United States: Energy & Sustainability Connections Newsletter - July 2017

Your Law Firm Link to Industry News

A Note from the Editors

Energy & Sustainability Connections brings the latest developments in energy investing, legal insights, company activity, and industry events straight to your inbox. This month's Leader in the News is our client Bain Capital Double Impact, which announced the completion of the fund's first two investments in mission-driven companies. If you're a public company in the US, be sure to check our Legal Feature for a step-by-step guide to calculating your public float. Learn the where, when, and how of Cleantech Open Northeast's NYC Business Clinic: Finance, Funding & Legal in the Event Highlights section. Finally, with the reintroduction of the Energy and Natural Resources Act (ENRA) and other energy spending policy changes potentially under way, you won't want to skip our analysis in the Washington Update!

For links to industry grant opportunities and stories from the business, policy, and research sectors of the energy and clean technology industry, please see our Energy Navigator.

You can subscribe to our Energy & Sustainability Matters blog here.

Leaders in the News – Bain Capital Double Impact

This month we feature our client Bain Capital Double Impact, the impact investing fund of Bain Capital, led by former Massachusetts Governor Deval Patrick and Managing Directors Greg Shell and Warren Valdmanis. Formed in 2016, the fund aims to scale financial and impact growth for partner companies, which are addressing critical social problems with sustainable business models. Bain Capital Double Impact focuses its investments around three core impact themes: sustainability, health and wellness, and community building. Of particular note, the fund's sustainability investments will focus on companies with sustainable products and operations that minimize environmental impact and promote ecologically beneficial water, energy, and agriculture practices through efficiency gains and sustainable alternatives. Investments in this $390 million fund will be made primarily into businesses in North America, and most are or will be lower middle market buyouts with equity check sizes of from $10 to 50 million.

On July 18th, Bain Capital Double Impact announced the completion of the fund's first two investments in mission-driven companies, Living Earth and Impact Fitness. Falling under the fund's sustainability focus, Living Earth is the largest commercial recycler of organic landscaping materials in Texas, diverting waste from landfills that would otherwise release harmful greenhouse gasses.

Founded in 1985 in Houston and headquartered in Dallas, Living Earth receives organic waste materials that would ordinarily go to landfills and processes them into high quality compost, mulch, and soil products, which are then sold to landscape contractors, nurseries, retailers, and homeowners. By recycling and composting these materials, Living Earth saves landfill space, helps reduce greenhouse gas emissions, promotes water conservation, and returns organic matter back to the earth for beneficial use, while at the same time lowering disposal costs for its customers.

Regarding Bain Capital Double Impact's investment, Patrick explained, "We believe there are attractive opportunities to expand Living Earth's reach, given its approach to reducing landfill waste, and to do so in a more energy and resource efficient way." Mark Rose, President and CEO of Living Earth, agreed, noting, "This investment will support our accelerated growth and allows our upcoming entry into new markets around the U.S."

Bain Capital Double Impact's investment in Impact Fitness is likewise noteworthy for its mission of improving access to health and promoting wellness in underserved communities with historically poor wellness outcomes.

To support growth in its portfolio companies, the Bain Capital Double Impact fund employs a unique strategy for driving meaningful, measurable impact in its investments. Harnessing Bain Capital's proven value-added approach, Bain Capital Double Impact utilizes the firm's operational capabilities to help mission-oriented companies like Living Earth achieve scale and maximize mission potential, helping to deliver both competitive financial returns and measurable social and environmental good. Congratulations to Bain Capital Double Impact on the completion of its first investments and its new partnership with Living Earth!

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Authors
Thomas R. Burton III
Sahir Surmeli
 
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