Bain founded 2 firms, was Romney mentor

William Bain Jr., who made operating know-how a key tenet of private equity management through his namesake firms Bain & Co. and Bain Capital, has died. He was 80.

He died Tuesday at his home in Naples, Fla., according an online death notice from the Chapman Cole & Gleason funeral home. No cause was given.

After working in the development office at his alma mater Vanderbilt University, Bain got his start advising businesses at Boston Consulting Group. He left in 1973 to found Bostonbased Bain & Co. with a focus on developing longterm, strategic plans for companies.

“Bill’s enduring influence is as vibrant today as when he and a few colleagues first took the leap to start Bain & Company 45 years ago,” the company said Thursday in an emailed statement. “Bill pioneered the approach to developing long-term relationships with his clients, bringing data-led perspectives on their most critical issues and aligning with management as a trusted partner.”

In 1984, he founded the private equity firm Bain Capital alongside consulting colleagues including Mitt Romney, imbuing the company with an operations focus that’s become its hallmark.

“Bill’s support, especially during Bain Capital’s early years, was crucial to the successful launch and growth of our firm,” Bain Capital’s managing directors said in an emailed statement. “Bill stood as a generous philanthropist and accomplished business leader who left an indelible mark on the companies he affiliated with and the organizations who enjoyed the benefit of his leadership.”

The company now oversees about $85 billion across private equity, credit, public equity, venture capital, and life sciences investments.

“It’s hard for me to imagine my life and career without Bill Bain’s mentoring,” Romney, the 2012 Republican presidential nominee, said in a statement to the Boston Globe.