Romney and Bain Capital

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  1. profile image0
    JaxsonRaineposted 6 years ago

    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

    1. Paul Wingert profile image76
      Paul Wingertposted 6 years agoin reply to this

      I'm still not voting for Romney.

      1. profile image0
        JaxsonRaineposted 6 years agoin reply to this

        You don't have to vote for Romney. All I'm doing here is addressing his job-creation history.

    2. Ron Montgomery profile image60
      Ron Montgomeryposted 6 years agoin reply to this

      Your hubs rock!!

      1. profile image0
        JaxsonRaineposted 6 years agoin reply to this

        Why thank you sir! Your crystal ball must be in tip-top shape wink

  2. profile image0
    JaxsonRaineposted 6 years ago

    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

  3. profile image0
    JaxsonRaineposted 6 years ago

    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?

  4. Evan G Rogers profile image73
    Evan G Rogersposted 6 years ago

    Flip Floppers make me upset.

    1. profile image0
      JaxsonRaineposted 6 years agoin reply to this

      That's something else I've been looking into... I expect it to some degree from politicians, unfortunately.

  5. profile image0
    JaxsonRaineposted 6 years ago

    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.

 
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