MidOcean announces an agreement to sell totes>>Isotoner Corporation


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.

About Investcorp

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.

About MidOcean

MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.

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