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Bain says it will stick with Virgin Australia ‘for the long haul’

Private equity giant Bain Capital has sought to allay concerns it will be a “cut-and-run” investor if it wins the bidding race for Virgin Australia, pledging its deep pockets will safeguard the airline out of administration and through the unprecedented industry crisis brought on by COVID-19.

The $150 billion Boston-based investor is one of the four bidders vying for Virgin, going up against the Melbourne-based private equity firm BGH Capital and its partner AustralianSuper; the Richard Branson-linked investment fund Cyrus Capital, and American budget airline specialist Indigo Partners.

Bain has trumpeted it credentials as a long-term and deep-pocketed investor.

Bain has trumpeted it credentials as a long-term and deep-pocketed investor.Credit:Getty

In a rare public statement released on Sunday, Bain confirmed it was preparing a second-round bid and was approaching Virgin with a “long-term mindset” and would be a “reliable partner” for its staff.

“We know aviation isn’t going to return to normal any time soon, but Bain Capital is here for the long haul with deep funding to navigate these difficult times,” the firm’s local boss Mike Murphy said.

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