Totes Isotoner-Private Equity Capital-Specialty Apparel and Accessories

Investment case studies

Beverage Company, Foodservice and Specialty Distribution equity investments

Totes Isotoner Corporation is a leading designer, wholesaler, distributor and retailer of branded accessories for the cold and wet weather markets. Product lines include umbrellas, accessories, gloves, slippers, and sunglasses under a number of brands such as totes, Isotoner, and Aris.

SPC Investment Date
June 2001

SPC Investment Thesis

Totes' #1 position in umbrellas, gloves, and slippers would allow it to realize above-market revenue growth
The acquisition and integration of Isotoner gloves would allow for significant working capital reduction
Meaningful internal efficiencies (warehouse closure, staff reductions, sourcing efficiencies) had yet to be realized
Legacy brand value could be revived through additional marketing and product innovation

Key Sources of Value Creation

Growth Strategies: Invested in direct-to-consumer marketing to reinvigorate brand and selectively expanded product line and customer base
Working Capital Management: Restructured Asian sourcing which resulted in significant working capital improvement
Acquisition: SPC helped source, negotiate and close the acquisition of Raines, an umbrella company focused on drug and grocery stores

Exit
SPC sold totes to Bruckmann, Rosser, Sherrill & Co., a private equity firm, in September 2004.

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Totes Isotoner