Privately held equity firm Bain Capital LLC has agreed to acquire a 50 percent stake of casual footwear brand TOMS Shoes Inc. Reuters reported that the deal values the company at about $625 million, including debt. An official announcement is expected for early next week.
Since launching in 2006, the Los Angeles-based ethical footwear company has donated more than 10 million pairs of shoes to people in need across the world through its buy one, give one program. It expanded its philanthropic efforts in 2011 with the launch of TOMS eyewear.
Bain’s investment is expected to help accelerate TOMS’ business program and philanthropic activities, Reuters reported.
Boston-based Bain has invested in other retail ventures, including discount retailer Burlington Stores, Michaels Companies Inc. and outerwear brand Canada Goose Inc.