BRS and MidOcean Partners Announce Sale of totes>>Isotoner Corporation
NEW YORK, May 1, 2014 - Bruckmann, Rosser, Sherrill & Co. ("BRS") and MidOcean Partners, two New York-based private equity firms, announced that they have closed the sale of totes>>Isotoner ("totes") to Investcorp and Freeman Spogli & Co. Totes is the world's leading designer, marketer and distributor of functional accessories including umbrellas, cold weather and footwear products. BRS acquired totes in 2004 and sold a majority stake to MidOcean Partners in 2007 while continuing to hold a significant minority position. The recent sale of totes represents a cumulative gross MOC (multiple of capital) of 6.1x and gross IRR of approximately 79.6%.
“We are extremely pleased with the outcome of our investment in totes,” said Tom Baldwin, Managing Director of BRS. “The Company's talented management team entered new channels and integrated numerous acquisitions over the course of our almost 10 year ownership period.”
Deutsche Bank, Goldman Sachs and Kirkland & Ellis acted as the financial and legal advisors to MidOcean Partners and BRS.
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