Friday, March 24, 2006
Bain Capital accused of raiding KB's piggy bank
Boston Business Journal - by Craig M. Douglas Journal Staff
http://boston.bizjournals.com/boston/stories/2006/03/27/story2.html?jst=s_cn_hlFrench Giant Sells Dunkin' Donuts
3 U.S. Firms Buy Donut Chain, Baskin Robbins, Togo's Sandwiches
http://www.cbsnews.com/stories/2005/12/12/business/main1119914.shtmlBain Capital
From Wikipedia, the free encyclopedia
Bain Capital LLC is a Boston, Massachusetts-based private equity firm founded in 1984 by Mitt Romney, T. Coleman Andrews III and Eric Kriss; all partners in the consulting firm Bain & Company. Romney was the Governor of Massachusetts from 2003 to 2007. Bain Capital was originally conceived as a combined equity
start-up and leveraged buyout fund, an innovative strategy at the time.
<snip>
Key deals
In August 2003, Bain Capital along with the Bombardier family and the Caisse de dépôt et de placement du Québec purchased Bombardier's recreational products division and created Bombardier Recreational Products or BRP. Bain Capital took a 50% interest in the new company.
In November, 2004, the Dollarama chain of dollar stores, based in Montreal, Canada and operating stores in the provinces of Eastern Canada were purchased by Bain Capital for $1.05 billion CAD.
In March 2005, Pagliuca proposed a $3.5 billion buyout of all 30 teams in the National Hockey League, during the league's lockout. The offer was rejected. In June 2005, the company made a revised bid of $4.3 billion for the 30 teams and allow the current owners to maintain a stake in the league.
In June 2005, Bain teamed up with Haier Group, China's largest appliance maker, and private equity firm Blackstone Group in an attempt to acquire Maytag for over $1 billion. The bid was dropped a month later.
On April 10, 2006, shareholders of Burlington Coat Factory Warehouse Corp., which operates more than 360 retail stores approved the acquisition of the company by Bain Capital.
On August 21, 2006 it was announced that Apax Partners and Bain Capital had joined the enlarged private equity consortium headed by KKR that has agreed to acquire an 80.1% stake in the Semiconductor Division of Royal Philips Electronics. The new company is called NXP Semiconductors.
On November 16, 2006, Clear Channel Communications agreed to be acquired by Bain Capital and Thomas Lee Partners for nearly $19 billion.<3>
In June 2007 Bain Capital acquired Bavaria Yachtbau. The price is rumored to be about $1.5 billion <4>
Late on June 19, 2007, Bain Capital LLC, Carlyle Group and Clayton, Dubilier & Rice agreed to acquire Home Depot Supply for $10.3 billion, each firm buying a one-third stake in the division. Home Depot sold their wholesale construction supply business to fund a stock repurchase estimated at $40 billion. <5>
On June 27, 2007, Bain signed an agreement with Guitar Center to purchase the music retailer for $1.9 billion, plus $200 million in debt. The buyout will be for $63 per share, a 26% premium on June 26's closing price. The deal was approved by shareholders on September 18th, 2007 and closed October 9th, 2007.<6>
On September 28, 2007, Bain and the Chinese networking company Huawei Technologies acquired 3Com for $2.2 billion in cash. <7>
More:
http://en.wikipedia.org/wiki/Bain_CapitalFriday, February 23, 2007
Company's links to Iran undercut Romney's call for divestment
MERRIMACK, New Hampshire (AP) -- Republican Mitt Romney is urging state pension systems to divest from Iran, yet the presidential contender's former employer and the company he started have links to recent Iranian business interests or deals.
Romney joined Boston-based Bain & Co., a management consulting firm, in 1977 and worked there until 1985. He was CEO of Bain Capital, a venture capital firm, from 1990 to 1992.
Bain & Co. Italy, described in company literature as "the Italian branch of Bain & Co.," received a $2.3 million contract from the National Iranian Oil Co., in September 2004. Its task was to develop a master plan so NIOC -- the state oil company of Iran -- could become one of the world's top oil companies, according to Iranian and U.S. news accounts of the deal.
Bain Capital, the venture capital firm that Romney started and made him a multimillionaire, teamed up with the Haier Group, a Chinese appliance maker that has a factory in Iran, in an unsuccessful 2005 buyout effort.
More:
http://www.cnn.com/POLITICS/blogs/politicalticker/2007/02/companys-links-to-iran-undercut.html
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