Let's talk about Bain Capital and Mitt Romney. I've seen so many topics and news articles attacking/defending Mitt, but there is very little real data being put forward. Romney left Bain Capital in 1999, so I've selected companies Bain acquired before then, and started with more recent companies due to availability of public financial information.
Sealy Corp
Bain Capital acquired Sealy Corp in 1997. The year previous, Sealy reported $697 million in net sales, a $500,000 net loss, and 4,800 employees[1].
In 2003, the last full year with Bain, Sealy reported $1,189 million in net sales, $18.3 million in net income, and 6,562 employees[2]. That's a 70% increase in net sales, and 36% increase in number of employees.
Dominos Pizza
Bain Capital acquired Dominos Pizza in 1998. First fully-public information is available for the year 2000. In 2000, Dominos reported $1,166 million in total revenue, $25.3 million in net income, and 6,977 stores[3].
In 2004, Dominos reported $1,446 million in total revenue, $62.3 million in net income, and 7,757 stores. That's a 24% increase in sales, 146% increase in net profit, and approximately 14,000 new jobs, 3,500 of which were in the US.
Alliance Laundry Systems
Bain Capital acquired Alliance Laundry Systems in 1998, and Teacher's Private Capital acquired the majority interest in 2005. ALS reported in 1998 $331 million in total revenue, $5.3 million in net income, and 900 employees(approximate)[4].
ALS reported in 2004 $242 million in total revenue, $11.7 million in net income, and 1312 employees[5].
Even with less total revenue, Bain increased net income by 120% and added 412 jobs(45% increase).
Jobs (running total, more coming)
412 - ALS
3500 - Dominos
1762 - Sealy
Total - 5674
Sources
[1]http://www.sec.gov/Archives/edgar/data/ … 001538.txt
[2]http://www.sec.gov/Archives/edgar/data/ … 5/d10k.htm
[3]http://www.sec.gov/Archives/edgar/data/ … 7/d10k.htm
[4]http://www.comlaundry.com/files/documen … K_2002.pdf
[5]http://www.comlaundry.com/files/documen … K_2004.pdf
Of course, I can easily get the information for Staples. As of 2011, Staples has 89,000 employees[1].
Jobs (running total, more coming)
412 - ALS
3500 - Dominos
1762 - Sealy
89,000 - Staples
Total - 94,674
Sources
[1]http://thomson.mobular.net/thomson/7/32 … 10_new.pdf
I'm having trouble finding any other companies with public information for the relative time period...
It makes me wonder how so many people claim to know so much about what he did?
I asked for some help on other forums, it doesn't seem like there are many, if any, other companies that could be looked at the way we can look at these companies, there just isn't the public information on them to understand what happened.
I would really like to hear from those who are calling 'vulture capitalism' against Romney.
by Ralph Deeds 11 years ago
Private equity fund operator Steven Rattner provides a fair assessment of Romney's record at Bain here:http://www.nytimes.com/2012/05/23/opini … ef=opinion
by Ralph Deeds 11 years ago
Bain is still sending jobs to China and stuffing money in Mitt Romney's pockets. The latest victim of Bain's vampire capitalism are the workers in Sensata Technologies in Freeport, Illinois. Sensata was profitable in Freeport but not profitable enough to satisfy Bain investors. Bain rubbed salt in...
by Dr Billy Kidd 11 years ago
Romney's Bain Capital owns Clear Channel, the largest radio station programmer in the country. There are 866 radio stations, along with Premiere Radio Networks. It produces and distrubutes 90 syndicated radio programs, serving 5,800 radio station affiliates with 213 million weekly listeners. Some...
by Susan Reid 11 years ago
Well duh!No wonder Romney's focusing so much on his Bain experience!His job creation record as governor of Massachusetts is not exactly impressive.47th out of 50 states on his watch.Wow.And we want this man as our national economic-commander-in-chief because....???From...
by Susan Reid 11 years ago
WHat do you think?I think the Dems are finally learning to play in the mud. Yay!Democrats to Romnney: 'Stop whining' over felony remarkPosted byCNN's Kevin Liptak(CNN) – The suggestion this week from a top Obama campaign official that Mitt Romney may have committed a felony by listing himself as...
by JaxsonRaine 11 years ago
I would like to acknowledge a few recent actions in the political realm.Mayor Cory Booker - For speaking out against the Obama-camp's attacks on Romney-Bain.Mitt Romney - For speaking out against the proposed Rev. Wright PAC ads.Now, I'm not saying that either of these politicians are free from...
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