Toms founder sells half

 

Toms venice storeFootwear manufacturer and retailer, Toms, has sold a 50 per cent equity stake in the business to private equity company, Bain Capital.

The remaining 50 per cent has been retained by Toms founder and CEO, Blake Mycoskie, with Bain’s investment to accelerate growth of the company and its giving programs.

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 (One for One program). Spinoff Toms businesses include Toms Eyewear, which gives sight to a person in need with every pair of eyewear purchased, and Toms Roasting Co. gives one week of clean water to a person in need for every bag of coffee purchased.

“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.”

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