Toms shoes sells 50% stake of business to Bain Capital to help grow One for One initiative
The company, which matches every pair of shoes purchased with a pair of new shoes for a child in need via its One for One project, will still be guided by founder and 'chief shoe giver' Blake Mycoskie, who retains 50 per cent of the company.
"This partnership will enable Toms to grow faster and give to more people in more ways than we could otherwise," said Mycoskie.
"In eight short years, we've had incredible success, and now we need a strategic partner who shares our bold vision for the future and can help us realise it. We're thrilled that Bain Capital is fully aligned with our commitment to One for One, and clearly they have the expertise to help us improve our business and further expand the scale of our mission."
Mycoskie plans to give away at least half of his profits from the transaction by establishing a fund that identifies and supports social entrepreneurship and other causes.
Bain Capital has also announced a new charitable endeavor, funded by Mycoskie and a matching investment from Bain Capital, which will be established to support social entrepreneurs around the world.
"Toms is synonymous with social responsibility and corporate impact and has demonstrated the power of being an authentic, mission-driven organization," said Ryan Cotton, a principal at Bain Capital.
"We are extremely excited to partner with Blake Mycoskie to support the continued growth of the business and the expansion of the Toms mission. As a firm and as individuals, we are strongly aligned with the principles of the One for One movement and its contribution to the global community."
In addition to its One for One initiative, Toms Eyewear also donates a pair of glasses to someone in need with each pair of eyewear purchased, while Toms Roasting Co. gives one week of clean water to a person in need for every bag of coffee purchased.