23 Apr Totes Isotoner Sold to Investor Groups
Freeman Spogli & Co. and Investcorp have signed a definitive agreement to acquire Totes Isotoner Corporation, the designer, marketer and distributor of accessories in the rain, cold weather and footwear categories.
The company was purchased from MidOcean Partners and Bruckmann Rosser Sherrill & Co. The terms of the transaction were not disclosed.
Founded in 1923 and headquartered in Cincinnati, OH, the Totes and Isotoner brands are among the most recognizable and trusted rain and cold weather accessory brands in the U.S. and Europe. Within the multi-billion dollar functional accessories category, Totes Isotoner enjoys a market leadership position in all of its served markets. The company has a broad and diverse distribution footprint, enabling it to partner with marquee retail customers to sell its products across a variety of channels. The company has a significant international presence, selling its products throughout Europe with an emerging business in Asia.
“Totes Isotoner is a unique consumer products Company with multiple points of differentiation and diversification across its brands, geographies, products and channels. We are excited to partner with Investcorp to combine our resources and experience in growing consumer businesses. We look forward to a long-term partnership with the Company as we engage in value enhancing initiatives to continue its long track record of growth,” said Benjamin Geiger, a General Partner of Freeman Spogli & Co.
“Totes Isotoner is a global market-leader with exceptional products, highly recognized brands and a stable platform for growth,” said Kevin Nickelberry, a Managing Director at Investcorp. “We look forward to partnering with Freeman Spogli, Doug Gernert and the entire totes>>Isotoner management team as they seek to continue to grow through the introduction of innovative, high-quality products and further international expansion.”
Doug Gernert, President and CEO of Totes Isotoner, said: “Investcorp and Freeman Spogli will serve as highly complementary partners for our Company. We are very excited about our partnership and future growth opportunities and look forward to benefitting from their resources and expertise as we continue to provide retailers with a single point of contact for all their accessories needs.”
Bingham McCutchen and Gibson, Dunn & Crutcher acted as the legal advisors to Freeman Spogli & Co. and Investcorp and Kirkland & Ellis acted as the legal advisor to MidOcean Partners and Bruckmann Rosser Sherrill & Co.
Totes Isotoner Corporation is the world’s largest marketer of umbrellas, gloves, slippers and other weather-related accessories. It 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.