Private equity company MidOcean Partners has agreed to buy a majority stake in functional accessories firm Totes Isotoner.

As part of a new deal, fellow private equity firm Bruckmann, Rosser, Sherrill & Co (BRS) and Totes' senior management will retain "a significant ownership position" in the company, a joint statement said.

"We are very excited about this investment in a premier branded accessories business in North America which has the potential to become a truly dominant portfolio of global brands," said MidOcean managing director Rob Sharp.

"There are tremendous growth opportunities to leverage these household brand names and we look forward to working with Doug Gernert and his senior management team and the team at BRS to capitalise on the company's numerous opportunities."

Gernert has led the company's management team for more than ten years and will continue as president and CEO and also assume the role of chairman of the board of directors.

Commenting on the deal, he said: "We have made tremendous progress over the past few years as we enhanced the company's sales and profitability.

"Our goal is to provide retailers with a single point of contact for their accessories needs and we will continue to leverage our strong relationships with existing customers to broaden our line and brand extensions, expand into new retail channels and expand internationally by building on our strong position in the UK and France."

Gernert will work closely with MidOcean and BRS to identify selective add-on acquisitions. Totes Isotoner recently expanded its line of footwear products with the acquisition of ESNY, a leading supplier of sandals, flip-flops and slippers.

The 1923-established firm markets its gloves, hats, scarves, umbrellas, slippers, and other products under the Isotoner, Raines and ESNY names. Its goods are sold in more than 5,000 major department stores, mass merchants, drug stores, and specialty retailers in North America, the UK and France. The company also operates a network of more than 100 owned outlet stores.

MidOcean is a premier private-equity firm focused on the middle market. It concentrates investment on  high-quality companies with stable market positions and multiple opportunities for growth in the US and Europe.