-- Equity Partnership Focused on Accelerating Growth and Increasing Scale of One for One™ Movement
LOS ANGELES, Nov. 4, 2014 /PRNewswire/ -- 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. 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.
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.
About Bain Capital Private Equity
Bain Capital, LLC (www.baincapital.com) is one of the world's foremost privately-held alternative investment firms, with more than $75 billion of assets under management in several pools of capital including private equity, venture capital, public equity, credit products and absolute return. Bain Capital's more than 300 professionals are collectively the single largest investor in all of its funds and are dedicated to investing in and building its portfolio companies. Founded in 1984, Bain Capital has made private equity, growth, and venture capital investments in over 450 companies around the world, and has deep experience across five key vertical industries including consumer/retail, financial services and institutions, healthcare, industrials, and technology, media and telecommunications. Through the Bain Capital Community Partnership and Bain Capital Children's Charity (www.baincapital.com/community), the firm and its employees serve as trusted partners with over 500 civic organizations around the world whose missions inspire them, helping to build great communities and improve the quality of life where they live and work. Bain Capital has offices in Boston, New York, Chicago, Palo Alto, London, Munich, Tokyo, Shanghai, Hong Kong, Mumbai and Sydney.