MidOcean Partners purchased luggage company Travelpro Group, as the companies gear up for peak travel season. Financial terms were not disclosed.
Travelpro operates two divisions. The first one is Boca Raton, Florida-based Travelpro International Inc., makes luggage under the Travelpro and Atlantic brands. The company also works with airline personnel.
Travelpro’s second subsidiary, Montreal-based Holiday Group Inc., produces luggage under the Travelpro, Atlantic, Austin House, and Nextech brands. The company also licenses the Swiss Gear, Roots 73, National Geographic and Foxy Jeans brands. In addition to luggage, Holiday Group makes backpacks, handbags, and hockey and ski bags. Its products are distributed mostly throughout Canada.
“The company has tremendous brands with very high quality products and an impressive sourcing operation that has led to strong growth across retailers and channels,” says MidOcean managing director Daniel Penn. In another similar deal announced earlier in 2016, Samsonite International SA agreed to buy luxury baggage maker Tumi Holdings Inc. (NYSE: TUMI) for about $1.8 billion.
MidOcean is a New York-based middle market private equity firm that focuses on the consumer, business services and industrial sectors. In 2015, the firm bought kids play set maker KidKraft. MidOcean invests a minimum of $25 million in equity in its deals.
Lazard Middle Market, Kirkland & Ellis LLP along with Osler Hoskin & Harcourt LLP advised MidOcean.