European Firm Will Acquire Tumi
A European private equity firm announced plans this month to acquire high-end luggage firm Tumi Inc. for $276 million.Tumi, New York, targets professionals and frequent travelers who are brand-conscious and value style, performance and quality. In addition to a Tumi catalog, Tumi has 23 U.S. stores plus flagship locations in Paris and Tokyo. The brand also has a presence in department and specialty stores in more than 40 countries and online at tumi.com.
Doughty Hanson & Co. will acquire a majority stake in Tumi from U.S. private equity firm Oaktree Capital Management, Los Angeles. The deal is expected to close in November.
"Tumi is a high-quality brand with strong growth and earnings potential," said Janka Vazanova, a principal at Doughty Hanson. "We look forward to working with Tumi's excellent management to develop the business further through direct retail presence in the U.S., Europe and the Far East, where there is potential for greater brand penetration."
