BRS Announces Two Successful Realizations: Sale of Stake in Heritage Crystal-Clean and Distribution from Recapitalization of totes»Isotoner

July 14, 2011

NEW YORK, July 14, 2011 — Bruckmann, Rosser, Sherrill & Co. (“BRS”), a New York-based private equity firm, is pleased to announce the sale of its remaining stake in Heritage Crystal-Clean, Inc. (“HCCI”). BRS also announces an additional distribution to its investors as a result of the successful recapitalization of its portfolio company totes»Isotoner (“Totes”).

HCCI is a parts cleaning and waste services company servicing the automotive repair, commercial and industrial marketplaces. BRS acquired a significant ownership position in HCCI in February 2004 and achieved a partial return on its investment in March 2008 through HCCI’s successful initial public offering. The combined proceeds from the announced sale of stock and the March 2008 IPO represent a gross multiple of invested capital of approximately 2.8x and a gross IRR of 17%.

Totes is a leading designer and distributor of branded umbrellas, gloves, hats, scarves, rubber footwear, slippers and casual footwear. The Company’s highly recognizable brands include totes®, Isotoner®, Raines® and ESNY®. BRS acquired Totes in September 2004 and sold the majority of its stake to MidOcean Partners in January 2007. The total current value of this investment, including all proceeds realized to date and the unrealized value of BRS’s continued ownership in Totes, represents a gross multiple of invested capital of approximately 5.0x and a gross IRR of 80%.


About 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
212-521-4800