Year in Review May 2020 - Bain Capital Double ...
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Year in Review May 2020
Active Partnership Advancing the Mission
for Lasting Impact Four years ago, we set out on an ambitious mission to
prove to the world that business can be a force for good.
We are delighted to highlight some important milestones we
achieved in our fund over the past year:
We challenged ourselves to tackle our two-fold aim of
achieving measurable social and environmental impact and • Portfolio: We added 3 new portfolio companies – Rodeo
We utilize Bain Capital’s proven, deep diligence, value-added competitive financial returns. Dental, Rural Sourcing, and Broadstep – for a total of ten
mission-driven companies in our active portfolio. Our
approach to build great mission-driven companies that deliver In many ways, 2019 became the proof point that these portfolio companies span our target impact themes of
aspirations can be achieved. Through our differentiated style Health & Wellness, Education & Workforce Development,
both competitive financial returns and measurable social and of investing—active partnership for lasting impact—we and Sustainability (see following section on company
environmental impact. drive distinct and sustainable value creation as we scale
mission-driven companies.
highlights, starting on page 19).
• Exits & Monetizations: We realized our first exit (Impact
What does “Active Partnership for Lasting Impact” mean Fitness) and initial public offering (SpringWorks),
to us? which delivered attractive financial outcomes as well
as measurable impact results (see case study on page
Active partnership means that we are engaged partners 16). As an example, since our initial investment in 2016,
with our management teams. We leverage our internal and Impact Fitness increased access to low-cost gyms in
external network, industry, and operational expertise to help fitness deserts by more than doubling its footprint from
our companies accelerate their performance and achieve 13 to 29 units and growing membership by more than
their full potential. This active partnership is a distinguishing 13% per year, as well as improving its B Impact score
part of our DNA—one that Bain Capital has cultivated from 48 to 81.
over its 35+ year history investing in nearly a thousand
companies. • Team: Last, but not least, we continue to invest in our
people and expand our team. With three new investment
Lasting impact means that we use our active approach professionals and three internal promotions, we stand
Bain Capital Double Impact grew out of a long history of responsible investing not only to drive strong financial performance, but also today at 16 investment professionals from diverse
to catalyze intentional, positive, and enduring social and
within our other business units, and it reflects the values of the firm as a whole. environmental change. Our deep commitment to impact
backgrounds. As we add team members, we remain
connected by a shared passion for impact and readiness
resonates in every aspect of our investment processes— for our next phase of growth.
F I R M VA L U E S from thematic sourcing, to impact diligence, to our impact
playbooks that help our companies make their impact a With all our momentum, we are excited for what the
priority. We transform our companies through mission, future holds and are thankful to all our stakeholders and
We develop We challenge We work We believe leadership, and organizational alignment, creating high- everyone who supports us in our mission. We believe Active
exceptional conventional with character performing cultures supported by consistent processes Partnership for Lasting Impact is a key differentiator in
and incentives. We continue to test and develop new impact investing and middle market private equity more
partnerships thinking tenacity matters leading-edge approaches that will drive better social and broadly, and enables us to continue to drive differential
We know that great We think differently. We We roll up our sleeves, dig We prize personal integrity environmental outcomes. outcomes. Year in Review provides a glimpse of the
outcomes come from great nurture a culture of deeply in and come to work every and humility. We believe in overarching impact of Bain Capital Double Impact and our
teams. We are personally objective inquiry and seek day searching for better acting with both empathy partnerships, and we are grateful to have the opportunity to
invested in each other’s the full potential in every outcomes. We relentlessly and conviction. We believe share our story with you.
success. opportunity. We respect the tackle tough problems. We in doing the right thing.
power of facts. see things through. The Managing Directors of Bain Capital Double Impact
2 Bain Capital Double Impact Year in Review – May 2020 Bain Capital Double Impact Year in Review – May 2020 3
Working Together... While Social Distancing
Zoom Meeting ID: 123-456-789
Speaker View
19
End Meeting
Mute Stop Video Invite Manage Participants Polling Share Screen Chat Record Breakout Rooms More
4 Bain Capital Double Impact Year in Review – May 2020 Bain Capital Double Impact Year in Review – May 2020 5
The Year in Numbers 3 15 %
promotions in BCDI’s median increase in B Impact Score
In 2019, we achieved meaningful growth within our team, investment team from Y1 to Y2 of BCDI hold period
across our portfolio, through our investments, and most
importantly, through our impact.
100 %
16 10 2 1
of companies have company exit
tied management (Impact Fitness)
compensation to
31
impact metrics
investment professionals active portfolio
investments
% out of 5
managing directors
from underrepresented
groups
‘18-’19 revenue
growth
13 50 %
37 %
add-ons completed of investment ’18-’19 EBITDA growth
24 K
1
since initial investment professionals
are from
underrepresented Initial Public
groups MT CO2 emissions avoidance; Offering
equivalent to taking 5,300 cars (NASDAQ: SWTX)
off the road
6 2020 – A Year in Disruption
25
2020 began with an unprecedented social and economic global crisis due to the COVID-19 outbreak. We wish a speedy
%
portfolio companies with recovery to all those touched by this pandemic. The situation remains highly fluid, and as a result, it is difficult to predict
a B Impact Score above the magnitude of impact on our portfolio, let alone the broader economy. As a firm, we closely monitor the broad ranging
80 (threshold score to effects on different industries, sharing insights across verticals and asset classes. For our portfolio companies, we have
become B-Corp) redoubled our efforts to support management teams, keep their employees safe, and navigate through this crisis and
emerge well-positioned post-recovery. We are incredibly proud and inspired by our portfolio companies as they continue
job growth since
initial investment to demonstrate leadership and impact during these challenging times. With the remarkable resilience and tenacity of our
teams, we will emerge stronger than ever.
Note: Metrics reflect data as of December 31, 2019. Growth metrics reflect ’18-’19 growth, unless otherwise stated.
6 Bain Capital Double Impact Year in Review – May 2020 Bain Capital Double Impact Year in Review – May 2020 7
Investing
E D U CAT I O N & WO R K FO R C E D E V E LO P M E N T
Underemployment is an acute chal-
Behind 3
lenge and significant cost to our econ-
omy. Over 2 million jobs will likely go
unfilled over the next decade, with a
Core Impact
lost economic output of $2.5 trillion.
Almost 40% of employers cannot find
professionals with the skills they re-
Themes quire. We are committed to addressing
these gaps and enabling economic
mobility for underserved populations.
Iain Ware
Managing Director
H E A LT H & W E L L N E S S New York
Improve health outcomes by expanding access to high
quality, affordable healthcare for underserved patient
communities, promoting higher quality and more
sustainable food systems, and developing products and
services that promote healthy lifestyles.
H E A LT H & W E L L N E S S S U STA I N A B I L I T Y
Our healthcare system is under tre- Climate change is one of the
mendous strain, resulting in unequal most pressing issues of our time,
E D U C AT I O N & WO R K FO R C E D E V E LO P M E N T distribution of benefits. We want to changing our physical environment
Reduce skills and achievement gaps and improve
economic mobility by providing training and education,
ensure that we innovate and scale and our ecosystems. Our objective
promoting ownership and catalyzing economic growth in more effective solutions, especially is to support and scale companies
distressed communities. for vulnerable populations. Further, delivering sustainable solutions
by finding products and services that that conserve global resources.
promote healthier lifestyles we can
help lessen the burden on the health-
S U STA I N A B I L I T Y
Reduce environmental impact and greenhouse gas
care system altogether.
emissions through ecologically beneficial water, energy,
agricultural and other sustainable products, services and
business operations. Peter Spring Todd Cook
Managing Director Managing Director
8 Bain Capital Double Impact Year in Review – May 2020 Boston Boston
The United Nations’
Sustainable
As the impact investing space continues to evolve, we are constantly evaluating how to improve
our approach to remain leading-edge. This year we have highlighted the Core and Cross-Portfolio
Sustainable Development Goals (SDGs) on which our companies and our overall portfolio focus to
Development Goals
achieve outcomes. The Core SDGs reflect thematic sourcing areas whereas the Cross-Portfolio SDGs
reflect outcomes we drive across all our companies. We believe this approach accelerates achieving the
SDGs and facilitates on which our team members and our companies focus to achieve outcomes.
H E A LT H & W E L L N E S S E D U CAT I O N & WO R K FO R C E D E V E LO P M E N T S U STA I N A B I L I T Y
Our impact themes align with the United Nations’ Sustainable Development Goals
Our Cross-Portfolio SDGs reflect the values that underpin our
investment approach and are relevant across almost all our
investments. Although they may not be the core focus of every
investment, they are common principles that define how we
partner with companies.
10 Bain Capital Double Impact Year in Review – May 2020 Bain Capital Double Impact Year in Review – May 2020 11
Sourcing Diligence
Our partnership model and track record allow us to capitalize Our diligence process combines rigorous social and
on strategic sourcing that drives proprietary dealflow and environmental evaluation in conjunction with our proven,
advantaged opportunities. commercial analysis.
Dedicated Focused Impact Partner Cross-Platform
Resource Model Thematic Outreach of Choice Opportunities PROCESS CO M M E R C I A L I M PACT
Commit dedicated resources Develop investable theses Be the partner of choice for Leverage the Bain Capital
to better identify, target and in areas with strong mission-oriented companies platform to shape and
win opportunities industry dynamics and
outsized impact
seeking to scale win deal opportunities
with impact
1 Develop investment thesis to drive
competitive market-rate financial returns
Develop impact thesis and how BCDI
can accelerate and expand the social or
Thesis environmental benefit
CO M P R E H E N S I V E A N A LY S I S O U T B O U N D SO U R C I N G
Through comprehensive analysis, Through outbound sourcing, we 2 Validate the business and financial
opportunity
Validate the impact opportunity
we identify investable theses pursue targets in priority themes Diligence Propose key impact metrics
Sector
3
350+
GICS Sub-sectors lnsights Develop financial and impact fan of outcomes
assessed through Impact Plan
Playbooks
4
42
Deal Networks &
GICS Sub-sectors identified Evaluate financial and impact diligence and potential
Opportunities Advisors
with strong industry dynamics Decision
and impact potential
5
28
Impact themes Drive results through active management
Sector
prioritized for proactive Relevance Management
thesis development
12 Bain Capital Double Impact Year in Review – May 2020 Bain Capital Double Impact Year in Review – May 2020 13
Active Ownership
Driving toward Social and Environmental Impact
Our Impact Blueprint offers a standard set of tools that yield a customized plan to drive the unique impact of each company
in our portfolio.
We believe active management is critical for maximizing I M PACT M E T R I CS
financial and impact outcomes. What is our impact?
Measurement is critical to
management. We work with portfolio
companies to identify the two to three
The Power of Partnerships unique metrics that are core to the company’s
impact. Each company also undergoes the B
PA R T N E R S H I P W I T H M A N AG E M E N T T E A M S PA R T N E R S H I P W I T H T H E CO M M U N I T Y Impact Assessment, which helps management
teams identify how they can improve the
We support our portfolio companies in a broad range We are an active member of the local and broader impact impact of operations.
of business activities, including strategic blueprinting, community. Our team participates in a number of education
budgeting, M&A, leadership recruiting and assessment, and and thought leadership initiatives, bringing together key
impact initiatives and tracking. stakeholders to brainstorm solutions to complex problems I M PACT I N I T I AT I V E S I M PAC T FO R EC AST
we see in the world today. How do we achieve it? What can we achieve?
PA R T N E R S H I P W I T H I N BA I N CA P I TA L PA R T N E R S H I P W I T H B L A B Clear, specific plans drive success. A focused Ambitious targets inspire effective
set of impact initiatives, specific to each execution. Creating three- to five-year
We collaborate across the firm on sourcing, diligence, and We partner with B Lab, a nonprofit organization that rates company, helps us to align impact goals with targets for each impact metric allows our
co-investments. Our cross-platform investment committee the environmental and social performance of companies and operational and financial targets. We track companies to bring the same ambition and
ensures our investment decisions benefit from the breadth of funds. Annually, each of our portfolio companies undertakes and assess the success of these initiatives planning to their impact as they do to their
our firm’s experience and resources. To date, we have co-in- the B Impact Assessment, which evaluates companies through ongoing impact measurement. commercial results.
vested alongside two other Bain Capital funds – Credit and across five dimensions: Governance, Environment, Workers,
Life Sciences. Customers, and Community. We aim to meaningfully
improve the assessment score during our ownership period.
Case Study: How We Partner For Impact
100-Day Plan Business Blueprint Talent Blueprint Impact Blueprint
We significantly enhanced the Clinical and Compliance We engaged a strategic consultancy that specialized in We augmented the management team, including We completed the company’s first B Impact Assessment.
program, including an anonymous incident hotline to behavioral health to prioritize service lines for expansion replacing the CEO who retired. We hired a CEO, COO, Chief We implemented Therap, a new Electronic Health Record
better ensure safety and quality care. We also redefined the and to identify potential M&A targets. We also invested Compliance Officer, VP of Talent, and a Market President. system to help track social impact metrics related to adher-
mission, vision, values and brand to reset the culture and to enhance facilities and improve quality of life and living We also executed our High Performance Organization ence of care plans. We also implemented ADP which can
business opportunity. environments. (HPO) survey which quickly identified culture and help track workforce stability, staffing, overtime hours, and
organizational opportunities. benefit enrollment.
14 Bain Capital Double Impact Year in Review – May 2020 Bain Capital Double Impact Year in Review – May 2020 15
182 K
6 M
Case Study: Lifecycle of a Deal
Partnering with
MEMBERSHIP GY M V I S I TS
108K 3.4M
Increased access to fitness, YoY 13% member growth Improved member health by encouraging gym
Impact Fitness
utilization through marketing initiatives
81 29
I M PACT GY M S
Impact Fitness operates low-cost gyms focused on 48 13
underserved communities in Michigan, Indiana, and Canada Improvement in B Impact score driven by
Improved governance and employee processes
Gyms opened in low-health areas across
the Midwest and Canada
as a franchisee of Planet Fitness.
+ 31 %
E B I T DA G R OW T H
Exit
Financial performance aligned with Impact
B C D I E X I TS I M PAC T F I T N E S S
Having achieved our full underwriting
growth plan, we worked with a sell-side
advisor to launch a sale process. The
Value Creation company’s mission-driven management
team and company culture coupled with
REBRANDING & E X EC U T E D M &A its ability to attract membership in small,
C U LT U R E D E V E LO P M E N T low-health markets garnered significant
In December 2018, we completed
In January 2017, we rebranded the the acquisition of six clubs in interest (and value) from potential buyers.
business to “Impact Fitness” and worked Indiana and Michigan. In June 2019, we exited Impact Fitness to
with the management team to define and a partner excited to continue scaling the
Deal Making communicate a set of company values ST R E N G T H E N E D T H E company’s tremendous impact.
ingrained into the company culture. M A N AG E M E N T T E A M
B C D I PA R T N E R S W I T H
We meaningfully strengthened the
Diligence I M PAC T F I T N E S S
B U I LT A ST R O N G management team by bringing on a
In December 2016, we negotiated the O P E R AT I O N A L FO U N DAT I O N
number of key mission-oriented executives
G A I N E D CO N V I C T I O N I N deal with a mission-driven founder who
We streamlined operating dashboards and with deep functional and industry
I N V E ST M E N T & I M PAC T T H E S I S chose to partner with us due to our impact
implemented budgeting and KPI tracking. expertise, including a COO and CFO.
Sourcing DURING DILIGENCE orientation and Bain Capital’s expertise in
The company’s mission to bring low-cost helping scale founder-owned businesses at
FO OT P R I N T E X PA N S I O N
T H E M AT I C D E V E LO P M E N T gyms to “fitness deserts” in low-health a growth inflection.
AROUND FITNESS We developed a data-driven tool to eval-
areas coupled with its compelling unit
uate sites for de-novo gyms. We worked
With growing rates of obesity in America, economics and white space expansion
with the franchisor to acquire two develop-
fitness access was a key priority in opportunities drove our conviction around
ment regions in Canada and opened our
thematic sector development within our the company’s significant growth potential
first gym in Surrey in December 2017.
Health & Wellness vertical. and social impact.
16 Bain Capital Double Impact Year in Review – May 2020 Bain Capital Double Impact Year in Review – May 2020 17
Focus on the
Portfolio
Broadstep 20
Rodeo Dental 22
2019
Rural Sourcing 24
HealthDrive 26
Arosa 28
Penn Foster 30
SRG Group 32
2018
by CHLOE. 34
SpringWorks 36
2017
Note: All content in this section reflects company
data as of December 31, 2019. Metrics reflect
Living Earth 38
annual data, unless otherwise stated.
18 Bain Capital Double Impact Year in Review – May 2020 Bain Capital Double Impact Year in Review – May 2020 19I M PACT T H E S I S & M E T R I CS CAS E ST U DY
BCDI and the Broadstep management team
are in the process of refining quality of care
The Power of High-Performing
and patient access metrics Teams
M I S S I O N STAT E M E N T
To provide first-class behavioral health and supportive living services by being the nation’s Increase Access to Care Earlier this year Lynn Mason became CEO of the newly
1
best employer, provider and community partner rebranded Broadstep and immediately introduced her
A BO U T T H E CO M PA N Y
,388 individuals served servant-leadership style to the company.
Lynn has worked with the BCDI team to augment
Broadstep provides necessary residential homes and a range of services for high-need, her senior leadership team, looking for and hiring
highly vulnerable individuals with intellectual and developmental disabilities (IDD) and Improve Quality of Care executives who bring the best of business knowledge
mental health challenges. The company currently has a presence in four states – Wisconsin, and subject matter expertise, but also act with
Illinois, New Jersey, and South Carolina – and has plans to expand nationally through both Percent of individuals that have a personalized compassion and have a service mindset to the
organic business development efforts and M&A. These services include educational, day care plan that Broadstep adhered to providers in the field. “Every member of our senior team
treatment, vocational, pharmacy, community, and transportation. Acquired by Bain Capital (implemented new Electronic Health Record believes in our mission and values and has a growth
Double Impact in 2019, Broadstep has made recent investments to expand and augment system to better measure adherence) mentality that is needed in this fast-evolving industry,”
its leadership team and implement a new Electronic Health Record system to help improve said Lynn. “They are problem
caregiver effectiveness and outcomes as well as track social impact metrics related to Attract and Retain Talent solvers who can remove barriers
adherence of care plans. Formerly known as Phoenix Care Systems, the company rebranded and expand our work to touch as
this year as part of its renewed values and expanded mission. Direct care professional turnover and many individuals as possible.”
engagement (implemented ADP to better
track workforce and hired new Vice President For Lynn, diversity and inclusion
We are excited to partner with Broadstep to advance its mission of
of Talent) are also important factors for
ensuring the highest quality of care for individuals with intellectual and
building a high-performing team.
developmental disabilities, and as partners, we aim to build an industry-
“Our patients, our people who support them, our state
leading multi-region, full service behavioral health services provider
agencies, our communities, they are reflective of the
through M&A and organic growth opportunities. Unlike smaller, capital
mosaic of this country.” Lynn said. “I want them to see
constrained providers, Broadstep offers a continuous residential, day and
themselves reflected in us, and diversity of thought also
vocational / educational program to its clients. This model aims to allow
helps us solve problems faster, challenge each other,
for more flexibility in client care and a higher client quality of life. This
and provides us with new perspectives.”
new IDD platform is also an opportunity to drive improvements to the
employment and career model for direct care professionals (“DCPs”), and Her new team has already made impressive changes
we will explore training opportunities and other innovative care models to the company: Broadstep has modernized its
that will enable new career paths for DCPs. software, created online resources, improved its benefit
packages, and provided employee raises across every
state. True to the servant-leadership model, the senior
Cecilia Chao leadership team also created an employee engagement
Managing Director committee comprised of team members in the field.
This committee helped rebrand the company, and was
Boston
influential in developing the new mission, vision, and
values for Broadstep.
With a strong team in place, the company is poised
B IMPACT SCORE for growth in 2020. Lynn and her team plan to
77
leverage this scalable platform by making acquisitions,
expanding into new states and extending the reach of
2019 Broadstep’s services.
20 Bain Capital Double Impact Year in Review – May 2020 Company data as of December 31, 2019 Bain Capital Double Impact Year in Review – May 2020 21I M PACT T H E S I S & M E T R I CS CAS E ST U DY
BCDI and the Rodeo Dental management Texas-Sized Impact
team are in the process of defining clear and
quality of care metrics.
Throughout Rodeo Dental’s ten years, the company
M I S S I O N STAT E M E N T has offered its patients expert care while helping the
Increase Access to Care communities it serves prosper. This past summer, the
To give every family access to high-end dental care regardless of means,
143K 21K
status, or location State of Texas recognized the company’s impressive
impact.
A BO U T T H E CO M PA N Y
Madam Chair Nicole Collier, the first woman to
Rodeo Dental was founded on the belief that everyone deserves access to unique patients number of completed represent House District 95 in Tarrant County, came
high-end dental care regardless of means, status, or location. With offices served pediatric specialty to the company’s headquarters and presented Doctor
throughout Texas, Rodeo Dental offers a full range of pediatric dental visits Saam Zarrabi with a signed resolution from the State
services, including orthodontia, oral surgery and endodontics. The company of Texas commending the company’s ten years of
is known for its exuberant, family-friendly patient experience, including Quality of Care dedicated service to the state.
10
colorful offices and game- filled waiting rooms for children to enjoy. The
Rodeo team views dentistry as a platform to not only offer critical oral
care, but to make authentic connections with patients, help boost their K
self-esteem and inner spirit, and offer hope and better outcomes to the
underprivileged. Number of 4+ star reviews received on
social media (based on 5 star reviews and
out of 10.2K total ratings)
Through our healthcare vertical strategy work, we identified
pediatric dental as an attractive subsector. We developed in
depth knowledge in this space ahead of the Rodeo Dental
sale process, including partnering with a renowned dental
expert who became a critical adviser helping us diligence
opportunities and continues to drive ongoing value as
a Board member. Since we closed the investment, we
augmented corporate capabilities and developed a data-
driven market strategy to expand beyond Texas so that Rodeo Dental founder Dr. Saam Zarrabi, left, receives a
more kids can benefit from Rodeo Dental’s unique clinical State of Texas resolution for Rodeo Dental’s community
model and patient experience. work from State Representative Nicole Collier, right
The resolution highlighted Rodeo Dental’s commitment
Klaus Koenigshausen to addressing poor oral health among the children of
Principal Texas and its history of offering free care to hundreds
New York of uninsured individuals. In 2018 alone, Rodeo Dental
provided $250,000 worth of pro-bono dental work. In
closing, Madam Chair Collier quoted Maya Angelou,
“‘People may forget what you did, but they’ll never
forget how you made them feel.’ And that is the tone
B IMPACT SCORE that runs through Rodeo Dental.”
82
2019
22 Bain Capital Double Impact Year in Review – May 2020 Company data as of December 31, 2019 Bain Capital Double Impact Year in Review – May 2020 23I M PACT T H E S I S & M E T R I CS CAS E ST U DY
Create Jobs
A Commitment to Community
58
number of software jobs created As a 12-year old in Jonesboro, Arkansas, Brandon Avant
in small and mid-sized metro had already discovered his passion for programming.
M I S S I O N STAT E M E N T areas He honed his skills throughout his adolescence and
eventually enrolled in Arkansas State University to
473
To create high-quality jobs in places where they would not otherwise exist major in Computer Science. During his junior year,
and create positive change in the communities in which we operate total developers employed
however, he realized that a career in technology likely
meant moving away from his family and leaving the
A BO U T T H E CO M PA N Y community that he loved. “I always thought I would
have to go to a bigger city. That was the plan for a lot of
Rural Sourcing Inc. (“RSI”) is a purpose-driven provider of outsourced software
Enhance Employee Experience computer science majors, because everyone thought
development and other IT services. The company operates exclusively in
89
that’s where we would find the best technology jobs.”
%
small and mid-sized metro areas across America, with six centers from of employees agree that
Albuquerque, NM, to Jonesboro, AR, to Ft. Wayne, IN. RSI revitalizes local their RSI career provides “a
economies while providing opportunities for technology talent, offering sense of personal and
both coders and communities a way to access the benefits of technological professional satisfaction”
innovation. Bain Capital Double Impact invested in RSI in March 2019 and
works closely with the company to help create high-quality technology jobs in
Invest in Colleague Upskilling and Training
areas that have been largely overlooked by the digital revolution.
3 .9M or 93,000 hours invested
$
We were looking for a capital partner who could bring
tangible value to the business and also shared our passion
for the company’s mission of bringing the benefits of
tech-enabled economic growth to smaller communities However, through Rural Sourcing’s campus career
around the country. We met Bain Capital Double Impact center presence, Brandon discovered that the company
and it was clear from the first meeting that it was a had exciting local opportunities. He applied for an
internship. After spending two years in the program
perfect match. BCDI is deeply committed to supporting
while completing his studies, he started with the
our mission and have been a great partner leveraging their
company full-time as a Java Developer. “It was a perfect
platform to support our growth and our vision. fit. I was able to work on new technologies, and I could
stay in Jonesboro and be near my family.”
Ten years later, Brandon has received several
Monty Hamilton promotions and assumed a leadership role at Rural
CEO Rural Sourcing Sourcing. He now spends time visiting local schools
to teach the students about the work of a software
developer. Having once been one of those students,
Brandon finds it fulfilling to describe the opportunities
that are available in his hometown. “It’s just one of
the ways that I can continue to help give back. We are
always looking for ways to help our community.”
B IMPACT SCORE
542019
24 Bain Capital Double Impact Year in Review – May 2020 Company data as of December 31, 2019 Bain Capital Double Impact Year in Review – May 2020 25I M PACT T H E S I S & M E T R I CS CAS E ST U DY
Improve Access to Care
Pioneering Better Care
637 K Number of Patient The HealthDrive team believes that their patients’
Visits mental health matters as much as their physical health.
M I S S I O N STAT E M E N T They recently took a major step forward through the
acquisition of New England Geriatrics, which has
To elevate health outcomes and improve quality of life by bringing vital
allowed them to expand their
on-site healthcare to our patients Improve Patient Quality of Life
16
services into behavioral health.
A BO U T T H E CO M PA N Y .7K Assisted Device Units
Dispensed (includes Kayla Wichowski, Clinical Training
Specialist, is part of the new
HealthDrive delivers on-site care for skilled nursing home residents, hearing aids, eyeglasses,
many of whom are lower-income Medicaid beneficiaries. By offering and dentures) behavioral health team and
bedside care in audiology, dentistry, podiatry, optometry, and sees the immense benefit of an
behavioral health, the company has become a national leader in integrated care solution. “The
delivering integrated healthcare for improved outcomes, access to care, care industry is moving, and HealthDrive is ahead of
and quality of life. Bain Capital Double Impact acquired HealthDrive the curve,” she said. “We can now work directly with
in December 2018 and facilitated the acquisition of New England our colleagues in other disciplines, share advice and
Geriatrics in order to add behavioral health as a new service line. guidance, and our patients have the benefit of seeing
who they need when they need to see them.”
She views the other services provided by HealthDrive
as complementary to her own work. “Psychiatrics is
Residents in long-term care facilities are amongst the most
about care and comfort; if a patient seems distressed, it
vulnerable in our society, and they often lack access to basic
is not always a mental health issue. I can turn to other
preventative and routine healthcare services that improve quality
clinicians to make sure that dentistry, optometry, or
of life. We were attracted to HealthDrive’s unique business model
another part of care is a component of the solution,
of cost-effectively bringing clinicians to patients where they live,
especially with some of our older patients.” Addressing
and giving them the opportunity to receive essential services such
vision or hearing challenges frequently improves social
as dental cleanings, new eyeglasses, hearing aids and treatments
interactions and relationships that can further improve
to help them walk comfortably. Given HealthDrive’s talented
overall quality of life.
management team and well-established operations, we also saw
a tremendous opportunity to increase the company’s impact by Kayla acknowledges that challenges remain within the
accelerating expansion to new geographies and services lines, the industry, but she is grateful to be doing the work that
first of which is mental health services. she does.
“Long-term care facilities are very much like going into
Peter Spring someone’s home to improve their quality of life, and it’s
why I love what I do. These facilities are underserved in
Managing Director a lot of ways, and I’m happy to be a part of a team that
Boston is working every day to fix it.”
B IMPACT SCORE
902019
26 Bain Capital Double Impact Year in Review – May 2020 Company data as of December 31, 2019 Bain Capital Double Impact Year in Review – May 2020 27I M PACT T H E S I S & M E T R I CS CAS E ST U DY
Provide Quality Care
A New Level of Care
Client satisfaction Caregiver Satisfaction
8 8
Randi Israel oversees dozens of caregivers on any given
M I S S I O N STAT E M E N T
.6 .7 day in her role as a Lifecare Manager at Arosa. She
provides initial client assessments, assists with the
client matching process, and is “a phone call away”
To attract, train, retain and treasure the best professionals and create superior (out of 10) (out of 10) for any and all issues. It’s a far different approach
models of care that reach the greatest number of clients than when she started in home care – a time when
Attract and Retain Talent caregivers did not have many resources and client
50
A BO U T T H E CO M PA N Y care was often inconsistent.
Arosa provides an integrated model of care management services and non-
medical home care to seniors. Its services enable individuals to age
% One-year retention rate of
caregivers
While the overall industry has
become professionalized, Randi
successfully in place, thereby improving clients’ and their families’ believes Arosa is leading the way
Compared to industry average of 33%. Source: Home
quality of life. With more than 1,000 caregivers, Arosa seeks to be Care Pulse 2017 industry benchmarking survey in personalized care management
a best-in-class employer by focusing on recognition, improving that achieves better outcomes for
job quality, and establishing career paths in an industry marred both caregivers and clients.
by high turnover rates. Bain Capital Double Impact acquired Provide Best-in-Class Employment
29%
Arosa in August 2018 and helps the company continue to Along with cutting-edge resources and the
Caregivers who work full- encouragement to obtain professional certifications,
innovate and elevate the care profession. time for Arosa the Arosa culture of cohesiveness, mutual respect,
and appreciation among all team members sets the
company apart. It is also what keeps Randi and her
teammates motivated. “It is challenging work, but all
Arosa is a dynamic and rapidly scaling business. In 2019, To enhance employee experience, Arosa
of the different teams here support and appreciate one
Arosa completed 7 acquisitions, enabling the company to implemented CareAcademy, the home care
another, and that goes a long way. We really value our
continue innovating on its people-centric business model and industry’s first mobile-friendly caregiver
caregivers, and that’s why we’re able to do what we do.”
expand its footprint to 2 new states. Our team works closely with training platform (newly integrated with
Arosa’s management team to support budgeting activities and homecare software provider AlayaCare) Randi believes the work will only continue to improve.
monthly reporting to ensure quick and seamless integration of She points to the leadership of Arosa for building
these add-ons. To support future growth, management and Bain up a team of top-level care managers, empowered
Capital Double Impact worked together to identify an experienced caregivers, clients who receive a complete assessment
CFO, who is joining the team in April 2020. As partners, we look forward to LivHOME was awarded the of their needs, and a supportive and mindful staffing
building one of the largest non-medical homecare providers in the United Home Care Pulse 2019 team.
States, helping seniors age in the comfort of their own homes. Employer of Choice Award, as
well as the 2019 Provider of
Choice Award. Now in the fifteenth year of her career at Arosa, Randi
continues to be inspired by the work of the caregivers
Matt Sears and clients she oversees daily. “I’m amazed and in awe
of the work of our caregivers, and its heartwarming to
Vice President
see clients receive the care they deserve.”
Boston
B IMPACT SCORE
502019
28 Bain Capital Double Impact Year in Review – May 2020 Company data as of December 31, 2019 Bain Capital Double Impact Year in Review – May 2020 29I M PACT T H E S I S & M E T R I CS CAS E ST U DY
Improve Access to Education
Bridging the Skills Gap
Number of programs completed and number As a leading national provider of staffing services,
M I S S I O N STAT E M E N T of students sponsored by employers EmployBridge offers workforce solutions and job
To empower youth and adult learners with the knowledge, skills and opportunities to workers in logistics, manufacturing,
Program Completions B2B Sponsored Students and transportation. Recognizing the growing challenge
67K 64K
confidence to improve their employability and workplace effectiveness
of the skills gap in the United States, EmployBridge
A BO U T T H E CO M PA N Y partnered with Penn Foster in 2017 to launch Better
Worklife Academy, a collection of 21 free online
Penn Foster is the leading digital learning platform focused exclusively on training programs designed to help upskill workers
+20% +39%
the middle skilled workforce. It attracts more than 200K new learners a year in these sectors. Powered by Penn Foster’s mobile-
1. Metrics pro-forma for acquisition of Ashworth
through their portfolio of high school, career training and college programs. friendly online learning platform, the Academy
Through a continuum of accredited and affordable online diploma, certificate enables EmployBridge to not only fill more of their
and degree programs, Penn Foster bridges the gap between education and Enhance Economic Mobility clients’ open positions for higher skilled roles, but also
economic opportunity to build the workforce of tomorrow. Since Bain Capital
25%
helps EmployBridge associates attain better career
Double Impact acquired Penn Foster in April 2018, the company has made advancement outcomes.
tremendous progress on its commercial and impact strategy, including
delivering above-plan financial results, successfully integrating its acquisition Over the years, EmployBridge has continued to expand
of Ashworth College, growing program completions 20% to 67k, expanding average increase in pay for Penn Foster high the Better Worklife programming in partnership with
access to education by enrolling a record 64k sponsored-learners through its school graduates vs. comparative benchmark, Penn Foster. In 2019, EmployBridge launched Life Skills
B2B channel, as well as growing its B-Impact score from 99 to 116. per recent 3rd party assessment Studio, a curriculum dedicated to helping associates
develop skills critical for personal and professional
Comparative benchmark reflects pay increase of GED
respondents success, including budgeting, goal setting, managing
personal health, and communication.
Penn Foster has a passionate and highly mission-driven team
Deliver Value to Learners
throughout the organization. Social impact and supporting learner To date, EmployBridge has helped over 30,000
outcomes are core to the company’s mission and a key reason Net score among learners participating in a associates enroll in these programs and attain over
why people choose to work there. Since BCDI invested, we’ve Penn Foster program 40,000 new skills. According to a survey conducted by
established a formal Social Impact Committee bringing together Penn Foster, 33% of graduate respondents reported
B2C “Explorer” NPS B2C “Skill Gainer” NPS
52 59
employees from across the organization to further enhance Penn that they received a raise since completing the
Foster’s collective contribution to its communities. This committee programs, while nearly a quarter of graduates received
helps establish and monitor our core impact metrics as well as a promotion. Furthermore, nearly 84% of Better
identifying and executing specific initiatives to further those goals. WorkLife graduates said that the programs have given
them more confidence in their ability to improve their
career status.
Iain Ware
Cathi Canfield, VP of Associate Experience and
Managing Director Engagement at EmployBridge, attests to the
New York tremendous impact of the programming: “Our
partnership with Penn Foster has allowed us to provide
a meaningful learning pathway that greatly improves
access to skill development for our workers. Our
associates recognize that they need this learning to
B IMPACT SCORE stay competitive and to move beyond their current
99 116
2018 2019
position, and they are motivated to stay the course
because positive outcomes are ahead.”
30 Bain Capital Double Impact Year in Review – May 2020 Company data as of December 31, 2019 Bain Capital Double Impact Year in Review – May 2020 31I M PACT T H E S I S & M E T R I CS CAS E ST U DY
Reduce Carbon Emissions
The Many Paths to Sustainability
3.06 223
M I S S I O N STAT E M E N T
SRG’s commitment to sustainability extends well
As we grow we seek to inspire change... change in the way people eat, beyond the ecologically sound menu choices at their
the way others do business, and the way we treat our environment restaurants. Inside SRG’s sushi bars, each part of the
guests’ experience – lighting with electricity derived
A BO U T T H E CO M PA N Y CO2 footprint per CO2 footprint per from renewable sources, bathrooms that use low-flow
Bamboo guest (kg) Bamboo restaurant toilets, toilet paper made from bamboo, and energy-
Sustainable Restaurant Group (“SRG”) is the world’s first certified
(MT) efficient hand dryers – takes environmental impact into
sustainable sushi restaurant group, and primarily known for its Bamboo
Sushi restaurants. SRG only sources sustainably caught seafood, account.
Advocate for Sustainable Seafood
works to reduce the negative impact of the seafood supply chain, and
Last year, when SRG opened its new Seattle restaurant,
educates consumers about the health and environmental impacts they Customers reached
465K
patio chairs were made from recycled fishnets and
can make by choosing sustainable fish. Bain Capital Double Impact
tabletops were sourced from recycled paper. The
invested in SRG in March 2018.
chopsticks are reusable and crafted from sustainably
harvested teak. Even the restaurant’s take-out
containers are made from bagasse and sugarcane,
We are inspired by Bamboo Sushi’s mission to which break down organically.
provide delicious food sourced in a sustainable and
transparent way. The practices and techniques they Beyond local advocacy, SRG is taking action to protect
are employing provide a potential roadmap to creating our oceans. It recently purchased, in partnership with
a high-quality, environmentally-conscious approach for the Nature Conservancy, 100 square kilometres of
seafood restaurants broadly. ocean off the coast of the Bahamas and established
it as a “marine protected area” to help preserve the
ocean’s ecosystems and provide a safe breeding haven
Cecilia Chao for fish of all kinds.
Managing Director
Boston
B IMPACT SCORE
82 82
2018 2019
32 Bain Capital Double Impact Year in Review – May 2020 Company data as of December 31, 2019 Bain Capital Double Impact Year in Review – May 2020 33I M PACT T H E S I S & M E T R I CS CAS E ST U DY
We continue to focus on being thought leaders in Reduce Carbon Emissions
Advocates for Inclusivity
sustainability, including bringing plant-based foods Plant-based burgers
to the masses to help reduce carbon emissions. This past year, by CHLOE launched three new menu
465 2.9K
served MT CO2 Diverted
items featuring Chicky, their first plant-based-chicken
K
We were excited to support ByChloe in a number
of sustainability initiatives in 2019, including the offering.
recent introduction of reusable take-out bags
across by CHLOE locations.
M I S S I O N STAT E M E N T
640+
Cars off road
To make plant-based foods accessible to people in the
communities by CHLOE serves, Ray Xi
and to promote the environmental
benefits of plant-based eating Vice President
to key stakeholders including Boston Advocate for Plant-Based Foods
employees, customers and the general public
2.8M
Meals ordered
A BO U T T H E CO M PA N Y
Infusing the new offering with its company values,
by CHLOE is a plant-based fast-casual restaurant by CHLOE unveiled the Eat More Chicky campaign,
concept with eighteen locations across the USA, pushing the boundaries of typical food marketing and
Canada, and the UK. In 2019, by CHLOE opened two celebrating inclusivity.
additional New York City locations, its Toronto location,
and three additional London locations. The company
continues to expand its options of plant-based offerings,
and has set the stage for continued international expansion.
Bain Capital Double Impact partnered with by CHLOE in
January 2018 to make sustainable cuisine accessible and
attractive to the mainstream consumer, offering plant-based
options that are more environmentally friendly than meat-
based meals and can serve as a gateway toward healthier diets.
The campaign featured drag queen West Dakota as
the face of the promotion. With social media content
and wall postings across trendy neighborhoods in
New York City, by CHLOE showcased that plant-based
food is for everyone and their doors are open to
B IMPACT SCORE anyone, regardless of gender, race, beliefs, or diet. The
58 62
campaign was an instant hit, with local and national
press coverage, as well as viral exposure on Instagram
2018 2019 and other social channels.
34 Bain Capital Double Impact Year in Review – May 2020 Company data as of December 31, 2019 Bain Capital Double Impact Year in Review – May 2020 35I M PACT T H E S I S & M E T R I CS CAS E ST U DY
Active Development Programs
Advancing the Fight Against
5
2019
Rare Diseases
M I S S I O N STAT E M E N T Drug development and commercialization of treatments
for rare diseases, regardless of their severity, can be
Igniting the power of promising science to unleash new possibilities for patients overlooked or unmet by biopharmaceutical companies.
Since SpringWorks’ formation, two stalled
assets re-entered the clinic in 2019. In The dedicated team at SpringWorks is on a mission
A BO U T T H E CO M PA N Y to change this dynamic, and provide life-changing
addition, the company partnered with
SpringWorks Therapeutics is an innovative clinical-stage biopharmaceutical another biopharmaceutical company in medicines for underserved patient populations.
company that serves as a platform to advance promising new therapies for unserved 2019 to advance a third molecule into the
As an example, SpringWorks licensed a molecule from
and underserved patient populations. SpringWorks licenses molecules from clinic in 2020. The company also is pursuing
Pfizer, collaborated with academics, clinicians and
pharmaceutical companies that are unable to invest in such therapies for strategic, two combination therapies using one of
patients and initiated a Phase IIb study of mirdametinib
operational or other reasons. Over the past year, SpringWorks has continued to its molecules in partnership with another
in patients with Neurofibromatosis type 1 (NF-1)-
advance development of its founding portfolio of molecules, which show promise company’s molecule.
associated plexiform neurofribromas. This rare genetic
in addressing conditions such as desmoid tumors and neurofibromatosis 1 (NF1).
condition is characterized by multiple skin alterations
Additionally, the company created a new joint venture, MapKure, with another
and tumoral growth along nerves called neurofibromas.
biopharmaceutical company to pursue a new asset the partner was not advancing
In addition to cancer, NF-1 may lead to blindness, bone
on its own. Bain Capital Double Impact joined Bain Capital Life Sciences and other
abnormalities, learning disabilities and disabling pain.
investors to launch the platform in August 2017. The company closed a $125 million
Series B round in March 2019 and a $162M IPO in September 2019. There are approximately 100,000 patients in the US
with NF-1, 20-40% of whom represent the plexiform
neurofibroma variant. The FDA recently granted Fast
Track designation to one of SpringWorks’ molecules to
SpringWorks addresses critical needs for individuals with rare treat these underserved patients, and the team is highly
diseases for whom orphan indications are frequently the only focused on bringing an approved therapy to market,
option, which aligns squarely with BCDI’s mission of improving because they know patients are counting on them.
access for underserved populations. We are delighted by the
milestone that SpringWorks achieved this past year with its initial In September 2019, the company announced a
public offering, which will allow the company to realize even more successful initial public offering. With this milestone,
value for patients and society. SpringWorks is well-capitalized to continue advancing
the development of Mirdametinib along with its other
clinical programs, in-licensing additional molecules
Greg Shell with significant promise, and improving access for rare
disease patients with no treatment alternatives.
Managing Director
Boston
SpringWorks received its first B Impact
Score in 2018. No further assessments
conducted as the company completed its
initial public offering in 2019.
36 Bain Capital Double Impact Year in Review – May 2020 Company data as of December 31, 2019 Bain Capital Double Impact Year in Review – May 2020 37Finding ways to reduce harmful effects of climate change is I M PACT T H E S I S & M E T R I CS CAS E ST U DY
the issue of our generation, and Living Earth’s closed loop
business model plays a significant role in diverting materials Reduced Carbon Emissions
Partnering with the City of
from landfills while also creating sustainable products for its Houston
21K 4.7K
communities. In partnership with Living Earth’s CEO, we’ve
played an active role in helping attract and retain top talent
Living Earth is proud to have a partnership with the City
and position the company for growth. We’ve also prioritized
M I S S I O N STAT E M E N T of Houston to sustainably manage the City’s residential
smart capital investments, such as automated bagging, Metric tons of CO2 Cars off the road
Living Earth is where sustainability begins tree and yard waste. The materials are recycled and
grinding machinery, and a fleet of drones to enable operating diverted
composted to manufacture environmentally beneficial
efficiencies as the business scales.
mulches, compost and soil products.
A BO U T T H E CO M PA N Y
Living Earth is one of the country’s leading suppliers of Living Earth secured its first contract to manage tree
sustainable landscaping products, including mulches, Jacob Donnelly debris for the City in May 2008. From April 2009 to
composts and soils. Landscapers, municipalities, and Principal December 2019, Living Earth has received and recycled
other customers pay Living Earth to take in organic 425,232 tons of tree debris from Houston’s residential
Boston
materials such as leaves, brush and food waste, which the curbside collection program. The Company developed
company processes into premium products that it sells Houston Mulch™ which is sold locally in bulk and in
back to many of the same customers. Processing this bags. The bagged product packaging provides an
organic material keeps it out of landfills, where it would environmental message to the consumer.
otherwise decompose and produce methane, which is
one of the most potent greenhouse gases. Acquired by
Bain Capital Double Impact in March 2017, Living Earth
has expanded both organically and by acquisition and
has developed more rigorous metrics to measure carbon
emission reductions.
Expanding on the success of the tree waste recycling
program, the City of Houston partnered with Living
Earth to develop solutions to divert City residential yard
trimmings - grass clippings, leaves, plant trimmings -
from landfills. In April 2010, the City implemented a
change to residential yard waste collection, eliminating
petroleum-based yard bags, and requiring the strict
use of certified compostable bags. Since the program
inception in 2010, Living Earth has received and
composted 151,800 tons of the City’s yard trimmings.
Together, Houston city leaders and the Living Earth
B IMPACT SCORE
team are creating a best-in-the-country model for
72 83 85
2017 2018 2019
organic recycling programs.
38 Bain Capital Double Impact Year in Review – May 2020 Company data as of December 31, 2019 Bain Capital Double Impact Year in Review – May 2020 39Disclaimer
Bain Capital Double Impact, LP (“Bain Capital Double you are strongly advised to take your own legal, investment the current good-faith views of Bain Capital Double Impact
Impact”) is an investment adviser registered with the U.S. and tax advice from suitably qualified advisers. at the time of preparation. These views are inherently
Securities and Exchange Commission (the “Commission”). subjective and subject to change without notice of any kind.
Registration with the Commission does not constitute An investment in the Funds is speculative and involves Contact your Bain Capital Double Impact representative for
an endorsement of Bain Capital Double Impact by the a high degree of risk, which may not be suitable for all further information.
Commission nor does it imply a certain level of skill or investors. The Funds may often engage in leveraging and
training. No securities commission or regulatory authority other speculative investment practices that may increase Certain information contained herein are not purely
in the United States or in any other country has in any way the risk of investment loss and the investments may be historical in nature, but are “forward-looking statements,”
passed upon the merits of an investment in a Bain Capital highly illiquid. The Funds are not required to provide periodic which can be identified by the use of terms such as “may,”
Double Impact fund or the accuracy or adequacy of the pricing or valuation information to investors. Investing in “will,” “should,” “expect,” “anticipate,” “project,” “estimate,”
information or material contained herein or otherwise. the Funds may involve complex tax structure, and there may “intend,” “continue,” or “believe” (or negatives thereof)
be delays in distributing important tax information. Private or other variations thereof. These statements are based
This written material provides a general introduction to Bain funds are not subject to the same regulatory requirements on certain assumptions and are intended to illustrate
Capital Double Impact and its business and is intended as mutual funds, and private fund advisers and sponsors hypothetical results under those assumptions (not all
for your sole use. It should not be relied upon as the basis often charge high fees. An investment in the Funds involves of which are specified herein). Due to various risks and
for making any investment decision, entering into any a number of significant risks and other important factors uncertainties, actual events or results may differ materially
transaction or for any other purpose. relating to investments in limited partnerships generally, from those reflected or contemplated in such forward-
and relating to the structure and investment objectives of looking statements. As a result, investors should not rely on
Bain Capital Double Impact, its subsidiaries and affiliates, a given partnership in particular. Investors should consider such forward-looking statements.
their respective employees, officers and agents make no risks associated with the following: illiquidity and restrictions
representations as to the completeness and accuracy of on transfer; tax considerations; valuation risks, and impact Certain information contained in this presentation has been
any information contained within this written presentation. of fees on returns. The foregoing list of risk factors does obtained from published and non-published sources and/
Information contained in this presentation is for not purport to be a complete enumeration of the risks or prepared by third-parties and in certain cases has not
informational purposes only and should not be construed as involved in an investment in the Funds. Prospective investors been updated through the date hereof. Such information
an offer or solicitation of any security or investment product, should reference the offering document and consult with has not been independently verified by Bain Capital Double
nor should it be interpreted to contain a recommendation for their own legal, tax and financial advisors before deciding Impact and Bain Capital Double Impact does not assume
the sale or purchase of any security or investment product to invest in the Funds. Refer to a particular Fund’s private responsibility for the accuracy of such information (or
and is considered incomplete without the accompanying placement memorandum for additional details, risk factors updating the presentation based on facts learned following
oral presentation and commentary. Any offer to purchase or and other important considerations, including registration its publication). All information contained herein is subject
buy securities or other investment product will only be made requirements for certain jurisdictions. to revision and the information set forth herein does not
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a confidential basis at their request for their consideration in information and analysis and may not be distributed or This material has been provided to you solely for your
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Capital Double Impact or its affiliates. Distribution to, or distributed to any other person or published, in whole or
Bain Capital Double Impact acts for the funds which it use by, any person or entity in any jurisdiction or country in part for any purpose. Any other person receiving this
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for anyone else. In particular, Bain Capital Double Impact or regulation, or which would subject Bain Capital Double
will not advise potential investors on subscriptions in any The Bain Capital square symbol is a trademark of Bain
Impact or its affiliates to any registration requirement within Capital, LP.
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Bain Capital Double Impact has the authority to represent
otherwise. Bain Capital Double Impact is not responsible for The opinions and information contained in this presentation
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