Californian canvas shoe company Toms has agreed to sell a 50% stake to private investment firm Bain Capital. According to a report by the financial and business website Bloomberg, the deal is said to value Toms at about $625 million, including debt. Toms founder Blake Mycoskie stated: "This partnership will enable Toms to grow faster and give to more people in more ways than we could otherwise. In eight short years, 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.”

Blake Mycoskie founded Toms in 2006. After a visit in an Argentine village Mycoskie saw the children’s need for shoes and came up with the idea of the One-for-One policy. In addition Toms offers glasses. For every pair of shoes that it sold, Toms donates a pair to a child in need.