Bain Capital successful in bidding for Virgin Australia

Bain Capital, an American private equity firm, has been successful in bidding for Virgin Australia Airlines group. Yesterday the US-based private equity group Cyrus Capital Partners, who was also in the running, withdrew its offer for Virgin Australia, leaving Bain Capital as the sole bidder. Under the deal, the current management team, led by Paul Scurrah will stay in place. Bain Capital has also agreed to keep Virgin's head office here in Brisbane and retain thousands of jobs and honour all employee entitlements. It will carry forward all travel credits and Velocity frequent flyer booked flights. “Bain Capital has presented a strong and compelling bid for the business that will secure the future of Australia’s second airline, thousands of employees and their families and ensure Australia continues to enjoy the benefits of a competitive aviation sector. “The Virgin Australia Group entered voluntary administration on the 20th April this year with close to $7 billion owed to creditors. This was a direct result of an unprecedented global pandemic, which all but grounded its operations whilst in the midst of a major transformation of the business led by Paul Scurrah and the management team. The sale should be completed in August with minimal conditions attached. 

VIRGIN AUSTRALIA A330-243 VH-XFC (CN 1293)

Bain Capital is an American private investment firm with its headquarters at 200 Clarendon Street in Boston, Massachusetts and has offices in North America, Europe, Asia, and Sydney Australia.

It specialises in private equity, venture capital, credit, public equity, impact investing, life sciences, and real estate. Bain Capital invests across a range of industry sectors and geographic regions. As of 2018, the firm managed more than $105 billion of investor capital. The firm was founded in 1984 by partners from the consulting firm Bain & Company. Since inception it has invested in or acquired hundreds of companies including AMC Theatres, Artisan Entertainment, Aspen Education Group, Apex Tool Group, Burger King, Domino's Pizza, Dunkin' Donuts, iHeart Media, Sealy, Staples, Toys "R" Us, Warner Music Group, The Weather Channel, and Apple Leisure Group, which includes AMResorts and Apple Vacations.