San Francisco consumer goods investor Swander Pace has sold umbrella maker Totes-Isotoner to New York buyout firm Bruckmann, Rosser Sherrill & Co.
Although terms of the deal were not disclosed, a New York newspaper reports the deal is worth between $100 million and $125 million (€82 million and €103 million).
Totes-Isotoner, based in Cincinnati, was created by former owner Bain Capital in 1997, though the merger of the Totes brand, which sells rain products such as umbrellas, galoshes and raincoats; and the Isotoner brand, which sells cold weather products such as hats, gloves and scarves. Swander Pace purchased Totes-Isotoner in March 2001. The company distributes its goods through its own retail outlet stores, department stores and a few discount outlets.
Goldsmith Agio Helms advised Swander Pace on the deal.
In April, Swander Pace sold biscotti and bagel chip maker Nonni’s Food to Wind Point Partners for a reported $80 million to $100 million, realizing a 2.5 times return on the investment made in January 1999. Swander Pace currently manages $600 million in capital.
Since its inception in 1995, Bruckmann has invested in more than 20 companies in sectors including consumer goods, specialty retail, leisure and healthcare services. Its portfolio companies include California Pizza Kitchen restaurant chain; fitness club Towns Sports International, the parent of New York Sports Club; and B&G Foods, the owner of Polaner fruit spreads and Ortega tacos.