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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