TOMS founder sells 50% to private equity firm
21/08/2014
Blake Mycoskie founded the company – which donates a pair of shoes to a children in need for every pair sold – after a visit to Argentina in his late 20s.
It has donated more than 10 million pairs of new shoes and 200,000 pairs of glasses since 2006.
Sources told Reuters that Toms had a number of suitors after letting it be known it was open to investment, but Bain executives won the pitch after suggesting the extra capital is used to set up a fund to aid likeminded companies.
The deal reportedly values TOMS $625 million.
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