Private equity firm Bain Capital, through its Bain Capital Double Impact (BCDI) investing strategy, remains active in 2017 with the backing of gym network Impact Fitness for an undisclosed amount. In a separate undisclosed transaction, the private equity affiliate BCDI also bought commercial recycling provider Living Earth.
Impact Fitness is a franchisee of Planet Fitness, one of the largest operators of gym clubs across the U.S. Founded in 1992, Impact Fitness owns 13 health clubs in Michigan and Indiana. Bain Capital’s investment will assist the target “to grow faster and identify even more first-time gym users in new markets while creating job opportunities in communities that need them,” states Impact Fitness CEO Chris Klebba. Bridges Ventures, a specialist fund manager based in London, also participated in the investment.
Founded in 1985, Living Earth recycles organic waste, processing it into compost, mulch, and soil products that it sells to landscape contractors, nurseries and homeowners. Living Earth aims to preserve landfill space and reduce greenhouse gas emissions.
Bain Capital is a Boston-based private equity firm that has made more than 270 investments since its inception in 1984. The firm’s investment portfolio consists of companies across a variety of industries, including: consumer and retail, financial services, business services, healthcare, industrial, and technology media and telecommunications.
The firm's BCDI strategy looks to drive "meaningful, measurable impact" in its investments. BCDI utilizes the firm’s operational capabilities to help middle-market businesses achieve scalability, and to assist successful companies to maximize mission potential. The strategy was created to help deliver both competitive financial returns and measurable social and environmental good.
Bain Capital is an active participant in middle-market deal opportunities. The firm recently acquired National Surgical Healthcare through portfolio company Surgery Partners Inc. (Nasdaq: SGRY); bought insurance technology company Vertafore; backed retail marketer Daymon Worldwide; and also sold Apple Leisure Group, a vacation hospitality conglomerate for the Caribbean and Mexico region. NXT Capital provided financing to Bain Capital for the Living Earth deal, while Twin Brook provided financing for Impact Fitness. Goodwin Procter LLP, PricewaterhouseCoopers LLP and AlphaSights served as advisers on both deals.