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.
BRS is a New York based private equity firm with $1.4 billion of committed capital under management in three investment partnerships, focused on investing in middle market consumer goods and services businesses. Since 1996, BRS has purchased over 40 portfolio companies for aggregate consideration of over $6.4 billion. In addition, BRS portfolio companies have completed approximately $1.9 billion of add-on acquisitions. Prior to forming the firm, the founders of BRS were in the financial acquisition business at Citicorp Venture Capital where they closed 25 transactions with aggregate transaction values totaling $5.8 billion.
For additional information contact:
Kekst and Company
Ruth Pachman or Mark Semer