Recapitalization of gloves & rainwear marketer totes Isotoner
19 Dec '06
3 min read
MidOcean Partners (MidOcean) and Bruckmann, Rosser, Sherrill & Co LLC (BRS), two premier private equity firms, announced the 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.
Upon completion of the transaction, MidOcean will own a majority stake in the company. BRS, an existing investor, and the current totes Isotoner senior management team will continue to maintain a significant ownership position in the company.
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.
"totes Isotoner fits squarely within our investment philosophy of investing in leading, high quality consumer brands with exceptionally strong management teams," said Rob Sharp, a Managing Director at MidOcean.
"We are very excited about this investment in a premier branded accessories business in North America which has the potential to become a truly dominant portfolio of global brands. There are tremendous growth opportunities to leverage these household brand names and we look forward to working with Doug Gernert and his senior management team and the team at BRS to capitalize on the company's numerous opportunities."
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