(Tim Shaffer/Reuters)
A July 19, 1999 press release distributed on behalf of Regan Communications and Bain Capital described Mitt Romney as the "Bain Capital CEO" and said he was "on a part-time leave of absence to head the Salt Lake City Olympic Committee."
The press release, which announced the creation of a new private equity firm by two of Bain's managing directors, included a quote from Romney giving his blessing to the new venture. "While we will miss them," Romney said, "we wish them well and look forward to working with them as they build their firm."
The press release, which was obtained through a simple Nexis search, is posted in full below the fold. It appears to contradict claims by both Romney and Bain that he had no involvement in the company's day-to-day operations after February 11, 1999.
In his most recent financial disclosure form, Romney said he had retired from the firm in February of 1999. "Since February 11, 1999," the document states, "Mr. Romney has not had any active role with any Bain Capital entity and has not been involved in the operations of any Bain Capital entity in any way."
According to this press release, however, Romney was the firm's part-time CEO at least through July of 1999, contradicting the Romney campaign's claim that SEC filings listing him as the firm's CEO and sole owner were simply a "quirk in the law."
1:13 PM PT: Worth noting: As Hunter Walker writes at Politicker, Marc Walpow worked at Bain in 1994 during Romney's senate campaign. His characterization of Romney's role while on leave?
“I reported directly to Mitt Romney . . . You can’t be CEO of Bain Capital and say, `I really don’t know what my guys were doing,’” Mr. Wolpow said of Mr. Romney role at the company during his leave.
Geoffrey S. Rehnert and Marc B. Wolpow Team Up to Start New Private Equity Firm
July 19, 1999--Geoffrey S. Rehnert and Marc B. Wolpow announced that they have resigned as Managing Directors from Bain Capital, Inc. and will become Special Limited Partners of the firm. Mr. Rehnert has been associated with Bain Capital, a leading private investment firm based in Boston, since its inception in 1984; Mr. Wolpow joined in 1990. At the same time, Mr. Rehnert and Mr. Wolpow announced they will be forming a new firm, the Audax Group, initially focusing on private equity for middle market companies.
"It is with mixed emotions that we are moving on to a new and exciting venture," said Mr. Rehnert. "Marc and I are very proud of the roles we have played building Bain Capital into a world class organization. However, we are very excited to start our own firm, the Audax Group, which we plan to build into a leading company in its own right. We are also looking forward to working with Bain Capital in a complementary fashion."
Mr. Wolpow added, "We believe the Audax Group will play a pivotal role in the middle market for private equity buyouts and that the market there remains relatively underserved. We expect to work with our former Bain Capital colleagues as partners on future investment transactions and appreciate their support in helping us establish our new company."
Bain Capital CEO W. Mitt Romney, currently on a part-time leave of absence to head the Salt Lake City Olympic Committee for the 2002 Games said, "Geoff and Marc have each made very significant contributions to the growth of our business, and have played important roles in furthering its success. In particular, Geoff, who helped us to start Bain Capital played a key role in building our franchise and led several of our highly successful transactions. Marc brought extensive capital markets expertise to the firm, where he co-headed our mezzanine efforts and played a critical role in conceiving and helping to start Sankaty Advisors, our high yield asset business, which now has over $ 2 billion under management. While we will miss them, we wish them well and look forward to working with them as they build their firm."
CONTACT:
Regan Communications
D'Jamila Salem Fitzgerald, (617) ###-####
or
Bain Capital, Inc.
Josh Bekenstein, (617) ###-####
