Bain Capital has signed an agreement to partner with TOMS in a deal reported to value the company at about $625 million, including debt. Jefferies & Company is providing committed financing for the transaction. TOMS founder Blake Mycoskie will remain 50% owner. Founded in 2006, TOMS first began as a hybrid of a charity and company through a program dubbed One for One, where it matched every pair of its canvas espadrilles purchased by donating a new pair. In the years since, the company's offering grew to include eyewear and coffee; it gives away a pair of glasses for every pair purchased and a week of clean water for every bag of coffee bought. To date, TOMS has given over 25 million new pairs of shoes away.
One of the more intriguing aspects of the deal is Bain's commitment to TOMS' charitable vision. Mr. Mycoskie plans to give away at least half of his profits from the deal by establishing a fund that identifies and supports social entrepreneurship and causes; Bain will make a matching investment.