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146-635: The first formal Southern Furniture Market was held in High Point March 1–15, 1909. In 1921, the Southern Furniture Exposition Building opened for its first show June 20. Built in 19 months, the showroom cost approximately $ 1 million and held 249,000 square feet (23,100 m) of exhibition space. Regular shows were held in January and July. With the exception of 1943, the market was put on hold from 1941 until

292-659: A Neutrality Pact in April 1941, and Japan adopted the doctrine of Nanshin-ron , promoted by the Navy, which took its focus southward and eventually led to war with the United States and the Western Allies. In Europe, Germany and Italy were becoming more aggressive. In March 1938, Germany annexed Austria , again provoking little response from other European powers. Encouraged, Hitler began pressing German claims on

438-578: A cautious French probe into the Saarland . The Western Allies also began a naval blockade of Germany , which aimed to damage the country's economy and war effort. Germany responded by ordering U-boat warfare against Allied merchant and warships, which would later escalate into the Battle of the Atlantic . On 8 September, German troops reached the suburbs of Warsaw . The Polish counter-offensive to

584-529: A "niche city" or "a city that forges global centrality by creating an economic specialization in a specific segment of the global service economy." World War II Asia-Pacific Mediterranean and Middle East Other campaigns Coups World War II or the Second World War (1 September 1939 – 2 September 1945) was a global conflict between two coalitions: the Allies and

730-407: A $ 5.5 billion offer for both the toy and baby supplies businesses. The Toys 'R' Us buyout was one of the largest in several years. Following this transaction, by the end of 2004 and in 2005, major buyouts were once again becoming common and market observers were stunned by the leverage levels and financing terms obtained by financial sponsors in their buyouts. The following year, in 2005, Bain

876-518: A 16-fold gain. Bain invested the $ 37 million of capital in its first fund in twenty companies and by 1989 was generating an annualized return in excess of 50 percent. By the end of the decade, Bain's second fund, raised in 1987 had deployed $ 106 million into 13 investments. As the firm began organizing around funds, each such fund was run by a specific general partnership—that included all Bain Capital executives as well as others—which in turn

1022-605: A 20% stake in Tower Ltd from Australian financial conglomerate Suncorp . In January 2019, Bain Capital purchased a majority stake in technology consultancy Brillio . In October 2018, Bain Capital Private Equity and Bain Capital Life Sciences committed $ 350 million to a new biopharmaceutical company Cerevel Therapeutics . However, only $ 250 million of the committed amount was drawn. A deal

1168-505: A 30% stake in Genpact Ltd., India's largest business process and call center outsourcing firm, for $ 1 billion. Later that year, the company acquired hand and power tool company Apex Tool Group for roughly $ 1.6 billion. In May 2013, Bain Capital partnered with investment firms Golden Gate Capital , GIC Private Limited , and Insight Venture Partners to purchase BMC Software for roughly $ 6.9 billion. In December 2013,

1314-628: A 50% interest in Bombardier Inc. 's recreational products division, along with the Bombardier family and the Caisse de dépôt et placement du Québec , and created Bombardier Recreational Products or BRP. In 2004 a consortium comprising KKR, Bain Capital, and real estate development company Vornado Realty Trust announced the $ 6.6 billion acquisition of Toys "R" Us , the toy retailer. A month earlier, Cerberus Capital Management , made

1460-635: A completely separate company. Initially, the two firms shared the same offices—in an office tower at Copley Place in Boston —and a similar approach to improving business operations. However, the two firms had put in place certain protections to avoid sharing information between the two companies and the Bain & Company executives had the ability to veto investments that posed potential conflicts of interest. Bain Capital also provided an investment opportunity for partners of Bain & Company. The firm initially gave

1606-573: A cut of its profits to Bain & Company, but Romney later persuaded Bill Bain to give that up. The Bain Capital team was initially reluctant to invest its capital. By 1985, things were going poorly enough that Romney considered closing the operation, returning investors' money to them, and having the partners go back to their old positions. The partners saw weak spots in so many potential deals that by 1986, very few had been done. At first, Bain Capital focused on venture capital opportunities. One of Bain's earliest and most notable venture investments

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1752-753: A deal to invest up to $ 432 million in Chinese electronics manufacturer GOME Electrical Appliances for a stake of up to 23%. In 2010, the company acquired Styron, a division of The Dow Chemical Company , for $ 1.6 billion, and also acquired Gymboree for $ 1.8 billion. In 2011, the company, together with Hellman & Friedman, acquired Securitas Direct AB . Hellman & Friedman purchased Bain Capital's remaining stake in Securitas Direct in October 2015. In 2012, Bain Capital acquired Physio-Control for $ 478 million, and also acquired

1898-419: A major brand overhaul including the use of The Burger King character in advertising. In February 2006, Burger King announced plans for an initial public offering . In late 2002, Bain remained active acquiring Houghton Mifflin for $ 1.28 billion, together with Thomas H. Lee Partners and Blackstone Group . Houghton Mifflin and Burger King represented two of the first large club deals , completed since

2044-536: A nearly sevenfold return on its investment, and Romney sat on the Staples board of directors for over a decade. Another very successful investment occurred in 1986 when $ 1 million was invested in medical equipment maker Calumet Coach, which eventually returned $ 34 million. A few years later, Bain Capital made an investment in the technology research outfit the Gartner Group , which ended up returning

2190-616: A new transportation terminal, the Mendenhall Transportation Center, opened in downtown High Point to anchor the Market. On March 12, 2020, the spring event was moved from its intended April 25–29 date to early June as a result of the ongoing COVID-19 pandemic ; it was cancelled April 16. It marked the second time the Market was cancelled, with World War II being in the first. The Market's 70,000-80,000 attendees include exhibitors, buyers, designers, and media in

2336-524: A pretext to initiate the invasion. The first German attack of the war came against the Polish defences at Westerplatte . The United Kingdom responded with an ultimatum for Germany to cease military operations, and on 3 September, after the ultimatum was ignored, Britain and France declared war on Germany. During the Phoney War period, the alliance provided no direct military support to Poland, outside of

2482-781: A pretext to worsen relations. On 29 August, Hitler demanded that a Polish plenipotentiary immediately travel to Berlin to negotiate the handover of Danzig , and to allow a plebiscite in the Polish Corridor in which the German minority would vote on secession. The Poles refused to comply with the German demands, and on the night of 30–31 August in a confrontational meeting with the British ambassador Nevile Henderson , Ribbentrop declared that Germany considered its claims rejected. On 1 September 1939, Germany invaded Poland after having staged several false flag border incidents as

2628-454: A producer of umbrellas and overshoes. Three years later, Totes, under Bain's ownership, acquired Isotoner, a producer of leather gloves. Bain, together with Thomas H. Lee Partners , acquired Experian , the consumer credit reporting business of TRW Inc. , in 1996 for more than $ 1 billion. Formerly known as TRW's Information Systems and Services unit, Experian is one of the leading providers of credit reports on consumers and businesses in

2774-1212: A range of industry sectors and geographic regions. The firm was founded in 1984 by partners from the consulting firm Bain & Company . The company is headquartered at 200 Clarendon Street in Boston with 22 offices in North America, Europe, Asia, and Australia. Since its establishment, Bain Capital has invested in or acquired hundreds of companies, including AMC Theatres , Artisan Entertainment , Aspen Education Group , Apex Tool Group , Brookstone , Burger King , Burlington Coat Factory , Canada Goose , DIC Entertainment , Domino's Pizza , DoubleClick , Dunkin' Donuts , D&M Holdings , Guitar Center , Hospital Corporation of America (HCA) , iHeartMedia , ITP Aero , KB Toys , Sealy , Sports Authority , Staples , Toys "R" Us , Virgin Australia , Virgin Voyages , Warner Music Group , Fingerhut , Athenahealth , The Weather Channel , Varsity Brands and Apple Leisure Group , which includes AMResorts and Apple Vacations. The company and its actions during its first 15 years became

2920-466: A scheduling platform created by Drive Capital . In August 2023, Bain Capital took private Chindata Group Holdings, a data center company based in Beijing, in a deal valued at approximately $ 3.2 billion. In December 2023, Infroneer Holdings, a Japanese civil engineering group, had disclosed its intent to acquire Japan Wind Development from Bain Capital for an estimated $ 1.4 billion. In April 2024,

3066-475: A secret protocol that defined German and Soviet "spheres of influence" (western Poland and Lithuania for Germany; eastern Poland , Finland, Estonia , Latvia and Bessarabia for the Soviet Union), and raised the question of continuing Polish independence. The pact neutralised the possibility of Soviet opposition to a campaign against Poland and assured that Germany would not have to face the prospect of

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3212-416: A significant part of the region's furniture business cluster , which was discussed by urbanist Richard Florida and initially by economist Michael Porter . The High Point Market's relationship to downtown High Point is the focus of the book "Showroom City" by urban sociologist John Joe Schlichtman. Describing its ability to capture the global furniture merchandising market, Schlichtman describes High Point as

3358-774: A similar pact and rejected ceding part of its territory to the Soviet Union. The Soviet Union invaded Finland in November 1939, and was subsequently expelled from the League of Nations for this crime of aggression. Despite overwhelming numerical superiority, Soviet military success during the Winter War was modest, and the Finno-Soviet war ended in March 1940 with some Finnish concessions of territory . In June 1940,

3504-531: A two-front war, as it had in World War   I. Immediately afterwards, Hitler ordered the attack to proceed on 26 August, but upon hearing that the United Kingdom had concluded a formal mutual assistance pact with Poland and that Italy would maintain neutrality, he decided to delay it. In response to British requests for direct negotiations to avoid war, Germany made demands on Poland, which served as

3650-533: A value of over £530 million, an amount set to provide a windfall payout to LV='s customers. In November 2021, the company invested $ 200 million into Mixpanel . Bain Capital invested in health insurance brokerage firm Enhance Health. On November 5, 2021, it was reported that Bain Capital planned to list Brillio on the NASDAQ , with an IPO of valuation $ 3 billion or more, including debt. Bain Capital also invested $ 200 million into When I Work,

3796-604: The Anglo-German Naval Agreement and the German–Polish declaration of non-aggression . The situation became a crisis in late August as German troops continued to mobilise against the Polish border. On 23 August the Soviet Union signed a non-aggression pact with Germany, after tripartite negotiations for a military alliance between France, the United Kingdom, and Soviet Union had stalled. This pact had

3942-733: The Armco Worldwide Grinding System steel plant in Kansas City, Missouri and merged it with its steel plant in Georgetown, South Carolina to form GST Steel . The Kansas City plant had a strike in 1997 and Bain closed the plant in 2001, laying off 750 workers when it went into bankruptcy. The South Carolina plant closed in 2003 but subsequently reopened under a different owner. At the time of its bankruptcy it reported $ 553.9 million in debts against $ 395.2 in assets. Bain reported $ 58.4 million in profits,

4088-457: The Axis powers . Nearly all the world's countries —including all the great powers —participated, with many investing all available economic, industrial, and scientific capabilities in pursuit of total war , blurring the distinction between military and civilian resources. Tanks and aircraft played major roles , with the latter enabling the strategic bombing of population centres and delivery of

4234-689: The British Empire , with fighting in the Balkans , Mediterranean, and Middle East , the aerial Battle of Britain and the Blitz , and naval Battle of the Atlantic . Through a series of campaigns and treaties, Germany took control of much of continental Europe and formed the Axis alliance with Italy , Japan , and other countries. In June 1941, Germany led the European Axis in an invasion of

4380-581: The German Revolution of 1918–1919 , and a democratic government, later known as the Weimar Republic , was created. The interwar period saw strife between supporters of the new republic and hardline opponents on both the political right and left. Italy, as an Entente ally, had made some post-war territorial gains; however, Italian nationalists were angered that the promises made by the United Kingdom and France to secure Italian entrance into

4526-853: The German invasion of Poland and the United Kingdom and France 's declaration of war on Germany two days later on 3 September 1939. Dates for the beginning of the Pacific War include the start of the Second Sino-Japanese War on 7 July 1937, or the earlier Japanese invasion of Manchuria , on 19 September 1931. Others follow the British historian A. J. P. Taylor , who stated that the Sino-Japanese War and war in Europe and its colonies occurred simultaneously, and

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4672-576: The Italian mainland , and Allied offensives in the Pacific—cost the Axis powers their initiative and forced them into strategic retreat on all fronts. In 1944, the Western Allies invaded German-occupied France at Normandy , while the Soviet Union regained its territorial losses and pushed Germany and its allies westward. At the same time, Japan suffered reversals in mainland Asia, while the Allies crippled

4818-553: The Japanese Navy and captured key islands . The war in Europe concluded with the liberation of German-occupied territories ; the invasion of Germany by the Western Allies and the Soviet Union, culminating in the fall of Berlin to Soviet troops; Hitler's suicide ; and the German unconditional surrender on 8 May 1945 . Following the refusal of Japan to surrender on the terms of the Potsdam Declaration ,

4964-695: The League of Nations as a force to preserve peace. Both Italy and Ethiopia were member nations, but the League did little when the former clearly violated Article X of the League's Covenant . The United Kingdom and France supported imposing sanctions on Italy for the invasion, but the sanctions were not fully enforced and failed to end the Italian invasion. Italy subsequently dropped its objections to Germany's goal of absorbing Austria . When civil war broke out in Spain, Hitler and Mussolini lent military support to

5110-731: The Nationalist rebels , led by General Francisco Franco . Italy supported the Nationalists to a greater extent than the Nazis: Mussolini sent more than 70,000 ground troops, 6,000 aviation personnel, and 720 aircraft to Spain. The Soviet Union supported the existing government of the Spanish Republic . More than 30,000 foreign volunteers, known as the International Brigades , also fought against

5256-690: The Rome–Berlin Axis . A month later, Germany and Japan signed the Anti-Comintern Pact , which Italy joined the following year. The Kuomintang (KMT) party in China launched a unification campaign against regional warlords and nominally unified China in the mid-1920s, but was soon embroiled in a civil war against its former Chinese Communist Party (CCP) allies and new regional warlords . In 1931, an increasingly militaristic Empire of Japan , which had long sought influence in China as

5402-590: The Soviet–Japanese Neutrality Pact in April 1941. By contrast, the Germans were steadily making preparations for an attack on the Soviet Union, massing forces on the Soviet border. Hitler believed that the United Kingdom's refusal to end the war was based on the hope that the United States and the Soviet Union would enter the war against Germany sooner or later. On 31 July 1940, Hitler decided that

5548-598: The Stresa Front in April 1935 in order to contain Germany, a key step towards military globalisation ; however, that June, the United Kingdom made an independent naval agreement with Germany, easing prior restrictions. The Soviet Union, concerned by Germany's goals of capturing vast areas of Eastern Europe , drafted a treaty of mutual assistance with France. Before taking effect, though, the Franco-Soviet pact

5694-709: The Sudetenland , an area of Czechoslovakia with a predominantly ethnic German population. Soon the United Kingdom and France followed the appeasement policy of British Prime Minister Neville Chamberlain and conceded this territory to Germany in the Munich Agreement , which was made against the wishes of the Czechoslovak government, in exchange for a promise of no further territorial demands. Soon afterwards, Germany and Italy forced Czechoslovakia to cede additional territory to Hungary, and Poland annexed

5840-652: The Tanggu Truce was signed in 1933. Thereafter, Chinese volunteer forces continued the resistance to Japanese aggression in Manchuria , and Chahar and Suiyuan . After the 1936 Xi'an Incident , the Kuomintang and CCP forces agreed on a ceasefire to present a united front to oppose Japan. The Second Italo-Ethiopian War was a brief colonial war that began in October 1935 and ended in May 1936. The war began with

5986-524: The Trans-Olza region of Czechoslovakia. Although all of Germany's stated demands had been satisfied by the agreement, privately Hitler was furious that British interference had prevented him from seizing all of Czechoslovakia in one operation. In subsequent speeches Hitler attacked British and Jewish "war-mongers" and in January 1939 secretly ordered a major build-up of the German navy to challenge British naval supremacy. In March 1939, Germany invaded

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6132-558: The Treaty of Craiova . The loss of one-third of Romania's 1939 territory caused a coup against King Carol II, turning Romania into a fascist dictatorship under Marshal Ion Antonescu , with a course set towards the Axis in the hopes of a German guarantee. Meanwhile, German-Soviet political relations and economic co-operation gradually stalled, and both states began preparations for war. In April 1940, Germany invaded Denmark and Norway to protect shipments of iron ore from Sweden , which

6278-601: The U.S. Securities and Exchange Commission as "sole shareholder, sole director, Chief Executive Officer and President". The SEC filings reflected the legal reality and the ownership interest in the Bain Capital management company. In practice, former Bain partners have stated that Romney's attention was mostly occupied by his Olympics position. He did stay in regular contact with his partners, and traveled to meet with them several times, signing corporate and legal documents and paying attention to his own interests within

6424-401: The United Kingdom and France to declare war on Germany. Poland was divided between Germany and the Soviet Union under the Molotov–Ribbentrop Pact , in which they had agreed on " spheres of influence " in Eastern Europe. In 1940, the Soviets annexed the Baltic states and parts of Finland and Romania . After the fall of France in June 1940, the war continued mainly between Germany and

6570-426: The Wehrmacht rapidly advanced to the Channel and cut off the Allied forces in Belgium, trapping the bulk of the Allied armies in a cauldron on the Franco-Belgian border near Lille. The United Kingdom was able to evacuate a significant number of Allied troops from the continent by early June, although they had to abandon almost all their equipment. On 10 June, Italy invaded France , declaring war on both France and

6716-451: The aftermath of World War I and the rise of fascism in Europe and militarism in Japan . Key events leading up to the war included Japan's invasion of Manchuria , the Spanish Civil War , the outbreak of the Second Sino-Japanese War , and Germany's annexations of Austria and the Sudetenland . World War II is generally considered to have begun on 1 September 1939, when Nazi Germany , under Adolf Hitler , invaded Poland , prompting

6862-543: The only two nuclear weapons ever used in war. World War II was the deadliest conflict in history, resulting in 70 to 85 million deaths , more than half being civilians. Millions died in genocides , including the Holocaust of European Jews, as well as from massacres, starvation, and disease. Following the Allied powers' victory, Germany , Austria , Japan , and Korea were occupied, and war crimes tribunals were conducted against German and Japanese leaders . The causes of World War II included unresolved tensions in

7008-404: The reunification of East and West Germany to take place and resolved most post–World War   II issues. No formal peace treaty between Japan and the Soviet Union was ever signed, although the state of war between the two countries was terminated by the Soviet–Japanese Joint Declaration of 1956 , which also restored full diplomatic relations between them. World War I had radically altered

7154-405: The 12th floor of the IHFC opened, giving the building 3,500,000 square feet (330,000 m) of space, more than 14 times its original size. In 2001, organizers announced the formation of the High Point Market Authority, the official organizer of the Market. The next year, the Authority approached the N.C. General Assembly for the first time in its history seeking state support for the trade show,

7300-441: The 1990s as a result of increased pressure from national discount chains such as Walmart and Target , filed for Chapter 11 bankruptcy protection in January 2004. Bain had been able to recover value on its investment through a dividend recapitalization in 2003. In early 2001, Bain agreed to purchase a 30 percent stake, worth $ 600 million, in Huntsman Corporation , a leading chemical company owned by Jon Huntsman, Sr. , but

7446-445: The 1990s found that the firm lost money or broke even on 33 of them. Another study that looked at the eight-year period following 77 deals during the same time found that in 17 cases the company went bankrupt or out of business, and in 6 cases Bain Capital lost all its investment. But 10 deals were very successful and represented 70 percent of the total profits. Romney had two diversions from Bain Capital during

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7592-409: The Allies were attempting to cut off . Denmark capitulated after six hours , and despite Allied support , Norway was conquered within two months. British discontent over the Norwegian campaign led to the resignation of Prime Minister Neville Chamberlain , who was replaced by Winston Churchill on 10   May 1940. On the same day, Germany launched an offensive against France . To circumvent

7738-424: The April and October shows. Also in 1982, Market Square opened in the renovated Tomlinson Chair complex. It is credited with starting the dramatic increase in showroom space that made High Point a major furniture exhibition center. The Southern Furniture Market was renamed the International Home Furnishings Market in 1989. High Point's largest showroom, the Southern Furniture Exposition Building, changed its name to

7884-400: The Axis war against the Soviet Union, in Romania's case partially to recapture territory ceded to the Soviet Union . In early June 1940, the Italian Regia Aeronautica attacked and besieged Malta , a British possession. From late summer to early autumn, Italy conquered British Somaliland and made an incursion into British-held Egypt . In October, Italy attacked Greece , but the attack

8030-421: The Blitz , but largely ended in May 1941 after failing to significantly disrupt the British war effort. Using newly captured French ports, the German Navy enjoyed success against an over-extended Royal Navy , using U-boats against British shipping in the Atlantic . The British Home Fleet scored a significant victory on 27   May 1941 by sinking the German battleship Bismarck . In November 1939,

8176-406: The Commerce and Design Building, as well as several other freestanding buildings. The ownership of more than 50% of downtown High Point real estate by private equity marked a new era for the Market. In September 2017, Blackstone Inc. and Fireside Investments purchased IMC, which at the time owned 14 buildings with 6.7 million square feet in High Point. The High Point Market has been noted for being

8322-405: The European Axis declaring war on the US. Japan conquered much of coastal China and Southeast Asia , but its advances in the Pacific were halted in mid-1942 after its defeat in the naval Battle of Midway ; Germany and Italy were defeated in North Africa and at Stalingrad in the Soviet Union. Key setbacks in 1943—including German defeats on the Eastern Front, the Allied invasions of Sicily and

8468-410: The French possessions of Syria and Lebanon , assisted by the Free French . With the situation in Europe and Asia relatively stable, Germany, Japan, and the Soviet Union made preparations for war. With the Soviets wary of mounting tensions with Germany, and the Japanese planning to take advantage of the European War by seizing resource-rich European possessions in Southeast Asia , the two powers signed

8614-454: The Frist family (which had founded the company) completed a $ 31.6 billion acquisition of Hospital Corporation of America , 17 years after it was taken private for the first time in a management buyout. At the time of its announcement, the HCA buyout was the first of several to set new records for the largest buyout, eclipsing the 1989 buyout of RJR Nabisco . It was later surpassed by the buyouts of EQ Office and TXU . In August 2006, Bain

8760-426: The Germans, and the last large operational unit of the Polish Army surrendered on 6   October . Despite the military defeat, Poland never surrendered; instead, it formed the Polish government-in-exile and a clandestine state apparatus remained in occupied Poland. A significant part of Polish military personnel evacuated to Romania and Latvia; many of them later fought against the Axis in other theatres of

8906-477: The International Home Furnishings Center, or IHFC. With nearly 7,000,000 square feet (650,000 m) of furniture showroom space already available around the city, a decade-long showroom building boom began. In the 1990s, a construction boom added an additional 3,000,000 square feet (279,000 m) of showrooms to High Point. Showroom expansion continued in 2000, with the addition of new temporary exhibit spaces: The Suites at Market Square and Showplace. A year later,

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9052-557: The Las Vegas World Market Center were combined into the new firm International Market Centers (IMC). This transaction consolidated the major showroom facilities in downtown High Point, over 60% of the city's showroom space. IMC was backed by funds from Bain Capital and Oaktree Capital . The list of IMC’s High Point properties included the International Home Furnishings Center, Market Square, Market Square Tower, Suites at Market Square, Plaza Suites, Furniture Plaza, National Furniture Mart, Hamilton Market, Showplace, Showplace West and, later,

9198-450: The Nationalists. Both Germany and the Soviet Union used this proxy war as an opportunity to test in combat their most advanced weapons and tactics. The Nationalists won the civil war in April 1939; Franco, now dictator, remained officially neutral during World War   II but generally favoured the Axis . His greatest collaboration with Germany was the sending of volunteers to fight on the Eastern Front . In July 1937, Japan captured

9344-452: The Royal Navy putting three Italian battleships out of commission after a carrier attack at Taranto , and neutralising several more warships at the Battle of Cape Matapan . Italian defeats prompted Germany to deploy an expeditionary force to North Africa; at the end of March 1941, Rommel 's Afrika Korps launched an offensive which drove back Commonwealth forces. In less than a month, Axis forces advanced to western Egypt and besieged

9490-423: The Soviet Union occupied the entire territories of Estonia, Latvia and Lithuania, as well as the Romanian regions of Bessarabia, Northern Bukovina, and the Hertsa region . In August 1940, Hitler imposed the Second Vienna Award on Romania which led to the transfer of Northern Transylvania to Hungary. In September 1940, Bulgaria demanded Southern Dobruja from Romania with German and Italian support, leading to

9636-421: The Soviet Union , opening the Eastern Front and initially making large territorial gains. Japan aimed to dominate East Asia and the Asia-Pacific , and by 1937 was at war with the Republic of China . In December 1941, Japan attacked American and British territories in Southeast Asia and the Central Pacific , including Pearl Harbor in Hawaii , which resulted in the US and the UK declaring war against Japan, and

9782-418: The Soviet Union and Mongolia . The Japanese doctrine of Hokushin-ron , which emphasised Japan's expansion northward, was favoured by the Imperial Army during this time. This policy would prove difficult to maintain in light of the Japanese defeat at Khalkin Gol in 1939, the ongoing Second Sino-Japanese War and ally Nazi Germany pursuing neutrality with the Soviets. Japan and the Soviet Union eventually signed

9928-575: The Soviet Union should be eliminated and aimed for the conquest of Ukraine , the Baltic states and Byelorussia . However, other senior German officials like Ribbentrop saw an opportunity to create a Euro-Asian bloc against the British Empire by inviting the Soviet Union into the Tripartite Pact. In November 1940, negotiations took place to determine if the Soviet Union would join the pact. The Soviets showed some interest but asked for concessions from Finland, Bulgaria, Turkey, and Japan that Germany considered unacceptable. On 18 December 1940, Hitler issued

10074-402: The US dropped the first atomic bombs on Hiroshima and Nagasaki on 6 and 9 August. Faced with an imminent invasion of the Japanese archipelago , the possibility of further atomic bombings, and the Soviet declaration of war against Japan and its invasion of Manchuria , Japan announced its unconditional surrender on 15 August and signed a surrender document on 2 September 1945 , marking

10220-515: The US. The company was sold to Great Universal Stores for $ 1.7 billion just months after being acquired. Other notable Bain investments of the late 1990s, included Sealy Corporation , the manufacturer of mattresses; Alliance Laundry Systems ; Domino's Pizza and Artisan Entertainment. Much of the firm's profits was earned from a relatively small number of deals, with Bain Capital's overall success and failure rate being about even. One study of 68 deals that Bain Capital made up through

10366-424: The United Kingdom and France guaranteed their support for Polish independence ; when Italy conquered Albania in April 1939, the same guarantee was extended to the Kingdoms of Romania and Greece . Shortly after the Franco - British pledge to Poland, Germany and Italy formalised their own alliance with the Pact of Steel . Hitler accused the United Kingdom and Poland of trying to "encircle" Germany and renounced

10512-542: The United Kingdom attacked on 3   July in an attempt to prevent its seizure by Germany. The air Battle of Britain began in early July with Luftwaffe attacks on shipping and harbours . The German campaign for air superiority started in August but its failure to defeat RAF Fighter Command forced the indefinite postponement of the proposed German invasion of Britain . The German strategic bombing offensive intensified with night attacks on London and other cities in

10658-461: The United Kingdom. The Germans turned south against the weakened French army, and Paris fell to them on 14   June. Eight days later France signed an armistice with Germany ; it was divided into German and Italian occupation zones , and an unoccupied rump state under the Vichy Regime , which, though officially neutral, was generally aligned with Germany. France kept its fleet, which

10804-660: The United States was assisting China and the Western Allies, and had amended the Neutrality Act to allow "cash and carry" purchases by the Allies. In 1940, following the German capture of Paris, the size of the United States Navy was significantly increased . In September the United States further agreed to a trade of American destroyers for British bases . Still, a large majority of the American public continued to oppose any direct military intervention in

10950-659: The Williamhouse-Regency Division of Delaware, Inc. in October 1995, Niagara Envelope Company, Inc. in 1996, and Shade/Allied, Inc. in February 1997. Ampad's revenue began to decline in 1997, and the company laid off employees and closed production facilities to maintain profitability. Employment declined from 4,105 in 1996 to 3,800 in 2000. The company ceased trading on the New York stock exchange on December 22, 2000, and filed for bankruptcy in 2001. At

11096-551: The Yellow River ; this manoeuvre bought time for the Chinese to prepare their defences at Wuhan , but the city was taken by October. Japanese military victories did not bring about the collapse of Chinese resistance that Japan had hoped to achieve; instead, the Chinese government relocated inland to Chongqing and continued the war. In the mid-to-late 1930s, Japanese forces in Manchukuo had sporadic border clashes with

11242-443: The acquisition of Burlington Coat Factory , a discount retailer operating 367 department stores in 42 states, in a $ 2 billion buyout transaction. Six months later, in October 2006, Bain and The Blackstone Group acquired Michaels Stores , the largest arts and crafts retailer in North America in a $ 6.0 billion leveraged buyout. Bain and Blackstone narrowly beat out Kohlberg Kravis Roberts and TPG Capital in an auction for

11388-623: The announcement of the HD Supply deal, on June 27, Bain announced the acquisition of Guitar Center , the leading musical equipment retailer in the U.S. Bain paid $ 1.9 billion, plus $ 200 million in assumed debt, representing a 26% premium to the stock's closing price prior to the announcement. Bain also acquired Edcon Limited , which operates Edgars Department Stores in South Africa and Zimbabwe for 25 billion rand ($ 3.5 billion) in February 2007. Other investments during

11534-842: The buyout boom included: Bavaria Yachtbau , acquired for €1.3 billion in July 2007 as well as Sensata Technologies, acquired from Texas Instruments in 2006 for approximately $ 3 billion. It is noted that Bain Capital seldom engages in reinvesting in its own companies that ran into difficulties. This was the case with Dade Behring , which was sold after emerging from a bankruptcy. In July 2008, Bain Capital, together with NBC Universal and Blackstone Group agreed to purchase The Weather Channel from Landmark Communications . The company also partnered with Thomas H. Lee Partners to acquire Clear Channel Communications in July 2008. That same year, Bain Capital acquired D&M Holdings for $ 442 million. In June 2009, Bain Capital announced

11680-517: The capital Nanking in December 1937. After the fall of Nanking, tens or hundreds of thousands of Chinese civilians and disarmed combatants were murdered by the Japanese . In March 1938, Nationalist Chinese forces won their first major victory at Taierzhuang , but then the city of Xuzhou was taken by the Japanese in May. In June 1938, Chinese forces stalled the Japanese advance by flooding

11826-461: The chance to head a new venture that would invest in companies and apply Bain's consulting techniques to improve operations. In addition to the three founding partners, the early team included Fraser Bullock , Robert F. White , Joshua Bekenstein , Adam Kirsch, and Geoffrey S. Rehnert. Romney initially held the titles of president and managing general partner or managing partner. He later became referred to as managing director or CEO as well. He

11972-725: The collapse of the Dot-com bubble . In November 2003, Bain completed an investment in Warner Music Group through an acquisition by Edgar Bronfman Jr. In 2004 Bain acquired the Dollarama chain of dollar stores , based in Montreal , Quebec , Canada and operating stores in the provinces of Eastern Canada for $ 1.05 billion CAD . In March 2004, Bain acquired Brenntag Group from Deutsche Bahn AG (Exited in 2006; sold to BC Partners for $ 4B). In August 2003, Bain acquired

12118-784: The company acquired a majority stake in the clothing chain Canada Goose Inc. In April 2014, Bain Capital purchased a controlling stake in Viewpoint Construction Software, a construction-specific software company, for $ 230 million. In November 2014, the company and Virgin Group announced the creation of a new cruise line, which is currently known as Virgin Voyages . Later that year, Bain agreed to purchase four divisions of CRH for roughly $ 650 million. In March 2015, Bain Capital agreed to buy Blue Coat Systems for roughly $ 2.4 billion. In 2016,

12264-422: The company entered into bankruptcy in 2002. Following its restructuring, Dade Behring emerged from Bankruptcy in 2003 and continued to operate independently until 2007 when the business was acquired by Siemens Medical Solutions . Bain and Goldman lost their remaining stock in the company as part of the bankruptcy. By the end of the decade, Bain Capital was on its way to being one of the top private equity firms in

12410-518: The company public the following year. Bain Capital began the new decade by closing on its seventh fund, Bain Capital Fund VII, with over $ 3.1 billion of investor commitments. The firm's most notable investments in 2000 included the $ 700 million acquisition of Datek, sold to TD Ameritrade in 2002, as well as the $ 305 million acquisition of KB Toys from Consolidated Stores . KB Toys, which had been financially troubled since

12556-709: The company with DuPont's in vitro diagnostics business in May 1996 and subsequently with the Behring Diagnostics division of Hoechst AG in 1997. Aventis , the successor of Hoechst, acquired 52% of the combined company. In 1999, the company reported $ 1.3 billion of revenue and completed a $ 1.25 billion leveraged recapitalization that resulted in a payout to shareholders. The dividend, taken together with other previous shareholder dividends resulted in an eightfold return on investment to Bain Capital and Goldman Sachs. Revenues declined from 1999 through 2002 and despite attempts to cut costs through layoffs

12702-434: The company. In June 2007, Bain agreed to acquire HD Supply , the wholesale construction supply business of Home Depot for $ 10.3 billion. Bain, along with partners Carlyle Group and Clayton, Dubilier & Rice , would later negotiate a lower price ($ 8.5 billion) when the initial stages of the subprime mortgage crisis caused lenders to seek to renegotiate the terms of the acquisition financing. Just days after

12848-403: The conflict well into 1941. In December 1940, Roosevelt accused Hitler of planning world conquest and ruled out any negotiations as useless, calling for the United States to become an " arsenal of democracy " and promoting Lend-Lease programmes of military and humanitarian aid to support the British war effort; Lend-Lease was later extended to the other Allies, including the Soviet Union after it

12994-481: The consortium was criticized by investors in private equity who considered cross-holdings among firms to be generally unattractive. Bain led a consortium, together with The Carlyle Group and Thomas H. Lee Partners to acquire Dunkin' Brands . The private equity firms paid $ 2.425 billion in cash for the parent company of Dunkin' Donuts and Baskin-Robbins in December 2005. In 2006, Bain Capital and Kohlberg Kravis Roberts , together with Merrill Lynch and

13140-526: The creation of a " New Roman Empire ". Adolf Hitler , after an unsuccessful attempt to overthrow the German government in 1923, eventually became the Chancellor of Germany in 1933 when Paul von Hindenburg and the Reichstag appointed him. Following Hindenburg's death in 1934, Hitler proclaimed himself Führer of Germany and abolished democracy, espousing a radical, racially motivated revision of

13286-476: The deal was never completed. With a significant amount of committed capital in its new fund available for investment, Bain was one of a handful of private equity investors capable of completing large transactions in the adverse conditions of the early 2000s recession . In July 2002, Bain together with TPG Capital and Goldman Sachs Capital Partners , announced the high-profile $ 2.3 billion leveraged buyout of Burger King from Diageo . However, in November

13432-600: The directive to prepare for an invasion of the Soviet Union. Bain Capital Bain Capital, LP is an American private investment firm based in Boston , Massachusetts , with around $ 185 billion of assets under management. It specializes in private equity , venture capital , credit, public equity, impact investing , life sciences, crypto , tech opportunities, partnership opportunities, special situations, and real estate . Bain Capital invests across

13578-757: The dissolution of the Austro-Hungarian, Ottoman, and Russian Empires. To prevent a future world war, the League of Nations was established in 1920 by the Paris Peace Conference . The organisation's primary goals were to prevent armed conflict through collective security, military, and naval disarmament , as well as settling international disputes through peaceful negotiations and arbitration. Despite strong pacifist sentiment after World War   I , irredentist and revanchist nationalism had emerged in several European states. These sentiments were especially marked in Germany because of

13724-490: The employee pension fund had a liability of $ 44 million. Bain's investment in Dade Behring represented a significant investment in the medical diagnostics industry. In 1994, Bain, together with Goldman Sachs Capital Partners completed a carveout acquisition of Dade International, the medical diagnostics division of Baxter International in a $ 440 million acquisition. Dade's private equity owners merged

13870-406: The end of World War II . The $ 1 million 10-story Wrenn Wing was added to the Southern Furniture Exposition Building in 1950. The center's fourth expansion is connected to older parts of the building by glass walkways over Wrenn Street. During the 1950s, informal "in-between" markets began to emerge, hosting visitors in April and October. The main markets were still held in January and July. However,

14016-428: The end of 1990, Bain had raised $ 175 million of capital and financed 35 companies with combined revenues of $ 3.5 billion. In July 1992, Bain acquired Ampad (originally American Pad & Paper) from Mead Corporation , which had acquired the company in 1986. Mead, which had been experiencing difficulties integrating Ampad's products into its existing product lines, generated a cash gain of $ 56 million on

14162-662: The end of May completed the German conquest of the Balkans. Partisan warfare subsequently broke out against the Axis occupation of Yugoslavia , which continued until the end of the war. In the Middle East in May, Commonwealth forces quashed an uprising in Iraq which had been supported by German aircraft from bases within Vichy-controlled Syria . Between June and July, British-led forces invaded and occupied

14308-402: The end of the 1980s, leveraged buyout boom. Also, at the time of its announcement, SunGard would be the largest buyout of a technology company in history, a distinction it would cede to the buyout of Freescale Semiconductor . The SunGard transaction is also notable in the number of firms involved in the transaction, the largest club deal completed to that point. The involvement of seven firms in

14454-511: The end of the war. World War II changed the political alignment and social structure of the world, and it set the foundation of international relations for the rest of the 20th century and into the 21st century. The United Nations was established to foster international cooperation and prevent conflicts, with the victorious great powers—China, France, the Soviet Union, the UK, and the US—becoming

14600-887: The firm and 11North Partners announced the formation of a partnership for the acquisition and operation of open-air retail centres throughout the US and Canada. Bain Capital's businesses include private equity , venture capital , public equity , and credit. The firm also has specialized businesses focused on impact investing, life sciences and real estate. Bain Capital Private Equity has invested across several industries, geographies, and business life cycles. Bain Capital Private Equity also operates in Europe, Australia, and Asia. Historically, Bain Capital has primarily relied on private equity funds , pools of committed capital from pension funds , insurance companies , endowments , fund of funds , high-net-worth individuals , sovereign wealth funds , and other institutional investors . According to

14746-489: The firm and to his departure negotiations. Bain Capital Fund VI in 1998 was the last one Romney was involved in; investors were worried that with Romney gone, the firm would have trouble raising money for Bain Capital Fund VII in 2000, but in practice the $ 2.5 billion was raised without much trouble. His former partners have said that Romney had no role in assessing other new investments after February 1999, nor

14892-470: The firm during the 1999-2002 period also garnered attention. In 2000, DIC Entertainment chairman and CEO Andy Heyward partnered with Bain Capital Inc in a management buyout of DIC from The Walt Disney Company . Heyward continued as chairman and CEO of the animation studio, which has more than 2,500 half-hours of programming in its library. He purchased Bain Capital's interest in 2004 and took

15038-507: The firm named Jonathan Lavine and John Connaughton as co-managing partners, and also named Steven Pagliuca and Joshua Bekenstein as co-chairman. In March 2017, Bain Capital agreed to acquire industrial cleaning company Diversey for $ 3.2 billion. Later that year, Bain partnered with Cinven to take German company Stada Arzneimittel private. In February 2018, Bain Capital Private Equity agreed to acquire Dutch stroller brand Bugaboo International . In March 2018, Bain Capital purchased

15184-464: The firm was finalized in early 2002. Romney negotiated a ten-year retirement agreement with Bain Capital that allowed him to receive a passive profit share and interest as a retired partner in some Bain Capital entities, including buyout and Bain Capital investment funds, in exchange for his ownership in the management company. Because the private equity business continued to thrive, this deal would bring him millions of dollars in annual income. Romney

15330-635: The first half of the decade. From January 1991 to December 1992, Romney was the CEO of Bain & Company where he led the successful turnaround of the consulting firm (he remained managing general partner of Bain Capital during this time). In November 1993, he took a leave of absence for his unsuccessful 1994 run for the U.S. Senate seat from Massachusetts ; he returned the day after the election in November 1994. During that time, Ampad workers went on strike, and asked Romney to intervene; Bain Capital lawyers asked him not to get involved, although he did meet with

15476-575: The first step of what its government saw as the country's right to rule Asia , staged the Mukden incident as a pretext to invade Manchuria and establish the puppet state of Manchukuo . China appealed to the League of Nations to stop the Japanese invasion of Manchuria. Japan withdrew from the League of Nations after being condemned for its incursion into Manchuria. The two nations then fought several battles, in Shanghai , Rehe and Hebei , until

15622-864: The former Chinese imperial capital of Peking after instigating the Marco Polo Bridge incident , which culminated in the Japanese campaign to invade all of China. The Soviets quickly signed a non-aggression pact with China to lend materiel support, effectively ending China's prior cooperation with Germany . From September to November, the Japanese attacked Taiyuan , engaged the Kuomintang Army around Xinkou , and fought Communist forces in Pingxingguan . Generalissimo Chiang Kai-shek deployed his best army to defend Shanghai , but after three months of fighting, Shanghai fell. The Japanese continued to push Chinese forces back, capturing

15768-476: The furniture industry. Among the High Point Market attendees transacting business are widely known figures from other arenas who participate in the home furnishings industry, including Martha Stewart , Kathy Ireland , Alexander Julian , Jonathan Adler , Oscar de la Renta , Candice Olsen , Paula Deen , Drew Scott , Jonathan Scott , and Charles Spencer . In May 2011, the High Point Market and

15914-563: The head of the Salt Lake Organizing Committee for the 2002 Winter Olympics . The decision caused turmoil at Bain Capital, with a power struggle ensuing. Some partners left and founded the Audax Group and Golden Gate Capital . Other partners threatened to leave, and there was a prospect of eight-figure lawsuits being filed. Romney was worried that the firm might be destroyed, but the crisis ebbed. Romney

16060-525: The invasion of the Ethiopian Empire (also known as Abyssinia ) by the armed forces of the Kingdom of Italy ( Regno d'Italia ), which was launched from Italian Somaliland and Eritrea . The war resulted in the military occupation of Ethiopia and its annexation into the newly created colony of Italian East Africa ( Africa Orientale Italiana , or AOI); in addition it exposed the weakness of

16206-680: The largest event in the state of North Carolina. In 2003, the Market Authority began a massive shuttle service that today supports over 300,000 riders per year. The N.C. Department of Transportation set aside $ 900,000 for each of the next two years so the Authority could offer free shuttles to and from 100 hotels and the Piedmont Triad International Airport , Charlotte Douglas International Airport , and Raleigh-Durham International Airport . In 2005,

16352-402: The nation, having increased its number of partners from 5 to 18, having 115 employees overall, and having $ 4 billion under its management. The firm's average annual return on investments was 113 percent. It had made between 100 and 150 deals where it acquired and then sold a company. Romney took a paid leave of absence from Bain Capital in February 1999, when he became

16498-415: The original transaction collapsed when Burger King failed to meet certain performance targets. In December 2002, Bain and its co-investors agreed on a reduced $ 1.5 billion purchase price for the investment. The Bain consortium had support from Burger King's franchisees, who controlled approximately 92% of Burger King restaurants at the time of the transaction. Under its new owners, Burger King underwent

16644-619: The owner of the New England Patriots football team . They also included members of elite Salvadoran families such as Ricardo Poma whose capital fled the country's civil war . They and other wealthy Latin Americans invested $ 9 million primarily through offshore companies registered in Panama . While Bain Capital was founded by Bain executives, the firm was not an affiliate or a division of Bain & Company but rather

16790-502: The permanent members of its security council . The Soviet Union and the United States emerged as rival superpowers , setting the stage for the Cold War . In the wake of European devastation, the influence of its great powers waned, triggering the decolonisation of Africa and Asia . Most countries whose industries had been damaged moved towards economic recovery and expansion . World War II began in Europe on 1 September 1939 with

16936-589: The political European map with the defeat of the Central Powers —including Austria-Hungary , Germany , Bulgaria , and the Ottoman Empire —and the 1917 Bolshevik seizure of power in Russia , which led to the founding of the Soviet Union. Meanwhile, the victorious Allies of World War I , such as France, Belgium, Italy, Romania, and Greece, gained territory, and new nation-states were created out of

17082-599: The port of Tobruk . By late March 1941, Bulgaria and Yugoslavia signed the Tripartite Pact ; however, the Yugoslav government was overthrown two days later by pro-British nationalists. Germany and Italy responded with simultaneous invasions of both Yugoslavia and Greece , commencing on 6 April 1941; both nations were forced to surrender within the month. The airborne invasion of the Greek island of Crete at

17228-722: The remainder of Czechoslovakia and subsequently split it into the German Protectorate of Bohemia and Moravia and a pro-German client state , the Slovak Republic . Hitler also delivered an ultimatum to Lithuania on 20 March 1939, forcing the concession of the Klaipėda Region , formerly the German Memelland . Greatly alarmed and with Hitler making further demands on the Free City of Danzig ,

17374-580: The sale. Under Bain's ownership, the company enjoyed a significant growth in sales from $ 106.7 million in 1992 to $ 583.9 million in 1996, when the company was listed on the New York Stock Exchange . Under Bain's ownership, the company also made a number of acquisitions, including writing products company SCM in July 1994, brand names from the American Trading and Production Corporation in August 1995, WR Acquisition and

17520-410: The significant territorial, colonial, and financial losses imposed by the Treaty of Versailles . Under the treaty, Germany lost around 13 percent of its home territory and all its overseas possessions , while German annexation of other states was prohibited, reparations were imposed, and limits were placed on the size and capability of the country's armed forces . The German Empire was dissolved in

17666-496: The size and scope of the mid-season marketing during April and October begin to surpass the January and July shows in the 1960s. In the 1970s, showrooms other than the Southern Furniture Exposition Building gained stature, both in size and importance. In 1980, organizers in Dallas made a bid to host the major national home furnishings market. In 1982, marking a complete transition, the January and July shows were discontinued, leaving

17812-498: The start or prelude to World War II. The exact date of the war's end also is not universally agreed upon. It was generally accepted at the time that the war ended with the armistice of 15 August 1945 ( V-J Day ), rather than with the formal surrender of Japan on 2 September 1945, which officially ended the war in Asia . A peace treaty between Japan and the Allies was signed in 1951. A 1990 treaty regarding Germany's future allowed

17958-593: The strong Maginot Line fortifications on the Franco-German border, Germany directed its attack at the neutral nations of Belgium , the Netherlands , and Luxembourg . The Germans carried out a flanking manoeuvre through the Ardennes region, which was mistakenly perceived by the Allies as an impenetrable natural barrier against armoured vehicles. By successfully implementing new Blitzkrieg tactics,

18104-548: The subject of political and media scrutiny as a result of co-founder Mitt Romney 's later political career, especially his 2012 presidential campaign . In June 2023, Bain Capital was ranked 13th in Private Equity International 's PEI 300 ranking of the largest private equity firms in the world. Bain Capital was founded in 1984 by Bain & Company partners Mitt Romney , T. Coleman Andrews III, and Eric Kriss , after Bill Bain had offered Romney

18250-523: The time of the bankruptcy, Bain Capital held a 34.9% equity ownership interest in the company. The assets were acquired in 2003 by Crescent Investments . Bain's eight years' of involvement in Ampad is estimated to have generated over $ 100 million in profits ($ 60 million in dividends, $ 45–50 million from the proceeds from stock issued after the company went public, and $ 1.5-2 million in annual management fees). In 1994, Bain acquired Totes ,

18396-645: The two wars became World War II in 1941. Other proposed starting dates for World War II include the Italian invasion of Abyssinia on 3 October 1935. The British historian Antony Beevor views the beginning of World War   II as the Battles of Khalkhin Gol fought between Japan and the forces of Mongolia and the Soviet Union from May to September 1939. Others view the Spanish Civil War as

18542-513: The war were not fulfilled in the peace settlement. From 1922 to 1925, the Fascist movement led by Benito Mussolini seized power in Italy with a nationalist, totalitarian , and class collaborationist agenda that abolished representative democracy, repressed socialist, left-wing, and liberal forces, and pursued an aggressive expansionist foreign policy aimed at making Italy a world power, promising

18688-475: The war. Germany annexed western Poland and occupied central Poland ; the Soviet Union annexed eastern Poland ; small shares of Polish territory were transferred to Lithuania and Slovakia . On 6 October, Hitler made a public peace overture to the United Kingdom and France but said that the future of Poland was to be determined exclusively by Germany and the Soviet Union. The proposal was rejected and Hitler ordered an immediate offensive against France, which

18834-512: The west halted the German advance for several days, but it was outflanked and encircled by the Wehrmacht . Remnants of the Polish army broke through to besieged Warsaw . On 17 September 1939, two days after signing a cease-fire with Japan , the Soviet Union invaded Poland under the supposed pretext that the Polish state had ceased to exist. On 27 September, the Warsaw garrison surrendered to

18980-525: The workers to tell them he had no position of active authority in the matter. In 1994, Bain invested in Steel Dynamics , based in Fort Wayne, Indiana , a prosperous steel company that has grown to the fifth largest in the US, employs about 6,100 people, and produces carbon steel products with 2010 revenues of $ 6.3 billion on steel shipments of 5.3 million tons. In 1993, Bain acquired

19126-707: The world order , and soon began a massive rearmament campaign . France, seeking to secure its alliance with Italy, allowed Italy a free hand in Ethiopia , which Italy desired as a colonial possession. The situation was aggravated in early 1935 when the Territory of the Saar Basin was legally reunited with Germany, and Hitler repudiated the Treaty of Versailles, accelerated his rearmament programme, and introduced conscription. The United Kingdom, France and Italy formed

19272-614: Was invaded by Germany. The United States started strategic planning to prepare for a full-scale offensive against Germany. At the end of September 1940, the Tripartite Pact formally united Japan, Italy, and Germany as the Axis powers . The Tripartite Pact stipulated that any country—with the exception of the Soviet Union—that attacked any Axis Power would be forced to go to war against all three. The Axis expanded in November 1940 when Hungary , Slovakia , and Romania joined. Romania and Hungary later made major contributions to

19418-460: Was also the sole shareholder of the firm. At the time, the firm had fewer than ten employees. In the face of skepticism from potential investors, Romney and his partners spent a year raising the $ 37 million in funds needed to start the new operation. Bain partners put in $ 12 million of their own money and sourced the rest from wealthy individuals. Early investors included Boston real estate mogul Mortimer Zuckerman and Robert Kraft ,

19564-460: Was announced in December 2023 to sell the firm to AbbVie for $ 8.7 billion which put Bain's 36.5% stake in Cerevel to about $ 2.7 billion giving a tenfold return on investment. In June 2020, Bain Capital purchased Virgin Australia . In October 2020, it was reported that the company was negotiating a takeover of UK-based insurance company Liverpool Victoria (LV=). The potential deal could have

19710-405: Was controlled by Bain Capital Inc., the management company that Romney had full ownership control of. As CEO, Romney had a final say in every deal made. In the 1990s, Bain Capital started several affiliates that supported its private equity and other assets classes. The long-short equity hedge fund, Brookside Capital, was founded in 1996 and, Sankaty Advisors, the company's fixed income affiliate,

19856-501: Was he involved in directing the company's investment funds. Discussions over the final terms of Romney's departure dragged on during this time, with Romney negotiating for the best deal he could get and his continuing position as CEO and sole shareholder giving him the leverage to do so. Although he had left open the possibility of returning to Bain after the Olympics, Romney made his crossover to politics in 1999. His separation from

20002-629: Was in Staples, Inc. , the office supply retailer . In 1986, Bain provided $ 4.5 million to two supermarket executives, Leo Kahn and Thomas G. Stemberg , to open an office supply supermarket in Brighton, Massachusetts . The fast-growing retail chain went public in 1989; by 1996, the company had grown to over 1,100 stores, and as of fiscal year-end January 2012, Staples reached over $ 20 billion in sales, nearly $ 1.0B in net income, 87,000 employees, and 2,295 stores. Bain Capital eventually reaped

20148-420: Was not involved in day-to-day operations of the firm after starting the Olympics position. Those were handled by a management committee, consisting of five of the fourteen remaining active partners with the firm. However, according to some interviews and press releases during 1999, Romney said he was keeping a part-time function at Bain. During his leave of absence, Romney continued to be listed in filings to

20294-410: Was one of seven private equity firms involved in the buyout of SunGard in a transaction valued at $ 11.3 billion. Bain's partners in the acquisition were Silver Lake Partners , TPG Capital , Goldman Sachs Capital Partners , Kohlberg Kravis Roberts , Providence Equity Partners , and Blackstone Group . This represented the largest leveraged buyout completed since the takeover of RJR Nabisco at

20440-422: Was part of the consortium , together with Kohlberg Kravis Roberts , Silver Lake Partners , and AlpInvest Partners , that acquired a controlling 80.1% share of semiconductors unit of Philips for €6.4 billion. The new company, based in the Netherlands, was renamed NXP Semiconductors . During the buyout boom, Bain was active in the acquisition of various retail businesses. In January 2006, Bain announced

20586-456: Was postponed until the spring of 1940 due to bad weather. After the outbreak of war in Poland, Stalin threatened Estonia , Latvia , and Lithuania with military invasion, forcing the three Baltic countries to sign pacts allowing the creation of Soviet military bases in these countries; in October 1939, significant Soviet military contingents were moved there. Finland refused to sign

20732-772: Was repulsed with heavy Italian casualties; the campaign ended within months with minor territorial changes. To assist Italy and prevent Britain from gaining a foothold, Germany prepared to invade the Balkans, which would threaten Romanian oil fields and strike against British dominance of the Mediterranean. In December 1940, British Empire forces began counter-offensives against Italian forces in Egypt and Italian East Africa . The offensives were successful; by early February 1941, Italy had lost control of eastern Libya, and large numbers of Italian troops had been taken prisoner. The Italian Navy also suffered significant defeats, with

20878-441: Was required to go through the bureaucracy of the League of Nations, which rendered it essentially toothless. The United States, concerned with events in Europe and Asia, passed the Neutrality Act in August of the same year. Hitler defied the Versailles and Locarno Treaties by remilitarising the Rhineland in March 1936, encountering little opposition due to the policy of appeasement . In October 1936, Germany and Italy formed

21024-476: Was started two years later. Building affiliates for the firm was directed by three conditions: that it leveraged its core skills; one of its Managing Directors has a leadership role; and, the new business invests in attractive asset class. Beginning in 1989, the firm, which began as a venture capital source investing in start-up companies , adjusted its strategy to focus on leveraged buyouts and growth capital investments in more mature companies. Their model

21170-433: Was the first and last CEO of Bain Capital; since his departure became final, it has continued to be run by management committee. Bain Capital itself, and especially its actions and investments during its first 15 years, came under press scrutiny as the result of Romney's 2008 and 2012 presidential campaigns , including accusations of Asset Stripping . Romney's leave of absence and the level of activity he had within

21316-486: Was to buy existing firms with money mostly borrowed against their assets, partner with existing management to apply Bain methodology to their operations (rather than the hostile takeovers practiced in other leverage buyout scenarios), and sell them off in a few years. Existing CEOs were offered large equity stakes in the process, owing to Bain Capital's belief in the emerging agency theory that CEOs should be bound to maximizing shareholder value rather than other goals. By

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