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Toms founder, Blake Mycoskie, will own the other half of the retailer, which gives a pair of shoes to a needy child for each pair purchased.
Tom Shoes, a retailer that touts its charitable twist of giving one pair of shoes to a child in need for every pair purchased, has sold half of the company to private equity firm Bain Capital LLC.
Financial terms were not disclosed. Toms founder, Blake Mycoskie, will own the other half of the retailer, No. 233 in the Internet Retailer Top 500 Guide. Toms web sales totaled $90 million in 2013, according to Internet Retailer estimates, up 12.5% from an estimated $80 million a year earlier.
Mycoskie plans to use at least half of his profits from the transaction to establish a fund that identifies and supports social entrepreneurship and other causes. Bain says it will match Mycoskie’s investment in the fund.
“This partnership will enable Toms to grow faster and give to more people in more ways than we could otherwise,” Mycoskie says. “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.”
Founded in 2006, Tom has since expanded into selling items besides shoes. Toms now sells eyeglasses, giving a pair to the needy for each set of frames bought, and Toms Roasting Co. launched this year provides clean water to those without it for every bag of coffee beans bought.
Toms says since its launch it has given more than 25 million new pairs of shoes to children in need and glasses to more than 250,000 people.