| NEW YORK, April 2
NEW YORK, April 2 Buyout firm Freeman Spogli &
Co and Bahrain-based investment company Investcorp
have agreed to acquire Totes Isotoner Corp, the world's largest
marketer of umbrellas, gloves and rainwear, people familiar with
the matter said on Wednesday.
The deal values Totes Isotoner at between $500 million and
$600 million, the people said. The company is being sold by
private equity firm MidOcean Partners, which acquired Totes
Isotoner in 2007 in a $288 million deal.
The sources asked not to be identified because the deal has
not yet been officially announced. MidOcean and Investcorp
declined to comment while Totes Isotoner and Freeman Spogli did
not respond to requests for comment.
Cincinnati-based Totes Isotoner designs and distributes cold
and wet weather accessories, such as umbrellas and gloves, as
well as slippers, sandals, headwear, and sunglasses.
The deal marks Totes Isotoner's fifth generation of private
equity ownership. Bain Capital LLC, under the direction of
former presidential hopeful Mitt Romney, took over Totes in 1994
from Chicago businessman Brad Phillips, and in 1997 the firm
merged it with glove maker Isotoner.
In 2001, private equity firm Swander Pace Capital LLC bought
the company from Bain and in 2004 it sold it to another buyout
firm, Bruckmann, Rosser, Sherrill & Co LLC. MidOcean bought the
company in 2007.
(Reporting by Greg Roumeliotis and Olivia Oran in New York;
editing by Andrew Hay)