmoney/03dealbook.html Do Too Many Cooks Spoil the Takeover Deal?]. New York Times, April 3, 2005

File:Dunkindonutsdisplay.jpg for $2.4 billion in 2005.]]

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.[https://www.nytimes.com/2005/12/13/business/13doughnuts.html Parent of Dunkin' Donuts Sold For $2.4 Billion to Equity Firms] (New York Times, 2005). [https://web.archive.org/web/20231003083537/https://www.nytimes.com/2005/12/13/business/parent-of-dunkin-donuts-sold-for-24-billion-to-equity-firms.html Archived] from the original on October 3, 2023. Retrieved August 14, 2024.

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 was the first of several to set new records for the largest buyout, eclipsing the 1989 buyout of RJR Nabisco. It was later surpassed by the buyouts of EQ Office and TXU.Sorkin, Andrew Ross. "[https://www.nytimes.com/2006/07/25/business/25buyout.html HCA Buyout Highlights Era of Going Private]." New York Times, July 25, 2006 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.{{cite news|url=https://www.nytimes.com/2006/08/04/business/worldbusiness/04chip.html |title=Technology; Royal Philips Sells Unit for $4.4 Billion|work=The New York Times|author=Bloomberg News|date=August 4, 2006|access-date=April 27, 2008}}[https://web.archive.org/web/20060814025548/http://www.forbes.com/technology/2006/08/02/philips-kkr-semiconductors-cx_po_0802philips.html KKR in deal to buy Philips Semiconductors]. Forbes, August 2, 2006

During the buyout boom, Bain was active in the acquisition of various retail businesses.[https://www.forbes.com/2007/06/27/guitar-center-update-markets-equity-cx_er_0627markets27.html Bain Adds Guitar Center To Its Lineup]. Forbes, June 27, 2007 In January 2006, Bain announced the acquisition of Burlington Coat Factory, a discount retailer operating 367 department stores in 42 states, in a $2 billion buyout transaction.[http://www.thestreet.com/story/10262389/1/bain-to-buy-burlington-coat-factory.html Bain to Buy Burlington Coat Factory]. The Street.com, January 18, 2006 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.[https://www.nytimes.com/2006/07/01/business/01deal.html Consortium Buys Michaels for $6 Billion]. New York Times, July 1, 2006 In June 2007, Bain agreed to acquire HD Supply, the wholesale construction supply business of Home Depot for $10.3 billion.{{cite news| url=https://www.wsj.com/articles/SB118226545165740543?mod=home_whats_news_us | work=The Wall Street Journal | title=Home Depot Boosts Buyback, Sets Unit Sale | date=June 20, 2007 | first1=Ann | last1=Zimmerman | first2=Dennis K. | last2=Berman}} Bain, along with partners Carlyle Group and Clayton, Dubilier & Rice, would later negotiate a lower price ($8.5 billion) when the initial stages of the subprime mortgage crisis caused lenders to seek to renegotiate the terms of the acquisition financing.[https://web.archive.org/web/20070910233711/http://www.businessweek.com/magazine/content/07_38/b4050001.htm Private Equity's White-Knuckle Deal]. Business Week, September 17, 2007 Just days after the announcement of the HD Supply deal, on June 27, Bain announced the acquisition of Guitar Center, the leading musical equipment retailer in the U.S. Bain paid $1.9 billion, plus $200 million in assumed debt, representing a 26% premium to the stock's closing price prior to the announcement.{{citation |url=http://www.thestreet.com/newsanalysis/retail/10365064.html |title=Bain Plucks Up Guitar Center |publisher=The Street |date=June 27, 2007}} 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.[https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aaKM8qOpFiiU Bain Capital Agrees to Buy Edgars for 25 Billion Rand]. Bloomberg, February 8, 2007]

Other investments during the buyout boom included: Bavaria Yachtbau, acquired for €1.3 billion in July 2007[http://www.sail-world.com/cruisingaus/index.cfm?nid=35266&rid=12 Bavaria set to Boom with Bain] {{Webarchive|url=https://web.archive.org/web/20160304085535/http://www.sail-world.com/cruisingaus/index.cfm?nid=35266&rid=12 |date=March 4, 2016 }}. Sail World, July 1, 2007 as well as Sensata Technologies, acquired from Texas Instruments in 2006 for approximately $3 billion.[http://www.efinancialnews.com/story/2010-03-12/bain-sensata-ipo-pipeline Bain cheers return on Sensata float]. Financial News, March 12, 2010 It is noted that Bain Capital seldom engages in reinvesting in its own companies that ran into difficulties.{{Cite book |last=Kosman |first=Josh |title=The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American Economy |publisher=Penguin |year=2009 |isbn=978-1-101-15238-6 |language=en}} This was the case with Dade Behring, which was sold after emerging from a bankruptcy.

In July 2008, Bain Capital, together with NBC Universal and Blackstone Group agreed to purchase The Weather Channel from Landmark Communications.{{cite news|title=Weather Channel Is Sold to NBC and Equity Firms|url=https://www.nytimes.com/2008/07/07/business/media/07weather.html|author=Michael J. de la Merced|work=The New York Times|access-date=September 17, 2008 | date=July 7, 2008}} The company also partnered with Thomas H. Lee Partners to acquire Clear Channel Communications in July 2008.{{cite news|url=http://today.reuters.com/news/articlenews.aspx?type=newsOne&storyID=2006-11-16T130113Z_01_N16247497_RTRUKOC_0_US-MEDIA-CLEARCHANNEL.xml|title=Bain acquires Clear Channel Communications|work=Reuters|url-status=dead|archive-url=https://web.archive.org/web/20070216050529/http://today.reuters.com/news/articlenews.aspx?type=newsOne|archive-date=February 16, 2007}} That same year, Bain Capital acquired D&M Holdings for $442 million.{{Cite news|url=https://www.reuters.com/article/us-dm-idUST16316920080620|title=Bain Capital wins race for Ripplewood audio maker|date=June 20, 2008|work=Reuters|access-date=October 15, 2019|language=en}}

In June 2009, Bain Capital announced a deal to invest up to $432 million in Chinese electronics manufacturer GOME Electrical Appliances for a stake of up to 23%.{{cite news | url=https://www.nytimes.com/2009/06/23/business/global/23bain.html | title=Bain Capital to Invest in Chinese Retailer | author=Barboza, David | newspaper=The New York Times | date=June 22, 2009}} In 2010, the company acquired Styron, a division of The Dow Chemical Company, for $1.6 billion,{{citation |url=http://www.masshightech.com/stories/2010/03/01/daily16-Bain-Capital-pays-16-billion-for-Dow-division.html |title=Bain Capital pays $1.6 billion for Dow division |publisher=Mass High Tech |date=March 2, 2010 |access-date=March 2, 2010 |archive-url=https://web.archive.org/web/20100307065448/http://www.masshightech.com/stories/2010/03/01/daily16-Bain-Capital-pays-16-billion-for-Dow-division.html |archive-date=March 7, 2010 |url-status=dead }} and also acquired Gymboree for $1.8 billion.{{cite news| url=https://www.wsj.com/articles/SB10001424052748703794104575545880678080828 | work=The Wall Street Journal | first1=Veronica | last1=Dagher | first2=Elizabeth | last2=Holmes | title=Bain Pays .8 Billion for Gymboree | date=October 12, 2010}} In 2011, the company, together with Hellman & Friedman, acquired Securitas Direct AB.{{Cite news|url=https://www.ft.com/content/05909e72-9dbb-11e0-b30c-00144feabdc0|archive-url=https://ghostarchive.org/archive/20221211151205/https://www.ft.com/content/05909e72-9dbb-11e0-b30c-00144feabdc0|archive-date=December 11, 2022|url-access=subscription|url-status=live|title=EQT sells Securitas Direct for €2.3bn|website=Financial Times|date=June 23, 2011|language=en-GB|access-date=October 15, 2019}} Hellman & Friedman purchased Bain Capital's remaining stake in Securitas Direct in October 2015.{{Cite news|url=https://www.reuters.com/article/securitas-direct-deals-hellman-friedman-idUSL3N1222F420151002|title=Hellman & Friedman to take control of Sweden's Securitas Direct|date=October 2, 2015|work=Reuters|access-date=October 15, 2019|language=en}}

In 2012, Bain Capital acquired Physio-Control for $478 million,{{citation |url=http://seattletimes.nwsource.com/html/businesstechnology/2017376342_physio31.html?syndication=rss |title=Physio-Control's sale to Bain completed |publisher=The Seattle Times |date=January 30, 2012}} and also acquired a 30% stake in Genpact Ltd., India's largest business process and call center outsourcing firm, for $1 billion.{{Cite news|url=https://www.reuters.com/article/us-genpact-investment-baincapital-idUSBRE8701NU20120801|title=Bain Capital to buy 30 perecnt stake in Genpact|date=August 1, 2012|work=Reuters|access-date=October 15, 2019|language=en}} Later that year, the company acquired hand and power tool company Apex Tool Group for roughly $1.6 billion.{{cite news |url=https://www.reuters.com/article/deals-day-idUSL3E8LA2MW20121010| title=Deals of the day – mergers and acquisitions | work=Reuters | date=October 10, 2012}} In May 2013, Bain Capital partnered with investment firms Golden Gate Capital, GIC Private Limited, and Insight Venture Partners to purchase BMC Software for roughly $6.9 billion.{{cite news |url=http://www.bmc.com/news/press-releases/2013/bmc-software-signs-definitive-agreement-to-be-acquired-for-4625-per-share-in-cash.html?c=n |title=BMC Software Signs Definitive Agreement to be Acquired for $46.25 per Share in Cash |access-date=July 8, 2013 |archive-url=https://web.archive.org/web/20130720024855/http://www.bmc.com/news/press-releases/2013/bmc-software-signs-definitive-agreement-to-be-acquired-for-4625-per-share-in-cash.html?c=n |archive-date=July 20, 2013 |url-status=dead }} In December 2013, the company acquired a majority stake in the clothing chain Canada Goose Inc.{{cite news| url=https://www.reuters.com/article/us-canadagoose-bain-idUSBRE9B914S20131210| title=Bain Capital buys majority stake in parka maker Canada Goose | author=Cameron French | work=Reuters | date=December 10, 2013}}

In April 2014, Bain Capital purchased a controlling stake in Viewpoint Construction Software, a construction-specific software company, for $230 million.{{cite web|last=Rogoway |first=Mike |url=http://www.oregonlive.com/silicon-forest/index.ssf/2014/04/bain_capital_takes_a_230_milli.html |title=Bain Capital takes a $230 million stake in Portland-based Viewpoint Construction Software |publisher=Oregon Live |date=April 22, 2014 |access-date=July 23, 2017}} In November 2014, the company and Virgin Group announced the creation of a new cruise line, which is currently known as Virgin Voyages.{{Cite news|url=https://www.reuters.com/article/us-baincapital-virgincruises-investment-idUSKCN0J010Q20141116|title=Bain Capital to invest in Branson's Virgin Cruises: Sky News|date=November 16, 2014|work=Reuters|access-date=October 15, 2019|language=en}} Later that year, Bain agreed to purchase four divisions of CRH for roughly $650 million.{{Cite web|url=https://dealbook.nytimes.com/2014/12/15/bain-capital-to-buy-brick-and-concrete-operations-from-crh-of-ireland/|title=Bain Capital to Buy Brick and Concrete Operations From CRH of Ireland|last=Bray|first=Chad|website=DealBook|date=December 15, 2014 |language=en|access-date=October 15, 2019}}{{cite news |title=US private equity firm buys brickmaker Ibstock |newspaper=The Guardian |access-date= January 5, 2014 |url=https://www.theguardian.com/business/2014/dec/15/us-private-equity-firm-buys-ibstock-bricks}}

In March 2015, Bain Capital agreed to buy Blue Coat Systems for roughly $2.4 billion.{{cite news |title=Bain agrees to buy Blue Coat for around $2.4 billion |work=Reuters |access-date= March 10, 2015 |url=https://www.reuters.com/article/us-bluecoat-m-a-bain-idUSKBN0M615V20150310}} In 2016, the firm named Jonathan Lavine and John Connaughton as co-managing partners, and also named Steven Pagliuca and Joshua Bekenstein as co-chairman.{{cite web|last1=Primack|first1=Dan|title=Bain Capital Memo Details Management Changes|url=http://fortune.com/2016/04/07/bain-capital/|publisher=Fortune|access-date=July 1, 2016}} In March 2017, Bain Capital agreed to acquire industrial cleaning company Diversey for $3.2 billion.{{Cite web|url=https://nypost.com/2017/03/28/this-3-2b-company-has-been-sold-5-times-over-past-21-years/|title=This $3.2B company has been sold 5 times over past 21 years|last=Kosman|first=Josh|date=March 28, 2017|website=New York Post|language=en|access-date=October 15, 2019}} Later that year, Bain partnered with Cinven to take German company Stada Arzneimittel private.{{Cite news|url=https://www.ft.com/content/d22a6052-3263-322f-a5ea-d2693dc03c4b|archive-url=https://ghostarchive.org/archive/20221211151228/https://www.ft.com/content/d22a6052-3263-322f-a5ea-d2693dc03c4b|archive-date=December 11, 2022|url-access=subscription|url-status=live|title=Bain/Cinven takeover of Stada successful|website=Financial Times|date=August 18, 2017|language=en-GB|access-date=October 15, 2019|last1=Espinoza|first1=Javier}}[http://www.manager-magazin.de/unternehmen/artikel/stada-bain-capital-und-cinven-gelingt-kauf-a-1163470.html Manager-Magazin.de: Bain Capital und Cinven gelingt Kauf von Stada] (German)

In February 2018, Bain Capital Private Equity agreed to acquire Dutch stroller brand Bugaboo International.{{Cite web |url=http://bugaboobase.cloudapp.net/pr/02022018/bugaboo-enters-next-growth-phase-with-new-shareholder-bain-capital-private-equity?country=us |title=Bugaboo enters next growth phase with new shareholder Bain Capital Private Equity |access-date=February 5, 2018 |archive-url=https://web.archive.org/web/20180205185155/http://bugaboobase.cloudapp.net/pr/02022018/bugaboo-enters-next-growth-phase-with-new-shareholder-bain-capital-private-equity?country=us |archive-date=February 5, 2018 |url-status=dead }}{{Cite web|url=https://www.retaildetail.eu/en/news/general/bain-capital-acquires-stroller-brand-bugaboo|title=Bain Capital acquires stroller brand Bugaboo|date=February 5, 2018|website=RetailDetail|language=en|access-date=October 15, 2019}}{{Cite web|url=https://www.penews.com/articles/bain-capital-private-equity-invests-in-bugaboo-2-20180206|title=Bain Capital Private Equity Invests in Bugaboo|last=staff|first=P. E. N.|website=www.penews.com|language=en-GB|access-date=October 15, 2019}} In March 2018, Bain Capital purchased a 20% stake in Tower Ltd from Australian financial conglomerate Suncorp.{{Cite news|url=http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12008882|title=Vero sells Tower stake to US private equity Bain Capital for $7.5 million loss|last=McBeth|first=Paul|date=March 8, 2018|work=The New Zealand Herald |access-date=March 8, 2018|language=en-NZ|issn=1170-0777}} In January 2019, Bain Capital purchased a majority stake in technology consultancy Brillio.{{Cite news|date=January 15, 2019|title=Bain Capital Takes Majority Stake in IT Consulting Firm Brillio|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2019-01-15/bain-capital-takes-majority-stake-in-it-consulting-firm-brillio|access-date=September 8, 2020}}

In October 2018, Bain Capital Private Equity and Bain Capital Life Sciences committed $350 million to a new biopharmaceutical company Cerevel Therapeutics. However, only $250 million of the committed amount was drawn. A deal was announced in December 2023 to sell the firm to AbbVie for $8.7 billion which put Bain's 36.5% stake in Cerevel to about $2.7 billion giving a tenfold return on investment.{{Cite news|url=https://www.reuters.com/markets/deals/bain-scores-over-tenfold-return-with-87-billion-cerevel-sale-2023-12-07/|title=Bain scores over tenfold return with $8.7 billion Cerevel sale|last=Roumeliotis|first=Greg|date=December 8, 2023|work=Reuters|access-date=January 2, 2024|language=en}}{{Cite news|url=https://www.wsj.com/articles/bain-capital-banks-massive-return-on-cerevel-deal-7a6d1952|title=Bain Capital Banks Massive Return on Cerevel Deal|last=Bunker|first=Ted|date=December 7, 2023|work=The Wall Street Journal|access-date=January 2, 2024|language=en}}{{Cite news|url=https://www.baincapital.com/news/bain-capital-and-pfizer-create-cerevel-therapeutics-new-cns-company|title=Bain Capital and Pfizer Create Cerevel Therapeutics, New CNS Company|last=Stanton|first=Alex|date=October 23, 2018|work=BainCapital|access-date=January 2, 2024|language=en}}

In June 2020, Bain Capital purchased Virgin Australia.[https://www.abc.net.au/news/2020-06-26/virgin-australia-bidder-cyrus-capital-bain-capital/12395112 Virgin Australia bidder Cyrus Capital Partners withdraws, Bain signs purchase deal] ABC News June 26, 2020 In October 2020, it was reported that the company was negotiating a takeover of UK-based insurance company Liverpool Victoria (LV=). The potential deal could have a value of over £530 million,{{cite news|last=Makortoff|first=Kalyeena|date=November 15, 2021|title=LV= takeover: Bain says customers will receive 'significant benefits'|work=The Guardian|url=https://www.theguardian.com/business/2021/nov/15/lv-takeover-bain-customers-us-private-equity-uk-insurer|access-date=November 17, 2021}} an amount set to provide a windfall payout to LV='s customers.{{cite news|last=Ralph|first=Oliver|date=October 2, 2020|title=LV in exclusive takeover talks with Bain Capital|work=Financial Times|url=https://www.ft.com/content/7cb8cd0b-7d33-4e83-b30a-e0b45df77437|archive-url=https://ghostarchive.org/archive/20221211151239/https://www.ft.com/content/7cb8cd0b-7d33-4e83-b30a-e0b45df77437|archive-date=December 11, 2022|url-access=subscription|access-date=October 3, 2020|url-status=live}}

In November 2021, the company invested $200 million into Mixpanel.{{cite news|last=Garcia|first=Luis|date=November 15, 2021|title=Bain Capital Invests $200 Million in Mixpanel|work=The Wall Street Journal|url=https://www.wsj.com/articles/bain-capital-invests-200-million-in-mixpanel-11637013885|access-date=November 17, 2021}} Bain Capital invested in health insurance brokerage firm Enhance Health. On November 5, 2021, it was reported that Bain Capital planned to list Brillio on the NASDAQ, with an IPO of valuation $3 billion or more, including debt.{{cite news|last=Sen|first=Anirban|date=November 5, 2021|title=EXCLUSIVE Bain Capital-owned Brillio hires banks for IPO|work=Reuters|url=https://www.reuters.com/business/finance/exclusive-bain-capital-owned-brillio-hires-banks-ipo-sources-2021-11-05/|access-date=November 17, 2021}} Bain Capital also invested $200 million into When I Work, a scheduling platform created by Drive Capital.{{Cite news|last=Jones|first=Carter|date=November 1, 2021|title=When I Work lands $200M investment from Bain Capital Tech Opportunities|work=Minne Inno|publisher=American City Business Journals|url=https://www.bizjournals.com/twincities/inno/stories/fundings/2021/11/01/when-i-work-bain-capital-tech-opporunities.html|access-date=November 17, 2021}}

In August 2023, Bain Capital took private Chindata Group Holdings, a data center company based in Beijing, in a deal valued at approximately $3.2 billion.{{cite news |last1=Lindberg |first1=Kari Soo |title=Bain Capital to Take Chindata Private to Get Full Ownership |url=https://www.bloomberg.com/news/articles/2023-08-12/bain-capital-to-take-chindata-private-to-get-full-ownership |access-date=3 April 2024 |work=Bloomberg.com |date=12 August 2023 |language=en}}{{cite news |last1=Cao |first1=Dong |last2=Baigorri |first2=Manuel |title=Bain Eyes New Backers for Multibillion-Dollar China Data-Center Firm Chindata |url=https://www.bloomberg.com/news/articles/2024-03-28/bain-eyes-new-backers-for-multibillion-dollar-china-data-center-firm-chindata |access-date=3 April 2024 |work=Bloomberg.com |date=28 March 2024 |language=en}}

In December 2023, Infroneer Holdings, a Japanese civil engineering group, had disclosed its intent to acquire Japan Wind Development from Bain Capital for an estimated $1.4 billion.{{Cite news|url=https://www.reuters.com/markets/deals/infroneer-buy-japan-wind-development-bain-capital-137-bln-nikkei-2023-12-11/|title=Japan's Infroneer to buy Japan Wind Development from Bain for $1.4 billion|last=Wu|first=Kane|date=December 12, 2023|work=Reuters|access-date=January 3, 2024|language=en}}

In April 2024, the firm and 11North Partners announced the formation of a partnership for the acquisition and operation of open-air retail centres throughout the US and Canada.{{Cite web|url=https://www.baincapital.com/news/bain-capital-real-estate-and-11north-partners-form-joint-venture-invest-open-air-retail-centers&sa=D&source=docs&ust=1718098062724047&usg=AOvVaw3bQVzgqail0l9QE4aOk44D|title=Bain Capital Real Estate and 11North Partners Form Joint Venture to Invest in Open-Air Retail Centers|date=April 3, 2024|work=Bain Capital|access-date=June 6, 2024|language=en}}

In June 2024, TechCrunch reported Bain Capital was acquiring, and taking private, cloud-based education software vendor PowerSchool, which helps more than 3000 educational institutions "manage operations such as enrollment, grades, attendance and communications with parents and students."{{cite news |last1=Sawers |first1=Paul |title=Bain to take K-12 education software provider PowerSchool private in $5.6B deal |url=https://techcrunch.com/2024/06/07/powerschool-provider-of-k-12-education-software-to-go-private-in-5-6b-deal/ |access-date=14 May 2025 |work=TechCrunch |date=7 June 2024 |archive-url=https://archive.today/20250521041334/https://techcrunch.com/2024/06/07/powerschool-provider-of-k-12-education-software-to-go-private-in-5-6b-deal/ |archive-date=21 May 2025 |language=en}} On October 1, 2024, Bain announced it had completed the purchase and conversion.{{cite web |title=Bain Capital Completes Acquisition of PowerSchool |url=https://www.powerschool.com/bain-capital/ |website=www.powerschool.com |publisher=Bain Capital / PowerSchool |access-date=21 May 2025 |archive-url=https://archive.today/20250521041755/https://www.powerschool.com/bain-capital/ |archive-date=21 May 2025}}

On 14 April 2025, it was announced that Bain Capital had agreed a deal to sell British insurer Esure to Belgian insurer Ageas for €1.510bn.{{Cite web |last=Capital |first=Bain |title=Bain Capital reaches agreement with Ageas to sell esure and establish a top-3 UK personal lines platform {{!}} Bain Capital |url=https://www.baincapital.com/news/bain-capital-reaches-agreement-ageas-sell-esure-and-establish-top-3-uk-personal-lines-platform |access-date=2025-04-16 |website=www.baincapital.com |language=en}}

Bain Capital's businesses include private equity, venture capital, public equity, and credit.{{Cite web|url=https://www.baincapital.com/|title=Bain Capital|last=Capital|first=Bain|website=www.baincapital.com|access-date=September 6, 2018}} The firm also has specialized businesses focused on impact investing, life sciences and real estate.{{Cite news|url=https://www.bostonglobe.com/business/2017/05/23/bain-capital-raises-million-for-life-sciences-fund/VZtM3AjMJzK8JLN0OvJO8H/story.html|title=Bain Capital raises $720 million for life sciences fund - The Boston Globe|work=BostonGlobe.com|access-date=September 20, 2018|archive-date=September 20, 2018|archive-url=https://web.archive.org/web/20180920234917/https://www.bostonglobe.com/business/2017/05/23/bain-capital-raises-million-for-life-sciences-fund/VZtM3AjMJzK8JLN0OvJO8H/story.html|url-status=dead}}{{Cite news|url=https://www.bostonglobe.com/business/2017/07/17/patrick-revels-role-developing-new-social-impact-bain-fund/hWtzrhYvIBPWVPL0UGKBqM/story.html|title=Deval Patrick revels in role developing Bain's social impact fund - The Boston Globe|work=BostonGlobe.com|access-date=September 6, 2018}}

Bain Capital Private Equity has invested across several industries, geographies, and business life cycles. Bain Capital Private Equity also operates in Europe, Australia, and Asia.{{Cite web|url=https://www.dealstreetasia.com/stories/bain-japanese-hot-spring-operator-155395/|title=Bain seeks to sell Japanese hot spring resort operator for $932m|website=DealStreetAsia|language=en-US|access-date=October 15, 2019}}{{Cite web |title=Bain Capital Names Sessa as Co-Head of Private Equity in Europe |url=https://www.bloomberg.com/news/articles/2025-01-20/bain-capital-names-sessa-as-co-head-of-private-equity-in-europe?embedded-checkout=true |website=Bloomberg}}{{Cite web |title=Australia's Insignia Financial gets $1.7 billion takeover offer from Bain Capital; shares rise |url=https://www.reuters.com/markets/deals/australias-insignia-financial-gets-17-billion-takeover-offer-bain-capital-2024-12-12/ |website=Reuters}} Historically, Bain Capital has primarily relied on private equity funds, pools of committed capital from pension funds, insurance companies, endowments, fund of funds, high-net-worth individuals, sovereign wealth funds, and other institutional investors. According to the company, Bain Capital's own investment professionals are the largest single investor in each of its funds.{{cite news |last1=Maremont |first1=Mark |title=Bain Gave Staff Way to Swell IRAs by Investing in Deals |url=https://www.wsj.com/articles/SB10001424052970204062704577223682180407266# |access-date=4 April 2024 |work=WSJ |date=29 March 2012}}

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 funded the launch and growth of several companies, including DocuSign,{{Cite news|url=https://www.reuters.com/article/us-baincapital-venture-fundraising-idUSKCN1NJ1PC|title=Bain Capital Ventures closes $1 billion fund amid venture fund-raising frenzy|date=November 15, 2018|work=Reuters|access-date=October 15, 2019|language=en}} Jet.com,{{Cite web|url=https://www.wsj.com/articles/jet-com-raises-140-million-led-by-bain-capital-ventures-1423696950|title=New Online Marketplace Jet.com Raises $140 Million|last=Bensinger|first=Douglas MacMillan and Greg|website=WSJ|language=en-US|access-date=October 15, 2019}} Lime,{{Cite web|url=https://techcrunch.com/2019/02/06/lime-raises-310-million-series-d-round-led-by-bain-capital/|title=Lime raises $310 million Series D round led by Bain Capital Ventures and others|website=TechCrunch |date=February 6, 2019 |language=en-US|access-date=October 15, 2019}} LinkedIn,{{cite web|url=https://www.techcrunch.com/2008/06/17/linkedin-raises-53-million-at-billion-dollar-valuation/|title=LinkedIn Closes Its Round; Got That Billion Dollar Valuation|date=January 31, 2012|publisher=Techcrunch.com|access-date=February 11, 2012}} Rent the Runway,{{Cite web|url=https://techcrunch.com/2019/03/21/rent-the-runway-hits-a-1-billion-valuation/|title=Rent the Runway hits a $1 billion valuation|website=TechCrunch |date=March 21, 2019|language=en-US|access-date=October 15, 2019}} SendGrid,{{Cite web|url=https://www.denverpost.com/2014/12/01/email-company-sendgrid-gets-20-million-from-bain-capital-foundry/|title=Email company SendGrid gets $20 million from Bain Capital, Foundry|last=Post|first=Tamara Chuang {{!}} The Denver|date=December 1, 2014|website=The Denver Post|language=en-US|access-date=October 15, 2019}} and SurveyMonkey.{{cite web|url=http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20090420006039&newsLang=en|title=SurveyMonkey Announces Group Led by Spectrum Equity to Become Majority Investor|date=April 20, 2009|publisher=Businesswire.com|access-date=February 11, 2012}}

Originally founded as Brookside Capital,{{cite news|last1=Kreutzer|first1=Laura|title=Bain Capital Rebrands Credit Affiliate, Public Equity Unit|url=https://www.wsj.com/articles/bain-capital-rebrands-credit-affiliate-public-equity-unit-1460046905|newspaper=The Wall Street Journal|access-date=April 13, 2016}} Bain Capital Public Equity is the public equity affiliate of Bain Capital. Established in October 1996, Bain Capital Public Equity's primary objective is to invest in securities of publicly traded companies that offer opportunities to realize substantial long-term capital appreciation. Bain Capital Public Equity employs a long/short equity strategy to reduce market risk in the portfolio.[http://www.brooksidefund.com Brookside Capital] (company website)

Originally founded as Sankaty Advisors, Bain Capital Credit is the fixed income affiliate of Bain Capital, a manager of high yield debt securities. With approximately $49 billion of assets under management, Bain Capital Credit invests in a wide variety of securities, including leveraged loans, high-yield bonds, distressed securities, mezzanine debt, convertible bonds, structured products, and equity investments. In 2017, Bain Capital Credit closed its first credit fund in Asia, focusing on distressed debt in the region.{{Cite news|url=https://www.reuters.com/article/bain-capital-asia-credit-idUSL4N1LN1O2|title=Bain makes first close for Asia credit fund, raising $557 mln-filing|date=September 6, 2017|work=Reuters}} Bain Capital Credit has also pursued distressed debt strategies in Europe.{{Cite news|url=https://www.ft.com/content/bc61dd04-6593-11e7-9a66-93fb352ba1fe|archive-url=https://ghostarchive.org/archive/20221211151251/https://www.ft.com/content/bc61dd04-6593-11e7-9a66-93fb352ba1fe|archive-date=December 11, 2022|url-access=subscription|url-status=live|title=Bain Capital Credit buys €1bn Spanish and Portuguese bad loans|newspaper=Financial Times|date=July 11, 2017|last1=Hale|first1=Thomas|last2=Smith|first2=Robert|access-date=October 15, 2019}} In November 2018, Bain Capital Credit took Specialty Finance, a business development company, public through an IPO.{{Cite news|url=https://www.reuters.com/article/us-baincapitalspecialtyfinance-ipo-idUSKCN1MJ1VS|title=Bain Capital Specialty Finance files for IPO, to list on NYSE|date=October 9, 2018|work=Reuters|access-date=October 15, 2019|language=en}}

Bain Capital Double Impact focuses on impact investing with companies that provide financial returns as well as social and environmental impact.{{Cite web|url=https://www.baincapitaldoubleimpact.com/about-us|title=About Us {{!}} BainCapital Double Impact|last=Impact|first=Double|website=www.baincapitaldoubleimpact.com|access-date=September 6, 2018}} In 2015, Bain Capital hired Deval Patrick, former Massachusetts Governor, to lead the new business division.{{Cite news|url=https://www.cnn.com/2015/04/14/politics/deval-patrick-bain-capital/index.html|title=Deval Patrick joins Bain Capital - CNNPolitics|last=Lee|first=MJ|work=CNN |access-date=September 6, 2018}} Bain Capital Double Impact closed its initial fund of $390 million in July 2017. In March 2019, it was reported that Bain Capital Double Impact had acquired a majority stake in IT outsourcing firm Rural Sourcing.{{Cite web|url=https://pitchbook.com/news/articles/bain-capitals-social-impact-arm-eyes-nontraditional-tech-hubs|title=Bain Capital's social impact arm eyes nontraditional tech hubs}} In June 2019, the company sold Impact Fitness to Morgan Stanley Capital Partners.{{Cite web|url=https://impactalpha.com/morgan-stanley-capital-partners-acquires-impact-fitness-from-bain-capital-and-bridges/|title=Morgan Stanley Capital Partners acquires Impact Fitness from Bain Capital and Bridges|date=June 12, 2019|website=ImpactAlpha}}

Bain Capital Life Sciences invests in companies that focus on medical innovation and serve patients with unmet medical needs.{{Cite web|url=https://www.baincapital.com/businesses/scaling-innovation-life-sciences|title=Life Sciences {{!}} Bain Capital|last=Capital|first=Bain|website=www.baincapital.com|access-date=September 6, 2018}} It raised its first fund of $720 million in May 2017. In September 2019, SpringWorks, a biopharmaceutical company Bain Capital Life Sciences owns a 17% stake in, launched an IPO.{{Cite news|last=Kellaher|first=Colin|date=September 12, 2019|title=SpringWorks Raises IPO to 9 Million Shares at $16-$18 Each|work=Dow Jones Institutional News}} Also in 2019, the company closed two life sciences portfolios, in Cambridge, Massachusetts, and in the Research Triangle in North Carolina.{{Cite web|url=https://www.cpexecutive.com/post/bain-capital-sells-boston-area-life-science-asset-for-128m/|title=Bain Capital Sells Boston-Area Life Science Asset for $128M|website=www.cpexecutive.com|date=April 9, 2019|access-date=October 15, 2019}}{{Cite web|url=https://rew-online.com/2019/08/bain-sells-450m-portfolio-in-us-research-triangle/|title=Bain sells $450M portfolio in US Research Triangle|last=REW|date=August 28, 2019|website=Real Estate Weekly|language=en-US|access-date=October 15, 2019|archive-date=October 15, 2019|archive-url=https://web.archive.org/web/20191015205357/https://rew-online.com/2019/08/bain-sells-450m-portfolio-in-us-research-triangle/|url-status=dead}}

Bain Capital Real Estate was founded in 2018{{Cite web|url=https://bostonrealestatetimes.com/boston-based-bain-capital-real-estate-closes-405-million-sale-of-1-3-million-square-foot-research-triangle-life-science-portfolio/|title=Boston-Based Bain Capital Real Estate Closes $405 Million Sale of 1.3 Million Square Foot Research Triangle Life Science Portfolio|date=August 5, 2019|website=Boston Real Estate Times|language=en-US|access-date=October 15, 2019}} when Harvard Management Company shifted the management of its real estate investment portfolio to Bain Capital.{{Cite news|url=http://www.pionline.com/article/20171215/ONLINE/171219845/bain-capital-to-assume-management-of-harvards-34-billion-direct-real-estate-portfolio|title=Bain Capital to assume management of Harvard's $3.4 billion direct real estate portfolio|last=Comtois|first=James|date=December 15, 2017|work=Pensions & Investments|access-date=September 6, 2018|language=en-US}}{{Cite news|url=https://www.reuters.com/article/us-harvard-university-endowment-bain-cap/harvard-to-outsource-real-estate-investment-to-bain-capital-idUSKBN1E91YI|title=Harvard to outsource real estate investment to Bain Capital|work=U.S.|access-date=September 6, 2018|language=en-US}} The Bain Capital Real Estate team is managed by members of Harvard Management Company's former real estate team. Bain Capital Real Estate closed an initial fund of $1.5 billion in July 2019.{{Cite web|last=McDonald|first=Michael|date=July 1, 2019|title=Bain Raises $1.5 Billion for Harvard-Backed Debut Property Fund|url=https://www.bloomberg.com/news/articles/2019-07-01/bain-raises-1-5-billion-for-harvard-backed-debut-property-fund|access-date=October 15, 2019|website=Bloomberg.com}}

Bain Capital Tech Opportunities was created in 2019 to make investments in technology companies, particularly in enterprise software and cybersecurity.{{Cite web|url=https://www.cnbc.com/2019/05/29/bain-capital-is-raising-1-billion-for-tech-opportunities-fund.html|title=Bain Capital is raising a $1 billion tech fund for buyouts and late-stage investments|last=Sherman|first=Alex|date=May 29, 2019|website=CNBC}}

Bain Capital's approach of applying consulting expertise to the companies it invested in became widely copied in the private equity industry.{{cite news | url=https://money.cnn.com/magazines/fortune/fortune_archive/2007/07/09/100121803/index.htm | title=The Republicans' Mr. Fix-it | author=Vickers, Marcia | magazine=Fortune | date=June 27, 2007}} 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."

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 plough 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,Kosman, The Buyout of America, p. 106. 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.Kosman, The Buyout of America, p. 118. 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.

{{Reflist|2}}

• {{cite book |title=The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American Economy |last=Kosman |first=Josh |year=2009 | publisher=Portfolio Hardcover|isbn=978-1591843696}}
• {{cite book | last1=Kranish | first1=Michael | author-link=Michael Kranish | first2=Scott | last2=Helman | title=The Real Romney | publisher=HarperCollins | location=New York | year=2012 | isbn=978-0-06-212327-5 | url-access=registration | url=https://archive.org/details/realromney00kran }}

{{Wikiquote}}

• [https://www.baincapital.com/ Bain Capital] (company website)
• [https://www.nytimes.com/2012/06/23/us/politics/companies-ills-did-not-harm-romneys-firm.html "Companies’ Ills Did Not Harm Romney’s Firm"] article by Michael Luo and Julie Creswell in The New York Times June 22, 2012

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