TOMS Partners With Bain to Accelerate Growth
TOMS announces the signing of a definitive agreement to partner with Bain Capital, a global private investment firm, to accelerate the growth of the company and its giving programs around the world. TOMS Founder and Chief Shoe Giver Blake Mycoskie will continue as visionary of the company and remain the 50 percent owner of TOMS. Financial terms of the private transaction were not disclosed.
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 25 million new pairs of shoes to children in need and helped restore sight to more than 250,000 people.
"This partnership will enable TOMS to grow faster and give to more people in more ways than we could otherwise," says 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 realize 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 adds, "While I believe TOMS has done a lot of good up to this point, there is so much more we can and should be doing. More importantly, I want TOMS to be relevant not only to the next generation, but the one after that, and far beyond."
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 to which he and his wife, Heather, are deeply committed.
In keeping with the One for One promise, Bain Capital has committed to give back to the community through 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.
Bain Capital has a long track record of investing in and partnering with management teams to help grow companies. Some of its consumer and retail investments have included Canada Goose, Bombardier Recreational Products, Bright Horizons, Jack Wolfskin, The Sealy Corporation, Michaels Stores, The Gymboree Corporation, Dunkin' Brands Group, Burlington Stores and Dollarama.
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 25 million new pairs of shoes to children in need and helped restore sight to more than 250,000 people.
"This partnership will enable TOMS to grow faster and give to more people in more ways than we could otherwise," says 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 realize 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 adds, "While I believe TOMS has done a lot of good up to this point, there is so much more we can and should be doing. More importantly, I want TOMS to be relevant not only to the next generation, but the one after that, and far beyond."
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 to which he and his wife, Heather, are deeply committed.
In keeping with the One for One promise, Bain Capital has committed to give back to the community through 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.
Bain Capital has a long track record of investing in and partnering with management teams to help grow companies. Some of its consumer and retail investments have included Canada Goose, Bombardier Recreational Products, Bright Horizons, Jack Wolfskin, The Sealy Corporation, Michaels Stores, The Gymboree Corporation, Dunkin' Brands Group, Burlington Stores and Dollarama.