MidOcean announces an agreement to sell totes>>Isotoner Corporation
April 22, 2014
SUCCESSFULLY GREW BUSINESS AND EXPANDED PLATFORM UNDER MIDOCEAN’S OWNERSHIP
MidOcean Partners, a New York based private equity firm targeting investments in the middle market, and Bruckmann, Rosser, Sherrill & Co. are pleased to announce that they have agreed to sell totes>>Isotoner, the world's leading designer, marketer and distributor of functional accessories including umbrellas, cold weather and footwear products to Investcorp and Freeman Spogli & Co. The terms of the transaction were not disclosed.
Founded in 1923 and headquartered in Cincinnati, Ohio, totes»Isotoner has become synonymous with the multi-billion dollar functional accessories market, and holds a leading position in all of its served markets. MidOcean acquired totes in January 2007, and during its ownership, MidOcean helped the company to expand its product offerings globally completing five acquisitions including Northern Cap and Glove, Acorn Products, Manzella, Just Sheepskin and Grandoe.
“totes>>Isotoner is the market leading provider of branded accessory products including umbrellas, rainwear, gloves, sandals and slippers in the US and Europe,” said Doug Gernert, totes>>Isotoners’s President and CEO. “I am very proud of what MidOcean and the totes team have accomplished during our partnership. We have completed five acquisitions and successfully expanded our products and offerings during our partnership. ”
“MidOcean targets investments in companies like totes>>Isotoner that are leaders in their markets with where we see multiple opportunities for growth,” said Ted Virtue, MidOcean’s CEO. “With its leading brands, strong operating team and sophisticated distribution platform, we identified totes as an excellent platform for add-on acquisitions in the branded consumer accessories space. MidOcean was very fortunate to have had the opportunity to partner with Doug and his team as we applied MidOcean’s growth methodology to the totes Isotoner platform."
Deutsche Bank, Goldman Sachs and Kirkland & Ellis acted as the financial and legal advisors to MidOcean Partners. Bingham McCutchen and Gibson, Dunn & Crutcher acted as the legal advisors to Investcorp and Freeman Spogli.
Investcorp is a leading provider and manager of alternative investment products and is publicly traded on the Bahrain Bourse (INVCORP). The Investcorp Group has offices in New York, London, Bahrain, Saudi Arabia and Abu Dhabi. Investcorp has three business areas: corporate investment in the US, Europe and the Gulf, real estate investment in the US and global hedge funds. Investcorp has approximately $10.5 billion in total assets under management. Further information, including our most recent periodic financial statements, which details our assets under management, is available at www.investcorp.com.
About Freeman Spogli
Freeman Spogli & Co. is a private equity firm dedicated exclusively to investing in and partnering with management in consumer-related and distribution companies in the United States. Since its founding in 1983, Freeman Spogli has invested $3.1 billion in 49 portfolio companies with aggregate transaction value of over $19 billion, and currently manages three investment funds totaling approximately $2.7 billion in committed capital. Freeman Spogli has offices in Los Angeles and New York. For additional information, visit www.freemanspogli.com.
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totes»Isotoner Corporation, headquartered in Cincinnati, Ohio, is the world's largest marketer of umbrellas, gloves, slippers and other weather-related accessories. Totes ISOTONER has over 1,200 employees and, in addition to Cincinnati, has offices in New York, Toronto, London, Paris, Hong Kong and Manila. In 1997, Totes and ISOTONER merged to form the Totes ISOTONER Corporation. The company offers quality products from two of the most recognized apparel brand names in the country. Visit http://www.totes-ISOTONER.com for more information.
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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