Toms will be partnering with investment firm Bain Capital in an effort to expand the company’s reach and its charitable efforts.
Though no financial information about the agreement was announced, Toms founder Blake Mycoskie will remain in charge of the company and maintain his 50% share of it. Additionally, Mycoskie will use half of the money he gained from the partnership to start a fund for social causes and entrepreneurship.
“This partnership will enable Toms to grow faster and give to more people in more ways than we could otherwise," said 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 started Toms — whose line of shoes has expanded in recent years beyond its signature espadrille and even deals in eyewear now — in 2006 with the pledge that the company would donate a pair of shoes to a child in need. With the company’s eyewear, a pair of glasses is donated for each one purchased.
"Toms is synonymous with social responsibility and corporate impact and has demonstrated the power of being an authentic, mission-driven organization," Ryan Cotton, a principal at Bain Capital, said. "We are extremely excited to partner with Blake Mycoskie to support the continued growth of the business and the expansion of the TOMS mission. As a firm and as individuals, we are strongly aligned with the principles of the One for One movement and its contribution to the global community."
Bain has previously invested in stores like Michaels, Canada Good, Bombardier and others with similar goals of growth.
“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,” Mycoskie said. “More importantly, I want Toms to be relevant not only to the next generation, but the one after that, and far beyond."