Amid a flash of cameras, Mitt Romney signed the check to buy Domino’s Pizza with a flourish. It was a huge deal for Romney’s Bain Capital back in 1998, worth $1.1 billion.
Thomas Monaghan, the pizza magnate and orphan raised by nuns in the Detroit area, was cashing out all but a small stake. He wanted the proceeds to start a Catholic university. So he handed over control of the company he built from a small pizza shop in Ypsilanti, Mich., in 1960, to Romney and the partners of Bain Capital.
Domino’s was not in need of rescue, nor was it a classic turnaround case for Bain. More.