TOMS completes sale of 50% stake to Bain Capital
The founder of the TOMS shoe brand Blake Mycoskie has announced that the company has completed the sale of a 50% equity stake to Bain Capital.
The partnership and investment support will accelerate the company’s growth with Mycoskie continuing as 50% owner of TOMS.
Founded in 2006, TOMS began as a shoe company that matched every pair of shoes purchased with a pair of new shoes given to a child in need under its One for One scheme. Since then, the scheme has been extended to include TOMS Eyewear as well as TOMS Roasting Co, which gives one week of clean water to a person in need for every bag of coffee purchased. To date, TOMS has given over 35 million new pairs of shoes to children in need and helped restore sight to more than 275,000 people.
“The partnership with Bain Capital will bring added resources and expertise to allow us to accelerate the growth of our company and the One for One mission globally,” said Mycoskie. “We are seeing increased demand for our products and brand and this partnership will help us meet that demand as we expand product categories and grow our distribution and retail footprint in key target countries internationally.”
Never Miss a Retail Update!Ryan Cotton of Bain Capital added: “TOMS is very clearly the leading mission-driven company. It has a brand that stands for social impact in an authentic, unique and resonant way. We look forward to partnering with Blake and his team to grow the business while simultaneously growing and supporting the impact of its mission.”
