Bain Capital Legal

Bain Capital Legal

Originally founded as Brookside Capital,[162] Bain Capital Public Equity is the subsidiary of Bain Capital. Bain Capital Public Equity was founded in October 1996 and has set itself the main objective of investing in securities of listed companies that offer the opportunity to obtain a significant capital appreciation in the long term. Bain Capital Public Equity pursues a long/short equity strategy to reduce market risk in the portfolio. [163] During his leave, Romney continued to be listed in documents filed in the United States. The revenue potential of this strategy, which could «starve» a business,[180] was augmented by a 1970s court decision that allowed companies to consider the overall fair market value of the business, rather than just their «tangible assets» to determine how much money was available to pay dividends. [181] At least in some cases, the companies acquired by Bain borrowed money to increase their dividend payments, which ultimately led to the collapse of financially stable companies. [59] Bain`s investment in Dade Behring represented a significant investment in the medical diagnostics industry. In 1994, Bain, in collaboration with Goldman Sachs Capital Partners, completed an acquisition of Dade International, the medical diagnostics division of Baxter International, in a $440 million acquisition. Dade shareholders merged the company with DuPont`s in vitro diagnostics business in May 1996 and Hoechst AG`s Behring Diagnostics business in 1997. [68] Aventis, Hoechst`s successor, acquired 52% of the merged company. [69] In 1999, the company reported sales of $1.3 billion and completed a debt recapitalization of $1.25 billion, resulting in a payment to shareholders.

[68] The dividend, along with other dividends from previous shareholders, allowed Bain Capital and Goldman Sachs to increase the return on investments eightfold. [35] [56] Revenues declined from 1999 to 2002 and, despite attempts to reduce costs through layoffs, the company went bankrupt in 2002. After the restructuring, Dade Behring exited insolvency in 2003 and operated independently until 2007, when the company was acquired by Siemens Medical Solutions. Bain and Goldman lost their remaining shares of the company in the bankruptcy. [70] Prior to joining Bain Capital, Mr. Green was a partner at Ropes & Gray LLP, where he began his legal career in 1999. He led Ropes & Gray`s global litigation and enforcement practice for private equity and alternative asset management. Prior to this role, he was co-head of Ropes & Gray`s securities litigation practice and previously led the securities enforcement practice. Bain Capital`s activities include private equity, venture capital, public equity and loans. [150] The company also has specialized business units focused on impact investing, life sciences and real estate. [151] [152] [153] Bain Capital entered the new decade with the closing of its seventh fund, Bain Capital Fund VII, with investor commitments of more than $3.1 billion. The company`s most notable investments in 2000 included the acquisition of Datek, the online brokerage firm,[95] for $700 million, as well as the acquisition of KB Toys from Consolidated Stores for $305 million.

[96] Datek eventually merged with Ameritrade in 2002. KB Toys, which had been in financial trouble since the 1990s due to increasing pressure from national discount chains such as Walmart and Target, filed for chapter 11 bankruptcy protection in January 2004. Bain was able to restore the value of its investment through a dividend recapitalization in 2003. [97] In early 2001, Bain agreed to purchase a $600 million interest in Huntsman Corporation, a major chemical company owned by Jon Huntsman, Sr., but the transaction was never completed. [98] [99] With a significant amount of capital tied up in its new fund available for investment, Bain was one of the few private equity investors able to make significant transactions under the adverse conditions of the recession of the early 2000s. In July 2002, Bain, along with TPG Capital and Goldman Sachs Capital Partners, announced the high-profile leveraged purchase of Burger King from Diageo for $2.3 billion. [100] However, in November, the initial transaction collapsed when Burger King failed to meet certain performance targets.