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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