Los Angeles - November 4, 2014 – TOMS Founder and Chief Shoe Giver Blake Mycoskie has announced that the company has completed the sale of a 50 percent equity stake to a leading private investment firm, Bain Capital Private Equity. The partnership and investment support will accelerate the growth of the company and its giving programs around the world, with Mycoskie continuing as visionary of the company and the 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 – One for One™. Since then, TOMS’ giving has grown to serve other basic needs. TOMS Eyewear 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. 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.”
“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,” said Ryan Cotton, a Principal at Bain Capital Private Equity.
TOMS’ current retail partners commented positively on the agreement. James C. Estepa President and Chief Executive Officer The Journeys Group, said, “TOMS is an incredibly unique company with a strong social cause at its core, which continues to resonate with our customers both in the U.S. and in Europe. We’re proud that Journeys has played an important role in the global success of TOMS thus far, and we expect that our relationship will only strengthen given the investment from Bain Capital.”
"We have enjoyed a great relationship with TOMS as the company has grown over the years and we really value the passion they bring to their business and our partnership. Our customers continue to respond positively to their product line, and TOMS’ socially aware mission has always resonated with our customer,” said Scott Meden, EVP and GMM of shoes, Nordstrom. “The partnership with Bain Capital will help enable TOMS to invest in product development, and we look forward to continuing to evolve our partnership in the future.”
In 2006, American traveler Blake Mycoskie befriended children in a village in Argentina and found they had no shoes to protect their feet. Wanting to help, he created TOMS, a company that would match every pair of shoes purchased with a pair of new shoes given to a child in need. One for One.® Since then, TOMS has given 35 million pairs of new shoes to children in need.
Five years later, TOMS realized this movement could serve other basic needs and launched TOMS Eyewear. With every pair purchased, TOMS will help give sight to a person in need. One for One.® Since launching, TOMS has helped save or restore the sight of more than 275,000 people worldwide.
In 2014, TOMS launched TOMS Roasting Co. For each bag of coffee beans sold a person will get clean water for a week, and for every cup of coffee sold someone gets water for a day.
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since our founding in 1984. Our team of more than 400 investment professionals creates value for our portfolio companies through our global platform and depth of expertise in key vertical industries including consumer/retail, financial and business services, healthcare, industrials, and technology, media and telecommunications. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.
This press release has been updated to reflect the new business unit name, "Bain Capital Private Equity," which was changed from "Bain Capital" or "Bain Capital, LP."