How Romney Made his Fortune

carpro · Apr 15, 2012

While working at Bain Capital, Romney eventually became CEO. These are the most profitable deals he engineered:

Staples: Bain Capital's first success was in 1986, when Romney agreed to a $650,000 investment in an office supply store, which eventually turned into an $18 billion company. When Bain sold its stake a few years later, it saw a nearly sevenfold return on its investment.

Accuride: Bain Capital's focus quickly shifted away from VC loans to leveraged buyouts, with the 1986 purchase of Firestone's wheel-making division. The firm renamed the company Accuride, revamped production, and restructured executive pay, according to the Boston Globe. Bain Capital sold the company to a mining conglomerate 18 months later, reaping $120 million from its $5 million investment.

Damon Corp.: Under Romney, one of Bain Capital's more questionable deals was the firm's 1989 purchase of Damon, a medical testing company that ended up pleading guilty to defrauding the government and paying a $119 million fine. Although he sat on the company's board, Romney was never implicated, and Bain tripled its investment returns before selling the company in 1993. Romney personally got $473,000 from the deal, according to the Boston Globe.

Experian: In a rare quick flip, Bain Capital partnered with another private equity firm to buy Experian, a consumer credit reporting company in 1996, selling two months later for a $200 million profit.

DDI Corp.: When Romney touts his private-sector job record, his opponents are quick to point out Bain Capital's 1997 acquisition of electronic circuit board manufacturer DDI Corp. According to Politico, Bain took the company public in 2000, reaping $36 million — but by 2003, DDI had filed for bankruptcy protection and laid off 2,100 workers.

Domino's Pizza: Bain Capital's largest acquisition under Romney's tenure was its $188.8 million buyout of Domino's in 1999. The firm eventually reaped a fivefold return, according to the LA Times.

By most accounts, Romney is largely credited as the brains — and discipline — behind these deals.

Read more: http://articles.businessinsider.com...tt-romney-ddi-corp-bain-capital#ixzz1sA0ULlKL
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I'm impressed.

Romney's campaign strategy needs to shift to embracing his wealth and how he earned it instead of inheriting it. He has nothing to be ashamed of in this area.

As for his wife, if I had done as well as he did and had 5 children, I wouldn't see a need for my wife to enter the workforce. Ann Romney did her part.

Marriage is a partnership. Far as I can tell, theirs was a successful one.

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How Romney Made his Fortune

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