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Old 10-15-2012, 10:58 AM   #3
Direckshun Direckshun is offline
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Join Date: Oct 2006
Location: Springpatch
Casino cash: $33532
AMPAD Office Supplies HQ: Richardson, Texas
1992: Bain invests $5 million in American Pad and Paper (Ampad).
1994: Bain launches a spree of acquisitions of other office-supply companies for Ampad.
1995: Ampad acquires Williamhouse, an envelope manufacturer, for $300 million, assuming its $150 million in debt.
1996: With Ampad's IPO launch, Bain's control of the company ends, though it continues to hold a large share in the company. Its profit is $100 million.
1999-2000: Loaded with debt from its acquisitions, Ampad goes bankrupt.

What Bain said: "Our control of Ampad ended in 1996, fully four years before it encountered financial difficulties due to overwhelming pressure from 'big box' retailers, declines in paper demand, and intense foreign price pressures."

STAGE STORES Department Stores HQ: Houston, Texas
1988: Bain begins buying small, failing retail chains and repackages them as Stage Stores Inc.
1997: Stage Stores Inc. acquires C.R. Anthony, another chain of department stores, which gives Stage Stores Inc. the appearance of growth. Five months later, Bain unloads its shares in the parent company, making a profit of $175 million.
2000: After more than two years of plummeting sales, Stage Stores Inc. files for bankruptcy.

What Romney said: The bankruptcy occurred a dozen years after Bain put the original deal together, and the company "grew for years," according to a spokesman.

WESLEY-JESSEN Eye Care HQ: Des Plain, Ill.
1995: Bain invests $6 million in Wesley-Jessen, a company specializing in color contacts.
1996: Wesley-Jessen acquires Barnes-Hind, a competitor, for $70-80 million of borrowed money.
1997: Wesley-Jessen's IPO is released. Bain begins to sell off its shares. The company has not shown net income.
2000: Ciba Vision, a unit of Novartis, purchases Wesley-Jessen. Bain reaps a $300 million profit. As of 2012, the company has not yet earned back its capital costs.

What Bain said: "The company more than doubled sales and tripled earnings under Bain Capital's ownership, transforming into a growing and highly profitable company."

STAPLES Office Supplies HQ: Framingham, Mass.
1986: Bain loans $5 million in seed money for Staples.
1989: Staples goes public, Bain earns a profit of $15 million. The company at the time employed only 1,100 people. Romney remains on the board for more than a decade.
2012: Staples employs 50,000 full-time employees, but that represents a reduction in the numbers who worked in the tens of thousands of main-street stationery and office-supply stores acquired by the company over the years.

What Bain said: "The company more than doubled sales and tripled earnings under Bain Capital's ownership, transforming into a growing and highly profitable company."
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