Bain Capital bought a money losing family owned firm that made photo albums and merged it with a company that made picture frames. They hired a management consultant to head the company and built a plant in Gaffney. The plant eventually employed 150 people. The company continued to lose money. To save the company the management streamlined it and – 4 years after opening the plant in Gaffney – closed the plant. The company became profitable and was later sold to Rubbermaid. It’s successful business today employing thousands of people.
Let’s review: Bain capital buys a company that’s sinking, builds a plant that hires 150 people and gives them jobs for four years. Is forced to close that plant to save the company from bankruptcy and makes it successful employing thousand.
Sounds bad to you?
Me neither.
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