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Bain buys 90% stake
ANN ARBOR, Mich. - Domino's Pizza Inc. founder and chairman Thomas S. Monaghan sold a major portion of his ownership stake in the pizza chain to Bain Capital Inc. of Boston, a private investment company.
Although terms of the agreement were not disclosed officially, published reports have Bain Capital paying an estimated $1 billion for a 90percent stake in the pizza operator and franchisor based here.
Monaghan, 61, in addition to selling most of his ownership in the chain, also is stepping down from day-to-day operations to devote more time to charitable endeavors. A successor has not been named.
"I think it [the sale] was a pretty big surprise to franchisees because he had talked about staying on until he was 70," said Glenn Mueller, president of Gulfport, Miss.-based RPM Pizza Inc., which has some 150 Domino's units. "We knew Tom was going to retire, but we thought it would be closer to 70 rather than 61. We are sad he is leaving, and we will miss him.
"But it is not like he is sick or in the hospital. The company has had record sales and record growth in that last five years, so from that standpoint, he is leaving on a...