Bain Capital, one of the world’s largest private investment firms, has acquired 50 percent of Toms in order to accelerate the growth of the company and its giving programs around the world. Founder Blake Mycoskie will remain a 50 percent owner of Toms. Financial terms of the private transaction were not disclosed although sources told the New York Times that the one-for-one company is valued at $625 million, including debt.
“This partnership will enable Toms to grow faster and give to more people in more ways than we could otherwise,” Mycoskie says. “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 plans to give away at least half of his profits from the transaction by establishing a fund that identifies and supports social entrepreneurship and, in keeping with the One for One promise, Bain Capital has committed to give back, too, with a matching investment.