Toms, a Los Angeles, CA-based company that matches every item purchased with a pair of new shoes given to a child in need, received an investment from Bain Capital.
The amount of the deal was not disclosed. Following the closing of it, Founder by Blake Mycoskie will remain the 50% owner of Toms.
The company intends to use the funds to accelerate the growth of the business.
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, the company has grown to 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.
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 committed. 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.
FinSMEs
25/08/2014