New York. NY , January 31, 2007 - MidOcean Partners (“MidOcean”) and Bruckmann, Rosser, Sherrill & Co., LLC (“BRS”), today announced the completion of the previously announced recapitalization of totes>>Isotoner Corporation, a leading designer and marketer of branded functional accessories whose cold weather products, footwear, rainwear, and sunglasses are readily recognized throughout North America and Europe. The transaction is valued at approximately $288 million.
MidOcean now owns a majority stake in the company, with BRS and the current totes>>Isotoner senior management team maintaining a significant ownership position in the company. Rob Sharp, a Managing Director at MidOcean, said. “MidOcean has demonstrated an ability to consistently identify and invest behind highly recognized branded consumer companies that have the potential to expand their business organically and geographically, We are excited to have totes>>Isotoner join our family of businesses and we look forward to working with BRS and the management team to build upon the company’s past success an a global leader in the branded consumer accessories market.”
Founded in 1923, totes>>Isotoner today is a clear leader in brand awareness and recognition within the multi-billion functional accessories market. The company’s gloves, hats, scarves, umbrellas, slippers, and other products are marketed under the totes>>Isotoner, Raines and ESNY names and are sold in more than 5,000 major department stores, mass merchants, drug stores, and specialty retailers in North America, the U.K. and France. The company also operates a network of over 100 owned outlet mall-based stores.
The decision by BRS to retain a minority stake in totes reflects the firm’s continued support and belief in the company’s growth prospects. Thomas J. Baldwin, Managing Director of BRS, said, “We have worked with the senior management at totes to create a stronger company and we believe opportunities can still be captured globally. We are pleased to maintain an interest in totes>>Isotoner as we capitalize on that expected growth.” Doug Gernert, who continues as President and Chief Executive Officer and in also assuming the role of Chairman of the Board of Directors, said, “We have successfully partnered with BRS since 2004 and we look forward to their continued involvement. We are now very pleased to have the expertise and support of the MidOcean team, who have extensive experience with branded consumer products.”
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BRS, founded in 1995 and headquartered in New York, specializes in management buyouts and recapitalizations of high quality, middle market companies with strong market positions and/or growth potential. BRS currently manages approximately $1.2 billion of committed capital in two institutional private equity funds. The principals of BRS have worked together since the mid-1980s (originally at Citicorp Venture Capital) and have collectively invested in over 60 companies with a total value in excess of $12.6 billion. BRS currently has investments focused predominantly in the consumer products and services areas. For more information, visit www.brs.com.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager that specializes in middle market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has managed over $4.5 billion of committed capital and has targeted investments in high-quality middle market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and manages approximately $8 billion across a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts as of November 30, 2018
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