Doughty Hanson & Co.-backed Tumi has filed for an IPO of up to $300 million. The company, which intends to list under the symbol TUMI, provides travel and business products and accessories. Goldman Sachs and Credit Suisse are serving as underwriters for the offering. Tumi intends to use its net proceeds from the IPO to repurchase portions of its preferred and common stock. The company was acquired by Doughty Hanson in 2004.
Since the beginning of 2008, PE investors have exited 282 companies in the Consumer Products and Services (B2C) industry, according to the PitchBook Platform. Exiting investments via the public markets is a strategy that is relatively rarely used by private equity investors in the B2C industry. IPOs have accounted for only about 9% of the B2C exit activity since 2008, compared to 53% for corporate acquisitions and 38% for secondary buyouts, strategies which offer more immediate complete exits and don't expose investors to the potentially volatile public markets.