[165][188] The Bain Capital Real Estate team is managed by members of Harvard Management Company's former real estate team. [64][65][66][67], Bain's investment in Dade Behring represented a significant investment in the medical diagnostics industry. "[11], Bain employees are sometimes called "Bainies. William Worthington Bain Jr. (July 30, 1937 - January 16, 2018) [1] was an American management consultant, known for his role as one of the founders of the management consultancy that bears his name, Bain & Company. 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. So if the target company is worth $500 million, Bain might put down $20 million of its own cash, then borrow $350 million from an investment bank to take over a controlling stake. Bain Capital's own investment professionals are the largest single investor in each of its funds. [68] Bain primarily hires people with MBAs from business schools,[11] but it is one of the first firms to hire consultants with a bachelor's degree. [16] The firm established its first formal office in Boston. [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. *I have read thePrivacy Policyand agree to its terms. [34]", In February 2022, Bain announced the acquisition of ArcBlue, a procurement consulting firm active in the Asia-Pacific region. [16] The number of staff at the firm tripled from 1980 to 1986, reaching 800 in 1987. [16] Some of the firm's largest clients in this period were National Steel and Chrysler, each of which reduced manufacturing costs with Bain's help. Bain is honestly a great place to work at. [11] In addition to the three founding partners, the early team included Fraser Bullock, Robert F. White, Joshua Bekenstein, Adam Kirsch, and Geoffrey S. [139] Later that year, the company acquired hand and power tool company Apex Tool Group for roughly $1.6 billion. Stay ahead in a rapidly changing world. The firm initially gave a cut of its profits to Bain & Company, but Romney later persuaded Bill Bain to give that up. [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. [30] At first, Bain Capital focused on venture capital opportunities. [61][62], 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. [190], Bain Capital's approach of applying consulting expertise to the companies it invested in became widely copied in the private equity industry. [14][18] These shares of the company were bought at five times Bain & Company's annual revenue, more than double the norm, and cost the firm $25 million in annual interest fees, exacerbating the firm's financial troubles. [50] The company was sold to Great Universal Stores for $1.7 billion just months after being acquired. [38], In the 1990s, Bain Capital started several affiliates that supported its private equity and other assets classes. [10] Bain & Company also maintains an in-house social impact practice and pledged in 2015 to invest $1 billion in pro bono consulting by 2025. Bain & Company is an American management consulting company headquartered in Boston, Massachusetts. [40][41][42] It was noted that Bain & Company attempted to bribe a former company employee, Athol Williams, to "bury the truth"[41] during the commission hearings. Founded in 1973 in Boston, Bain & Co.. [18] Bain and most of the founding partners left the firm. [10], Mitt Romney was hired back as interim CEO of Bain & Company in January 1991[18] and is credited with saving the company from bankruptcy during his one-year stint in the position. [120] 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. [28] Bain maintained a "generalist" approach to management consulting but created a separate specialist business unit for IT and technology. [49], South Africa's National Treasury announced on 29 September 2022 that Bain & Company had been banned from South Africa state contracts for 10 years, for alleged corrupt and fraudulent practices. [30] One of Bain's earliest and most notable venture investments was in Staples, Inc., the office supply retailer. [20] The firm opened more offices, including one in New York in 2000. [8][9], 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. As emerging segments grow, so too do their different priorities, including: Scaling new high-tech, high-touch delivery models. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling todays urgent challenges in education, racial equity, social justice, economic development, and the environment. [30][59][60] 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. He was also the sole shareholder of the firm. Lists ranking Bain & Co. RANK 44. [citation needed], 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. [35] 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. [90][91][92] Romney's leave of absence and the level of activity he had within the firm during the 1999-2002 period also garnered attention.[93][84][94][95][96][97]. 1st January, 2021 - Deepinder Goyal hinted that Zomato, like other Indian startups, were reportedly eyeing the public markets in 2021. Job Search | Bain & Company, Inc. [10] Bain & Company was incorporated in 1985. [70] 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. [133], In June 2009, Bain Capital Private Equity announced a deal to invest up to $432 million in Chinese electronics manufacturer GOME Electrical Appliances for a stake of up to 23%. [75] Some partners left and founded the Audax Group and Golden Gate Capital. [11][16], In 1985 and 1986, Bain & Company took out loans to buy 30 percent of the firm from Bain and other partners for $200 million and used the shares to create an Employee Stock Ownership Plan (ESOP). [27] Bain Capital also provided an investment opportunity for partners of Bain & Company. [56][57] Bain's pro-bono work was in 2015 awarded by Consulting Magazine as a winner of their Excellence in Social and Community Investment Awards for having "redefined how companies approach corporate social responsibility. [23] By the end of 1990, Bain had raised $175 million of capital and financed 35 companies with combined revenues of $3.5 billion. [50], Bain & Company provides management consulting services primarily to Fortune 500 CEOs. [9] It found that in 2015 Bain & Company billed $11 million for consulting projects, where the firm gave bad advice. [145][146], In March 2015, Bain Capital Private Equity agreed to buy Blue Coat Systems for roughly $2.4 billion. An estimated 250 million Generation Y and Z customersthose born between 1981 and 2012will have an annual income of over $100,000 by 2030. [37] As CEO, Romney had a final say in every deal made. Associate Consultant (Current Employee) - Texas - October 14, 2022. Mr. Altman joined Bain at its founding in 1973, founded a number of its major offices and practices, including the West Coast practice, and leads the company's Telecommunications practice and the company's Full Potential Transformation New younger customers are more self-directed and self-educated, said Markus Habbel, a partner at Bain & Company and leader of the firms wealth and asset management work. But to complete the deal in July 2008, Bain and Lee loaded up Clear Channel with debt. [124] 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. The Value of Keeping the Right Customers The firm provides advice to public, private, and non-profit organizations. [11][12][14] As a result, Henderson accused Bill of stealing BCG's clientele. 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. [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". Bain & Company Overview Website: www.bain.com Headquarters: Boston, MA Size: 10000+ Employees Founded: 1973 Type: Company - Private Industry: Business Consulting Revenue: $5 to $10 billion (USD) Bain & Company is a global consultancy that helps the world's most ambitious change makers define the future. [25], In February 2000, Gadiesh was elected for her third consecutive term as the firm's chairman, and Tom Tierney was replaced by John Donahoe as managing director. Bain Capital Private Equity is planning to acquire Varsity Brands, a company that capitalizes on the business of school spirit, in a deal reportedly worth about $2.5 billion. [16] During this time, Bain made an exception to company policy by allowing a consultant to serve as an interim board member and head of finance for Guinness. Employment declined from 4,105 in 1996 to 3,800 in 2000. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices [123] 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. [193] 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]. 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. [29] The partners saw weak spots in so many potential deals that by 1986, very few had been done. In 1994, Bain, together with Goldman Sachs Capital Partners completed a carveout acquisition of Dade International,[68] the medical diagnostics division of Baxter International in a $440 million acquisition. [53] An elected worldwide managing director is allowed up to three three-year terms under the firm's bylaws. BOSTONJuly 11, 2022Bain & Company released today a new study on the wealth management market, predicting customer demand for wealth management services to surge to more than $500 billion by 2030double the size of the market in 2021. [20][191] 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. [121] In June 2007, Bain agreed to acquire HD Supply, the wholesale construction supply business of Home Depot for $10.3 billion. The SunGard transaction is also notable in the number of firms involved in the transaction, the largest club deal completed to that point. Manny Maceda | LinkedIn S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. [181] In June 2019, the company sold Impact Fitness to Morgan Stanley Capital Partners. Language links are at the top of the page across from the title. If wealth managers hope to generate outsized growth in the future, they will need to create a more approachable value proposition for younger investors with fewer liquid assets than older generations. [24] By 2005, Bain had the largest share of the market for private equity consulting. All Rights Reserved. [11], Bain created two technology consulting practice groups, bainlab and BainNet, in 1999 and 2000 respectively. Realizing this potential will require reaching emerging customer groups, including the estimated 250 million Generation Y and Z customers with annual incomes over $100,000 by 2030. [25] It helped startups who otherwise might not afford Bain's fees and accepted partial payment in equity. [8], In the 2000s, Bain & Company continued to expand and create additional practice areas focused on working with non-profits, technology companies, and others. Do Too Many Cooks Spoil the Takeover Deal? These currents will continue to drive greater returns at scale. [4][5][6], Since its establishment it has invested in or acquired hundreds of companies, including AMC Theatres, Artisan Entertainment, Aspen Education Group, Apex Tool Group, Brookstone, Burger King, Burlington Coat Factory, Canada Goose, DIC Entertainment, Domino's Pizza, DoubleClick, Dunkin' Donuts, D&M Holdings, Guitar Center, Hospital Corporation of America (HCA), iHeartMedia, ITP Aero, KB Toys, Sealy, Sports Authority, Staples, Toys "R" Us, Virgin Australia, Warner Music Group, Fingerhut, Athenahealth, The Weather Channel, Varsity Brands and Apple Leisure Group, which includes AMResorts and Apple Vacations. [36], The Judicial Commission of Inquiry into Allegations of State Capture, Corruption and Fraud in the Public Sector including Organs of State (better known as the Zondo Commission) found that Bain & Company worked together with then President Zuma and Tom Moyane to facilitate the take over of SARS; and that this takeover was at least partially motivated to prevent SARS from using its powers to investigate incidents of corruption. Bain Capital - Wikipedia [73] His separation from the firm was finalized in early 2002. How Much Does Bain & Company Pay in 2023? (11,024 Salaries)