While Bain Capital is an established force in Australia, fellow foreign raider Cyrus Capital Management is unknown to most.

In 2007, it helped launch the now-defunct Virgin America airline as a cornerstone investor.
While Virgin America was absorbed by Alaska Airlines in April 2018, the Branson connection remained prominent as evidenced by Cyrus Capital’s involvement in a consortium takeover of British carrier Flybe with Virgin Atlantic.
Little is public of its bid, though Cyrus Capital told union figures it planned to keep Virgin Australia as a full-service carrier in direct competition with Qantas.
This proposal was well received by the unions, despite an apparent lack of detail, as it means more employees are set to be retained at a relaunched Virgin under Cyrus Capital.
The Australian Financial Review understands this plan is broadly similar to the Virgin 2.0 relaunch proposed by the airline’s existing management.
Significant details of Bain Capital’s plans have also yet to be made public, but managing director Mike Murphy went on a media blitz touting his firm’s credentials last week.
“We want to bring back the best parts of the Virgin Blue culture and make flying fun again,” he said in May. “We have the strength to rebuild an airline which Australians can be confident in an airline which will meet their needs.
“It will be an airline for all Australians, with Australian management and staff, funded by significant Australian money, and Bain Capital.”
One certainty of the Bain bid is the involvement of ex-Jetstar chief executive Jane Hrdlicka. Ms Hrdlicka who is also a former Bain & Company consultant and chief executive of The a2 Milk Company is likely to take a leadership role in the airline, either as chairman or CEO.
Similar to Cyrus Capital, Bain Capital also has close links to the Virgin Group and Branson. In 2014, it was a joint-venture partner in the creation of the Virgin Voyages cruise line.
Also likely working in the favour of Bain Capital is its existing presence in Australia. It already owns Retail Zoo the fast-food brand behind Boost Juice among others and daycare centre chain Only About Children.
Bain Capital also owns the regulatory challenged out-of-school-care operator Camp Australia, which has been slapped on the wrist for hiding the true number of children it cares for in Western Australia and fined in Queensland for breaching mandated teacher-child ratios in recent years.