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Freeman Spogli, Investcorp buys Totes from MidOcean

4 Apr 2014

US private equity firm Freeman Spogli & Co and Middle East investment house Investcorp have partnered to acquire Cincinnati-based accessories company Totes Isotoner, Reuters has reported.

The company was previously owned by New York buyout firm MidOcean Partners, which acquired the company for $228m in 2007, and backed five strategic acquisitions in the following years.

Totes had previously been held by Bain Capital, Swander Pace Capital and Bruckmann, Rosser, Sherrill & Co.

Totes, which designs, distributes and retails products including umbrellas, gloves and slippers, is valued at between $500m and $600m, the report said.

Freeman Spogli targets mid-market companies in the consumer and distribution sectors. Since its founding in 1983, Freeman Spogli has invested $3.1bn in 49 portfolio companies. Earlier this year the firm bought US home furnishings company Arhaus.

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