Investcorp and Freeman Spogli & Co. have entered into a definitive agreement to acquire Totes Isotoner Corp., a leading accessories firm that specializes in the rain, cold weather and footwear categories.

This story first appeared in the April 23, 2014 issue of WWD. Subscribe Today.

The Cincinnati-based company was purchased from MidOcean Partners and Bruckmann Rosser Sherrill & Co. Terms were not disclosed.

“Totes Isotoner is a unique consumer products company with multiple points of differentiation and diversification across its brands, geographies, products and channels,” said Benjamin Geiger, a general partner of Freeman Spogli. “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.”

Totes Isotoner is the world’s largest marketer of umbrellas, gloves, slippers and other weather-related accessories. It has 1,200 employees and operates offices in New York, Toronto, London, Paris, Hong Kong and Manila. In addition to a leading market position in the U.S., Totes and Isotoner distribute their products in Europe and have an emerging business in Asia.

Investcorp, which has $11.3 billion in total assets, is publicly traded on the Bahrain Bourse and has offices in New York, London, Bahrain, Saudi Arabia and Abu Dhabi. It had at one time owned Saks Fifth Avenue and also owns Georg Jensen. The private equity firm of Freeman Spogli currently manages three investment funds with assets of $2.7 billion. Its current investments include Sur La Table and Boot Barn.

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