Private equity firms MidOcean Partners and Bruckmann Rosser Sherrill & Co agreed to sell the asset seven years after MidOcean bought into the business through a $228m deal.
Bruckmann was an existing backer at the time alongside Bain Capital and Swander Pace.
Totes, which designs, distributes and sells products including gloves and slippers, is thought to be valued at between $500m and $600m through the deal.
Investcorp managing director Kevin Nickelberry said, “Totes Isotoner is a global market-leader with exceptional products, highly recognized brands and a stable platform for growth.
“We look forward to partnering with Freeman Spogli, Doug Gernert and the entire Totes Isotoner management team as they seek to continue to grow through the introduction of innovative, high-quality products and further international expansion.”
Freeman Spogli general partner Benjamin Geiger said, “Totes Isotoner is a unique consumer products company with multiple points of differentiation and diversification across its brands, geographies, products and channels.
“We are excited to partner with Investcorp to combine our resources and experience in growing consumer businesses.
“We look forward to a long-term partnership with the company as we engage in value enhancing initiatives to continue its long track record of growth.”
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