Living Earth, Japan Wind Development, & SpringWorks
We had three additional exits in our portfolio this year. Together these three investments reflect the tenacity and hard work, global footprint and deep industry expertise of the Double Impact team and broader Bain Capital platform.
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YEAR INVESTED
2017
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LOCATION
Dallas, Texas
Keeping organic waste out of landfills
Founded in 1985 in Houston, Texas, and headquartered in Dallas, Living Earth diverts organic waste from landfills to create sustainable landscaping products. By recycling this waste, Living Earth preserves landfill space and contributes to reduced greenhouse gas emissions.
Opportunity & Investment
We invested in Living Earth in 2017, working closely with leadership throughout our ownership period to improve profitability while boosting margin and revenue growth through system enhancements, process optimization, and strategic acquisitions.
Value Creation
The company faced several manufacturing and other operating challenges early in the investment period. Our team was highly engaged in the turnaround effort, onboarding new leadership in 2019, helping implement additional capabilities across systems and processes, and supporting accretive tuck-in acquisitions. Through our collaboration and hard work, the company was able to fully recover and realize additional growth before we exited in 2023.
Exit
In May 2023, Living Earth was acquired by an experienced and dedicated investor in the industrial, renewable energy, and utilities sectors.
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YEAR INVESTED
2021
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LOCATION
Tokyo, Japan
Supporting a clean energy future
Founded in 1999, Japan Wind Development (“JWD”) is a pioneer of Japan’s domestic wind farm industry. The company works to accelerate the rollout of wind power in Japan, furthering the country’s shift to renewable energy.
Opportunity & Investment
In 2020, Double Impact co-invested in JWD alongside Bain Capital Private Equity to provide the critical capital the company needed to continue expanding its onshore and nearshore wind production capacity.
Value Creation
Together with JWD’s management team, Bain Capital developed a strategic expansion plan that enabled the company to solidify its position as the country's top independent wind farm developer, with approximately 300 wind turbines in Japan and abroad and a total capacity of approximately 570 MW. Data as of Q4 2023.
Exit
In December 2023, Bain Capital agreed to sell JWD to INFRONEER, a leading infrastructure services provider in Japan. In alignment with our aim to position JWD for ongoing growth and impact, INFRONEER has committed to continuing to reinvest and support the company as a key leader in Japan’s renewable energy industry.
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YEAR INVESTED
2017
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LOCATION
Stamford, CT
Advancing the fight against rare diseases
SpringWorks Therapeutics is an innovative biopharmaceutical company that serves as a platform to advance promising new therapies for unserved and underserved patient populations. The company licenses molecules from pharmaceutical companies that are unable to invest in such therapies for strategic or operational reasons.
Opportunity & Investment
Drug development and commercialization of treatments for rare diseases, regardless of their severity, can be overlooked or unmet by biopharmaceutical companies. SpringWorks was created through collaboration between Pfizer and Bain Capital’s Double Impact and Life Sciences teams and launched in 2017 to change this dynamic and provide life-changing medicines.
Value Creation
Double Impact and the Life Sciences team worked with the management team to build a robust governance framework, R&D platform, and a clinical licensing program. In a few short years, SpringWorks has been successful in developing treatments for diseases such as desmoid tumors. Today the company has three primary areas of focus: rare oncology, BCMA combinations of multiple myeloma, and biomarker-defined metastatic solid tumors.
Exit
SpringWorks had an initial public offering in September 2019. After the company’s IPO, Double Impact continued to hold an equity stake to support the company’s ongoing growth and impact. In December 2023, we fully exited the company.
