|By PR Newswire||
|August 20, 2014 03:29 PM EDT||
LOS ANGELES, Aug. 20, 2014 /PRNewswire/ -- TOMS, the company that turned the idea of One for One™ into a global movement, today announced the signing of a definitive agreement to partner with Bain Capital, a leading 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% 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," 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 added, "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.
"TOMS is synonymous with social responsibility and corporate impact and has demonstrated the power of being an authentic, mission-driven organization," said Ryan Cotton, a Principal at Bain Capital. "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."
"Charitable involvement, social impact and global responsibility have always been important at Bain Capital," said Josh Bekenstein, a Managing Director and a co-founder of Bain Capital. "We donate time, expertise and resources to a wide array of charitable and non-profit organizations around the world each year through partnership initiatives that make a real difference in our communities. This investment and our support of TOMS' mission are entirely consistent with this approach."
The Sage Group, LLC is serving as the exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to TOMS. Financo, LLC. is serving as financial advisor, Ropes & Gray LLP is acting as legal counsel, and PwC LLP is serving as accounting advisor to Bain Capital. Committed financing for the transaction is being provided by Jefferies & Company, Inc.
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 nearly 20 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 200,000 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 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.
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