Thomas J. Baldwin, Managing Director of BRS, said, "We have been very pleased with the totes Isotoner management team and the company's strong performance since our initial investment in 2004."
"The company is well positioned to capitalize on the projected growth in the functional accessories category and we look forward to working with our new partners at MidOcean to realize the unique growth potential of these brands around the world and capitalize on the projected growth of the functional accessories category."
Doug Gernert, who has led the totes Isotoner management team for more than 10 years and will continue as President and Chief Executive Officer and also assume the role of Chairman of the Board of Directors, said, "We have made tremendous progress over the past few years as we enhanced the company's sales and profitability."
"Our goal is to provide retailers with a single point of contact for their accessories needs and we will continue to leverage our strong relationships with existing customers to broaden our line and brand extensions, expand into new retail channels and expand internationally by building on our strong position in the U.K. and France."
Mr. Gernert will work closely with MidOcean and BRS to identify selective add-on acquisitions. totes Isotoner recently expanded its line of footwear products with the acquisition in October of ESNY, a leading supplier of sandals, flip-flops and slippers.
MidOcean Partners is a premier private equity firm focused on the middle market. Based in New York and London, MidOcean is committed to investing in high quality companies with stable market positions and multiple opportunities for growth in the United States and Europe.
BRS, founded in 1995 and headquartered in New York, specializes in management buyouts and recapitalizations of high quality, middle market companies with strong market positions and/or growth potential. BRS currently manages approximately $1.2 billion of committed capital in two institutional private equity funds.
totes Isotoner Corporation
marketing@alchempro.com
