Bain Capital leads impact funding in edtech platform HiMama, Genstar agrees to buy Brook + Whittle from Snow Phipps successor firm

Genstar agrees to buy Brook + Whittle from TruArc while Equality Asset Management closes its debut fund at more than $200 million.

Happy Friday!

Edtech: Bain Capital is leading an investment into HiMama, a software provider for childcare centers, through its Double Impact fund platform. The company provides a software platform for childcare centers.

The investment will enable the company to expand its offering to childcare centers in Canada and the US, as well as grow through acquisition. Bain led the $70 million Series B funding round, with participation from existing investors Round13 Ventures and Business Development Bank of Canada, writes Aaron Weitzman on the Hub today.

“Our investment in HiMama fits squarely in our ‘education and workforce development’ impact theme, where we look to invest in strong, mission-driven businesses with great potential to drive better educational outcomes,” said Iain Ware, managing director at Bain Capital Double Impact.

Ware added that Bain Double Impact will continue to invest in ed-tech companies where the products or services generate “a meaningful impact outcome.”

Read more here on PE Hub.

Labels: Genstar Capital agreed to acquire Brook + Whittle, which provides labeling services for consumer end-markets like personal care, beverage, food, healthcare and household products. The company says it strives for sustainability and works to drive brands toward 100 pct sustainable packaging.

Genstar is acquiring the company from TruArc Partners, which is the successor firm to Snow Phipps. The firm, under its prior branding, acquired Brook + Whittle in 2017, partnering with the management team led by Steve Stewart. At the time, Snow Phipps acquired the company from RFE Investment and Charter Oak Equity.

TruArc, meanwhile, was formed last year by a team from Snow Phipps that excluded co-founder Ian Snow. The firm has been in market targeting $1 billion for what it’s calling its fourth fund, as well as managing investments from Snow Phipps’ three funds. M2O Private Advisors is working as placement agent on the fundraising, according to an SEC fundraising document from April.

I was never clear exactly why Snow Phipps broke up and I never got a call back from anyone at the firm. If you have some thoughts, hit me up at cwitkowsky@buyoutsinsider.com.

Update: Yesterday we talked about Equality Asset Management. We have some updated info for you — the firm continues to raise its debut fund, which has closed on more than $200 million. The firm also chose to go with a more mainstream fee/carry arrangement, rather than the 5 percent hard hurdle it had talked about early in the fundraising. The firm made the decision after talks with LPs, according to a person with knowledge of the firm.

That’s it for me! Have a great weekend. Hit me up with tips n’ gossip, feedback and The Drama at cwitkowsky@buyoutsinsider.com or over on LinkedIn.