Bain sees off competition in bid for 50% stake in ethical shoe company TOMS

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old-pair-of-sneakers-1199772-mPrivate equity giant Bain Capital has reportedly agreed to buy a 50 per cent stake in casual footwear maker TOMS Shoes.

The firm beat other private equity firms to strike the deal, which values the company at $625m, including debt, according to sources cited by Reuters.

TOMS Shoes was founded by Blake Mycoskie in 2006 following a visit to Argentina.

Mycoskie makes a range of shoes, including slip-ons, lace ups and sandal and donates one pair to a child in need in a developing country for every pair the company sells.

The company founder will remain as head of the business and keep a 50 per cent stake.

Bain recently agreed to sell a 49.9 per cent stake in its investment in telemarketing company Bellsystem24 Holdings to Japanese trading company Itochu Corporation.

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