Toms, the Venice shoe company known for its “One for One” policy of donating a pair of shoes to charity for each pair it sells, sold 50 percent of its equity to Bain Capital in a deal announced Wednesday.
Financial details were not disclosed. Doug Piwinski, Toms senior vice president for marketing and communications said company founder Blake Mycoskie will retain 50 percent ownership of the company and employ half of the money raised by Toms in the deal to create a fund benefitting social entrepreneurship. Beneficiaries have yet to be determined.
On the business side, income from Bain’s purchase can be used to finance Toms’ expansion, including moves into international markets, and add products.
“One of Blake’s main goals is diversifying the product offerings,” Piwinski said.
Toms has previously expanded its philanthropic activities to include donations of prescription eyeglasses or vision care in connection with purchases of eyewear and supporting water projects connected to purchases of coffee.