Freeman Spogli and Investcorp to Acquire totes-ISOTONER
April 07, 2014
Freeman Spogli & Co. and Investcorp have reportedly agreed to acquire totes-ISOTONER, a designer and distributor of branded umbrellas, gloves, hats, scarves and more, from MidOcean Partners and Bruckmann, Rosser, Sherrill and Company. The deal is said to give the company a valuation between $500 million and $600 million. Current owners MidOcean and Bruckmann have owned totes-ISOTONER since recapitalizing it in 2007 for $288 million. That deal marked the third time the company switched hands: originally Bain Capital bought it in 1994, before selling it to Swander Pace Capital in 2001, which then sold it three years later to Bruckmann, with MidOcean coming on board in 2007.