Bain Capital
Key people |
|
---|---|
Products | US$165 billion (2022)[2] |
Owner | Employees |
Number of employees | 1,200+ (2018)[2] |
Website | baincapital |
Bain Capital, LP is an American
Since its establishment, Bain Capital has invested in or acquired hundreds of companies, including
In June 2023, Bain Capital was ranked 13th in Private Equity International's PEI 300 ranking of the largest private equity firms in the world.[10]
History
1984 founding and early history
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.[11] In addition to the three founding partners, the early team included Fraser Bullock, Robert F. White, Joshua Bekenstein, Adam Kirsch, and Geoffrey S. Rehnert.[12] Romney initially held the titles of president[13] and managing general partner[14][15] or managing partner.[16] He later became referred to as managing director[17] or CEO[18] as well. He was also the sole shareholder of the firm.[19] At the time, the firm had fewer than ten employees.[20]
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.[20][21][22][23] Bain partners put in $12 million of their own money and sourced the rest from wealthy individuals.[24] Early investors included Boston real estate mogul Mortimer Zuckerman and Robert Kraft, the owner of the New England Patriots football team.[22] They also included members of elite Salvadoran families such as Ricardo Poma whose capital fled the country's civil war.[25] They and other wealthy Latin Americans invested $9 million primarily through offshore companies registered in Panama.[24]
While Bain Capital was founded by Bain executives, the firm was not an affiliate or a division of Bain & Company but rather a completely separate company. Initially, the two firms shared the same offices—in an office tower at Copley Place in Boston[26]—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.[27] 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.[28]
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.[29] The partners saw weak spots in so many potential deals that by 1986, very few had been done.[30]
At first, Bain Capital focused on
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.[36] 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.[37] As CEO, Romney had a final say in every deal made.[38]
1990s
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.[39] 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.[39]
Beginning in 1989, the firm, which began as a
In July 1992, Bain acquired
In 1994, Bain acquired
Bain, together with
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.[56] 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.[57]
Romney had two diversions from Bain Capital during the first half of the decade. From January 1991 to December 1992,
In 1994, Bain invested in
Bain's investment in
By the end of the decade, Bain Capital was on its way to being one of the top private equity firms in the nation,[28] having increased its number of partners from 5 to 18, having 115 employees overall, and having $4 billion under its management.[20][22] The firm's average annual return on investments was 113 percent.[21][72] It had made between 100 and 150 deals where it acquired and then sold a company.[35][56][57]
1999–2002: Romney departure and political legacy
Romney took a paid leave of absence from Bain Capital in February 1999, when he became the head of the Salt Lake Organizing Committee for the 2002 Winter Olympics.[73][74] The decision caused turmoil at Bain Capital, with a power struggle ensuing.[75] Some partners left and founded the Audax Group and Golden Gate Capital.[38] Other partners threatened to leave, and there was a prospect of eight-figure lawsuits being filed.[75] Romney was worried that the firm might be destroyed, but the crisis ebbed.[75]
Romney was not involved in day-to-day operations of the firm after starting the Olympics position.[76][77] Those were handled by a management committee, consisting of five of the fourteen remaining active partners with the firm.[38] However, according to some interviews and press releases during 1999, Romney said he was keeping a part-time function at Bain.[38][78]
During his leave of absence, Romney continued to be listed in filings to the U.S. Securities and Exchange Commission[79] as "sole shareholder, sole director, Chief Executive Officer and President".[80][81] The SEC filings reflected the legal reality[82] and the ownership interest in the Bain Capital management company.[37][83] In practice, former Bain partners have stated that Romney's attention was mostly occupied by his Olympics position.[82][84] 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.[83] 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.[38] His former partners have said that Romney had no role in assessing other new investments after February 1999,[38] nor was he involved in directing the company's investment funds.[37] 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.[38][82]
Although he had left open the possibility of returning to Bain after the Olympics, Romney made his crossover to politics in 1999.[73] His separation from the firm was finalized in early 2002.[38][85] Romney negotiated a ten-year retirement agreement with Bain Capital[38] 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.[86][87] Because the private equity business continued to thrive, this deal would bring him millions of dollars in annual income.[87] Romney was the first and last CEO of Bain Capital; since his departure became final, it has continued to be run by management committee.[38]
Bain Capital itself, and especially its actions and investments during its first 15 years, came under press scrutiny as the result of Romney's
Early 2000s
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.[98] 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
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
In late 2002, Bain remained active acquiring
In November 2003, Bain completed an investment in
Bain and the 2000s buy-out boom
In 2004 a consortium comprising KKR, Bain Capital, and real estate development company Vornado Realty Trust announced the $6.6 billion acquisition of Toys "R" Us, the toy retailer. A month earlier, Cerberus Capital Management, made a $5.5 billion offer for both the toy and baby supplies businesses.[109] The Toys 'R' Us buyout was one of the largest in several years.[110] 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.[111]
The following year, in 2005, Bain was one of seven private equity firms involved in the buyout of
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.[115]
In 2006, Bain Capital and
During the buyout boom, Bain was active in the acquisition of various retail businesses.
Other investments during the buyout boom included: Bavaria Yachtbau, acquired for €1.3 billion in July 2007[126] as well as Sensata Technologies, acquired from Texas Instruments in 2006 for approximately $3 billion.[127] It is noted that Bain Capital seldom engages in reinvesting in its own companies that ran into difficulties.[128] This was the case with Dade Behring, which was sold after emerging from a bankruptcy.[128]
Since 2008
In the wake of the
In July 2008, Bain Capital Private Equity, together with
In June 2009, Bain Capital Private Equity announced a deal to invest up to $432 million in Chinese electronics manufacturer
In 2012, Bain Capital Private Equity acquired
In April 2014, Bain Capital Private Equity purchased a controlling stake in Viewpoint Construction Software, a construction-specific software company, for $230 million.[143] In November 2014, the company and Virgin Group announced the creation of a new cruise line, which is currently known as Virgin Voyages.[144] Later that year, Bain agreed to purchase four divisions of CRH for roughly $650 million.[145][146]
In March 2015, Bain Capital Private Equity agreed to buy Blue Coat Systems for roughly $2.4 billion.[147] 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.[148] In March 2017, Bain Capital Private Equity agreed to acquire industrial cleaning company Diversey for $3.2 billion.[149] Later that year, Bain partnered with Cinven to take German company Stada Arzneimittel private.[130][150]
In February 2018, Bain Capital Private Equity agreed to acquire Dutch stroller brand Bugaboo International.[151][152][153] In March 2018, Bain Capital Private Equity purchased a 20% stake in Tower Ltd from Australian financial conglomerate Suncorp.[154] In January 2019, Bain Capital Private Equity purchased a majority stake in technology consultancy Brillio.[155]
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.[156][157][158]
In June 2020, Bain Capital Private Equity purchased Virgin Australia.[159] 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,[160] an amount set to provide a windfall payout to LV='s customers.[161]
In November 2021, the company invested $200 million into
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.[165]
Businesses and affiliates
Bain Capital's businesses include
Bain Capital Private Equity
Bain Capital Private Equity has invested across several industries, geographies, and business life cycles. Bain Capital Private Equity also operates in Europe, Australia,[
Bain Capital Ventures
Bain Capital Ventures is the venture capital arm of Bain Capital, focused on seed through late-stage growth equity, investing in business services, consumer, healthcare, internet & mobile, and software companies.[2] Bain Capital Ventures has funded the launch and growth of several companies, including DocuSign,[171] Jet.com,[172] Lime,[173] LinkedIn,[174] Rent the Runway,[175] SendGrid,[176] and SurveyMonkey.[177]
Bain Capital Public Equity
Originally founded as Brookside Capital,[178] 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.[179]
Bain Capital Credit
Originally founded as Sankaty Advisors,
Bain Capital Double Impact
Bain Capital Double Impact focuses on impact investing with companies that provide financial returns as well as social and environmental impact.[183] In 2015, Bain Capital hired Deval Patrick, former Massachusetts Governor, to lead the new business division.[184] Bain Capital Double Impact closed its initial fund of $390 million in July 2017.[168] In March 2019, it was reported that Bain Capital Double Impact had acquired a majority stake in IT outsourcing firm Rural Sourcing.[185] In June 2019, the company sold Impact Fitness to Morgan Stanley Capital Partners.[186]
Bain Capital Life Sciences
Bain Capital Life Sciences invests in companies that focus on medical innovation and serve patients with unmet medical needs.[187] It raised its first fund of $720 million in May 2017.[167] In September 2019, SpringWorks, a biopharmaceutical company Bain Capital Life Sciences owns a 17% stake in, launched an IPO.[188] Also in 2019, the company closed two life sciences portfolios, in Cambridge, Massachusetts, and in the Research Triangle in North Carolina.[189][190]
Bain Capital Real Estate
Bain Capital Real Estate was founded in 2018[191] when Harvard Management Company shifted the management of its real estate investment portfolio to Bain Capital.[169][192] The Bain Capital Real Estate team is managed by members of Harvard Management Company's former real estate team.[169] Bain Capital Real Estate closed an initial fund of $1.5 billion in July 2019.[193]
Bain Capital Tech Opportunities
Bain Capital Tech Opportunities was created in 2019 to make investments in technology companies, particularly in enterprise software and cybersecurity.[194]
Appraisals and critiques
Bain Capital's approach of applying consulting expertise to the companies it invested in became widely copied in the private equity industry.[20][195] 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."[23]
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,[196] 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.[197] 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.[60]
References
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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.
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[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."
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- ^ Buyout Profits Keep Flowing to Romney. New York Times, December 18, 2011
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{{cite web}}
:|author=
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{{cite news}}
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{{cite news}}
:|author=
has generic name (help) - ^ McDonald, Michael (July 1, 2019). "Bain Raises $1.5 Billion for Harvard-Backed Debut Property Fund". Bloomberg.com. Retrieved October 15, 2019.
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Bibliography
- Kosman, Josh (2009). The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American Economy. ISBN 978-1591843696.
- ISBN 978-0-06-212327-5.
External links
- Bain Capital (company website)
- "Companies’ Ills Did Not Harm Romney’s Firm" article by Michael Luo and Julie Creswell in The New York Times June 22, 2012