M&A Deal Summary

Audax Private Debt and BRS Acquire Totes Isotoner

On September 14, 2004, mezzanine finance firm Audax Private Debt and private equity firm BRS acquired apparel/textiles company Totes Isotoner from Swander Pace Capital

Acquisition Highlights
  • This is Audax Private Debt’s 1st and BRS’s 1st transaction in the Apparel/Textiles sector.
  • This is Audax Private Debt’s 9th and BRS’s 20th transaction in the United States.
  • This is Audax Private Debt’s 1st and BRS’s 1st transaction in Ohio.
Investment Fate
  • Totes Isotoner was recapitalized in 2007 for 288M USD.
  • Totes Isotoner was sold to a consortium of financial buyers in 2014 for 500M USD.

M&A Deal Summary

Date 2004-09-14
Target Totes Isotoner
Sector Apparel/Textiles
Buyer(s) Audax Private Debt
BRS
Sellers(s) Swander Pace Capital
Deal Type Secondary Buyout

Target

Totes Isotoner

Cincinnati, Ohio, United States
Totes Isotoner Corp. is a 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.

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Buyer(S) 2

Buyer

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies with EBITDA between $10 and $100 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations. Audax Private Debt is based in New York, New York.


DEAL STATS #
Overall 9 of 120
Sector: Apparel/Textiles M&A 1 of 2
Type: Secondary Buyout M&A Deals 2 of 58
State: Ohio M&A 1 of 8
Country: United States M&A 9 of 118
Year: 2004 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-14 Dynisco

Franklin, Massachusetts, United States

Dynisco LLC is a provider of software and highly engineered test, measurement and control technologies utilized in process industries with emerging applications in life science.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-16 TSI Group

St. Louis, Missouri, United States

TSI Group, Inc. is a manufacturer of custom-engineered thermal management and electronic component and systems solutions predominantly to defense and aerospace customers. TSI Group is based in St. Louis, Missouri.

Buy -
Buyer

BRS

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

BRS is a private equity investment firm that specializes in management buyouts and recapitalizations of middle-market companies with strong market positions and growth potential. Broad areas of interest include consumer products, consumer services, food/nutrition, restaurants, retail, and distribution. BRS looks to commit $10 to $25 million per transaction. BRS was formed in 1995 and is based in New York, New York.


DEAL STATS #
Overall 20 of 46
Sector: Apparel/Textiles M&A 1 of 3
Type: Secondary Buyout M&A Deals 2 of 6
State: Ohio M&A 1 of 4
Country: United States M&A 20 of 42
Year: 2004 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-02-24 Crystal Clean

Hoffman Estates, Illinois, United States

Crystal Clean is an environmental service company that provides parts cleaning, used oil, re-refining, and hazardous and non-hazardous waste collection services. Crystal Clean was founded in 2007 and is based in Hoffman Estates, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-08 B&G Foods

Parsippany, New Jersey, United States

B&G Foods is a manufacturer, seller, and distributor of a diversified portfolio of high-quality, shelf-stable branded food products including pickles and peppers, hot sauces, wine vinegar, maple syrup, molasses, snack foods, fruit spreads, pasta sauces, beans, ready-to-use spices, salad dressings, marinades, taco shells and kits, and taco sauce and seasonings. B&G Foods was founded in 1822 and is based in Parsippany, New Jersey.

Sell -

Seller(S) 1

SELLER

Swander Pace Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 1.8B USD
Size Large
Type Sector Focused
DESCRIPTION

Swander Pace Capital (SPC) is a private equity firm focused on investing in North American middle-market consumer products companies. SPC looks for companies exhibiting strong growth potential and sales of up to $500 million. Specific areas of interest include food/beverage, household products, health living, packaging, personal care, pet products, sporting goods, specialty apparel, and specialty distribution. Prospective investment situations include management-led buyouts, consolidations, divestitures, turnarounds, recapitalizations, and growth capital financings. SPC was formed in 1996 and has offices in San Francisco, California; Bedminster, New Jersey; and Ontario, Canada.


DEAL STATS #
Overall 7 of 42
Sector: Apparel/Textiles M&A 1 of 2
Type: Secondary Buyout M&A Deals 3 of 15
State: Ohio M&A 1 of 3
Country: United States M&A 7 of 35
Year: 2004 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-01 Eagle Pack Pet Foods

Mishawaka, Indiana, United States

Eagle Pack Pet Foods, Inc. is a producer of super premium, natural/holistic dog and cat food sold primarily in the independent, specialty pet store channel.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-01 Genisoy Food Co.

Tulsa, Oklahoma, United States

Genisoy Food Co., Inc. is a provider of healthy food products with a focus on soy. Genisoy offers high quality, great-tasting, soy-based snacks, protein bars, and powders under the Genisoy and MLO brands.

Buy -