Bain and Company - simplified

 Introduction

Bain and company is a management consulting company headquartered in Boston, USA. It is part of The Big Three prestigious consulting firms and is also present in more than 40 countries.  Bain and company were founded by Bill Bain, the former Vice president of Boston Consulting Group, and Patrick F Graham in 1973.

Recent Developments

• The firm established its first formal office in Boston.
• This was followed by a European office in London in 1979.
• Bain & Company was incorporated in 1985.
• The firm grew an average of 50 percent per year, reaching $150 million in revenues by 1986.
• By 1987, Bain & Company was one of the four largest "strategy specialist" consulting firms.
• Some of the firm's largest clients in this period were National Steel and Chrysler, each of which reduced manufacturing costs with Bain's help.
• In the late 1980s, Bain & Company experienced a series of setbacks.
• In the late 1987s, The stock market crashed the same year, and many Bain clients reduced or eliminated their spending with the firm.
• In 1985 and 1986, Bain & Company took out loans to buy 30 percent of the firm from Bain and other partners for $200 million and used the shares to create an Employee Stock Ownership Plan (ESOP). These shares of the company were bought at five times Bain & Company's annual revenue, more than double the norm, and cost the firm $25 million in annual interest fees, exacerbating the firm's financial troubles. Bill Bain also attempted to sell the firm but was unsuccessful in finding a buyer.
• Mitt Romney was hired back as interim CEO of Bain & Company in January 1991 and is credited with saving the company from bankruptcy during his one-year stint in the position.
• By the end of 1993, Bain & Company was growing once again.
• The firm opened more offices, including one in New York in 2000.
• From 1992 through 1999, the firm grew 25 percent per year
• By 1998, the firm had $220 million in annual revenues and 700 staff.
• Bain created two technology consulting practice groups, bainlab and BainNet, in 1999 and 2000 respectively.
• Around 2000, the firm became more involved in consulting private equity firms on which companies to invest in and collaborating with technology consulting firms.
• By 2005, Bain had the largest share of the market for private equity consulting.
• By 2018, Bain's Private Equity group was over three times as large as that of the next largest consulting firm serving Private Equity firms and represented 25% of Bain's global business.
• Bain expanded to new offices in other countries, including India in 2006.
• In 2012, Robert Bechek was appointed CEO.
• In February 2022, Bain announced the acquisition of ArcBlue, procurement consulting firm active in the Asia-Pacific region.

 Revenue

Firm	Revenue (year)
Bain and Company	$5.8 B (2021)