Toms Shoes Inc., the Los Angeles company known for giving away a pair of shoes for every pair it sells, has agreed to sell a 50% stake to investment firm Bain Capital.
The shoemaker said Wednesday that Toms founder Blake Mycoskie would keep a 50% share of the company and remain on as "visionary" and "chief shoe giver."
Mycoskie said joining forces with Bain Capital enables the company "to grow faster" than going it alone.
"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," he said in a statement.
The financial terms of the transaction were...