NEW YORK, September 14, 2004 – Bruckmann, Rosser, Sherrill & Co. (“BRS”) announced today the completion of the acquisition of Totes Isotoner Corporation (“Totes Isotoner” or the “Company”). The Audax Group and the Totes Isotoner management team also participated in the transaction.
Totes Isotoner, headquartered in Cincinnati, Ohio, is a leading designer, distributor and retailer of high-quality, branded umbrellas, gloves, hats, scarves, rubber footwear and slippers. The Company’s highly recognizable brands include Totes®, Isotoner® and Raines®. The Company’s rain products, sold under the Totes® and Raines® brands, include umbrellas, rainwear and rubber footwear. Cold weather products, sold primarily under the Isotoner® brand, include gloves, scarves and hats. The Company’s footwear products, sold primarily under the Isotoner® brand, include slippers for men, women and children. In addition, through its 107 retail outlet stores, the Company sells sunglasses, including its Eyescreens® brand, as well as certain other products such as casual luggage and bags, and gift and novelty items.
BRS is a New York based private equity investment firm with approximately $1.2 billion under management. BRS was founded in 1995 and has since invested in over 20 companies in the following industries: restaurants, consumer goods, specialty retail, recreation/leisure, apparel, home furnishings, industrial and commercial services, commercial equipment manufacturing, wholesale distribution and healthcare services. BRS makes leveraged buyout, recapitalization and growth capital investments in companies with superior management, predictable cash flow, strong market share and growth potential. All management teams of BRS companies are equity investors in their businesses.