TOMS Lands Major Investment From Bain Capital Blake Mycoskie will keep a 50 percent stake in the social-good shoe startup he founded.

By Jason Fell

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Today is a big day for social-good shoe startup TOMS. The company said it has signed a "definitive agreement to partner" with Boston-based private investment firm Bain Capital. While financial terms of the agreement weren't disclosed, reports say Bain acquired a 50-percent stake in the company.

TOMS founder Blake Mycoskie will retain ownership of the other 50 percent, TOMS confirmed.

Founded in 2006, Los Angeles-based TOMS became regarded for its One-for-One program, by which the company donates one pair of shoes to a child in need for every pair it sells. Today, the TOMS brand also includes TOMS Eyewear and TOMS Roasting Co.

"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," Mycoskie said in a press release. Mycoskie will apparently give away half of his profits from this transaction by establishing a fund that "identifies and supports" social entrepreneurship programs.

Bain Capital, of course, is looking to up its charitable involvement. The firm has had a bad rap over the years as a group of heartless robber barons. Its involvement with TOMS presumably couldn't hurt.

Related: 5 Secrets to Building a Business -- With Heart

Jason Fell

VP, Native Content

Jason Fell is the VP of Native Content, managing the Entrepreneur Partner Studio, which creates dynamic and compelling content for our partners. He previously served as Entrepreneur.com's managing editor and as the technology editor prior to that.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Related Topics

Business News

A Former Disney Star Just Launched a Space Startup With $6.3 Million in Seed Funding. Here's Why She Did It.

Bridgit Mendler co-founded Northwood Space to bring data from space reliably down to Earth.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Marketing

10 Expert Insights for the Optimal (and Most Effective) PR Budget in 2024

The age-old question "How much should a company spend on PR?" echoes through boardrooms, with organizations seeking a magic formula for budget allocation. Here are 10 things you need to consider.

Living

Incorporating This Simple Activity Into Your Daily Routine Can Boost Your Productivity, Creativity and Business

This simple yet profound activity has transformed not just my health, but the way I do business. Here's how.

Leadership

3 Mind-Changing Habits Every Leader Should Follow

As business leaders, we need reminders to focus on our mindset, not just the P&L. Here are three habits that I practice to create a more successful mindset.