🠈  Bain Capital  🠊

Bain Capital

Bain Capital was created in 1984 with the goal of applying the ideas of Bain Company to a private equity firm. The principles of the firm are Mitt Romney, T. Coleman Andrews III, and Eric Kriss.

Mitt Romney's father had served as the chairman of GM, the Governor of Michigan and US Secretary of Housing and Urban Development. Mitt Romney became the governor of Massachusetts and 2012 GOP Nominee for the Presidency.

The web site for Bain Capital says that they have been involved in more than 800 acquisitions. I copied the list to the right from their site. It has 300 investments. I will add information for the transactions I encounter in my other research.

• 1984: Bain Capital was founded by T. Coleman Andrews III, Eric Kriss and Mitt Romney—who served as CEO for Bain & Company. The investment firm would invest in firms that received consultation services from Bain and Company.
• 1984: Bain received $9 million investment capital from El Salvadoran oligarchs.⁴
• 1987: Bain participated in the creation of The Sports Authority which was sold to KMart
• 1988: Bain funded the creation of Specialty Retailers, Inc. (SRI) to acquire the Palais Royal chain in Texas and to service as a vehicle to roll up regional chains in small towns.
• 1998: Bain acquired Anthony Crane followed by a string of similar companies.
  • 2000: Bain created the brand MAXIM Crane Works for its holdings.
  • 2004: Maxim declared bankruptcy.
• 1992: John Puckett, who had left Bain & Co with dreams of creating a chain store, started the chain Caribou Coffee.
• 1993-1995: Bain acquired controlling interest in GT Bicycles which made BMX bicycles. They took the company public in 1995.
• 1998: A group led by Bain Capital acquired Provo-based US Synthetic which creates synthetic diamonds from Castle Harlan for $165 million.
  • 2004: The Dover Energy Products division of Dover Corporation acquired US Synthetics.
• 1997-2003: Bain acquired a production studio called LIVE Home Video which changed its name to Artisan Entertainment. It was acquired by Lionsgate Home Entertainment in 2003.
• 1997-2004: Bain acquired Sealy Corporation. It sold Sealy to KKR in 2004.
• 1998: Bain acquired 93% of Domino's Pizza for about $1 billion. They took the company public in 2004 with symbol DPZ.
• 2000: Bain establishes Bain Capital Ventures to invest in start ups seeking venture capital support.
• 2000: Bain acquired KB Toys from Consolidated Stores for $305 million. (Bain made back its investment in fees and interest; however KB Toys goes bankrupt):
  • 2004: KB filed chapter 11 and closed 600 stores and laid off 3,500.
  • 2005: KB emerged from Chapter-11 owned primarily by Prentice Capital Management.
  • 2008: KB filed bankruptcy and closed all stores.
  • 2009: Bain merged the remaining IP rights from KB Toys with Toys "R" Us.
• 2002: Fraser Bullock left Bain to establish Sorenson Capital in Provo.
• 2002: Bain funded Mark Caputo and Bob Santelli in the creation of Liberty Dialysis which sought to roll up the kidney dialysis industry.
  • 2010: Liberty acquired Renal Advantage briging the total company to 260 locations.
  • 2012: The Germany company Fresenius acquired Liberty. (I will put details of this chain on Fresenius)³
• 2003: Ares Management, Bain Capital and the Ontario Teachers’ Pension Plan "recapitalized" Denver based Samsonite with $103M.
• 2005: Bain, Kohlberg Kravis Roberts & Co., and Vornado Realty Trust acquired Toys "R" Us for $6 billion.
  • 2009: Toys R Us gained the IP rights of bankrupt KB Toys.
  • 2017: Toys R Us filed chapter 11.
  • 2018: Toys R Us closed all its US stores.
• 2005: Bain acquired CRC Health Group for $720 M from North Castle Partners.
  • 2014-2015: Bain sold CRC to Acadia Health Group for $1.8 billion.
• 2006: Bain and Catterton Partners acquired Bloomin Brands which operates Outback Steakhouse creating a company called Kangaroo Holdings, Inc. in a $3 billion deal.
  • 2010: Bloomin Brands held an IPO on NASDAQ with symbol BLMN.
  • 2014: Bain sold an additional 18.3 million shares.
• 2006: Bain and Blackstone acquired The Michael's Company, which owns a chain of craft stores, for $6 billion.
  • 2014: Michael's held an IPO.
• 2006: Bain Capital and Thomas H. Lee Partners acquired Clear Channel Communications.
• 2006: Bain acquired Burlington Coat Factory
  • 2013: Bain took Burlington public with the ticker BURL.
• 2007: Austin Ventures, Bain Capital, and Insight Venture Partners invested in SolarWinds. SolarWinds offers network security products
  • 2009: SolarWinds held an IPO for $112 million.
  • 2020: SolarWinds security update system was the center of a major security hack of US Government agencies.
• 2010: Bain Capital acquired Air Medical Group Holdings AMHG which was owned by a partnership between Brockway, Moran and Partners and Meridian Venture Capital
  • 2015: KKR acquired AMHG from Bain Capital in a deal estimated at $2 billion.
• 2010: Bain Capital acquired Gymboree which traded on NASDAQ with symbol GYMB for US $1.8 billion.
  • 2017: Gymboree declared bankruptcy & re-emerged
  • 2019: Gymboree declared bankruptcy and closed all stores.
• 2013: Bain Capital acquired an 80% stake in the British Bio Products Laboratory for £230m. They sold it to the Chinese investment firm Creat.
• 2019: An investor group led by Bain acquired US Renal Care.
• 2019: Lime raised $310 million in a Series D round led by Bain, Andreessen Horowitz, Fidelity Ventures, GV and IVP.

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References:

1. Wikipedia - Bain Capital (Drawn 12/10/2017)
2. Salon - How Mitt Romney's Bain Harvested Sealy Mattress (Drawn 6/5/2018)
3. Business Wire - Liberty Dialysis / Renal Advantage Deal (Drawn 2/20/2020)
4. Huffington Post - Mitt Romney (Drawn 12/24/2020)

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