July 8, 2004: Headlines: COS - Peru: Luggage: Business: New York Post: Tumi was founded in 1975 by Charlie Clifford, who named the company after an Inca god known to him through his Peace Corps stint in South America

Peace Corps Online: Directory: Peru: Peace Corps Peru: The Peace Corps in Peru: July 8, 2004: Headlines: COS - Peru: Luggage: Business: New York Post: Tumi was founded in 1975 by Charlie Clifford, who named the company after an Inca god known to him through his Peace Corps stint in South America

By Admin1 (admin) (pool-141-157-22-73.balt.east.verizon.net - 141.157.22.73) on Saturday, July 10, 2004 - 10:04 pm: Edit Post

Tumi was founded in 1975 by Charlie Clifford, who named the company after an Inca god known to him through his Peace Corps stint in South America

 Tumi was founded in 1975 by Charlie Clifford, who named the company after an Inca god known to him through his Peace Corps stint in South America

Tumi was founded in 1975 by Charlie Clifford, who named the company after an Inca god known to him through his Peace Corps stint in South America

SWANKY SUITCASE MAKER LOOKING TO BAG A BUYER

By ERICA COPULSKY

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July 8, 2004 -- Luxe luggage maker Tumi Inc. is holding a summer sale, The Post has learned.

The South Plainfield, N.J.-based designer of high-end suitcases, garment bags, backpacks and business accessories has hired Deutsche Bank to run an auction process for the sale of the business, sources familiar with the situation said.

The investment bank began collecting preliminary bids last night.

Suitors likely to submit offers for the suitcase manufacturer include French luxury goods maker LVMH Moët Hennessy Louis Vuitton and leather goods retailer Coach Inc.

Several private equity firms that invest in branded retail products, such as Bain Capital, Invescorp and Centre Partners, may also submit bids, sources said.

The company, which is backed by distressed investor Oaktree Capital Management, is expected to fetch $200 million or more.

A Tumi spokeswoman confirmed that the company had retained Deutsche Bank to explore strategic alternatives, including a possible sale.

"The partnership between Tumi management and Oaktree has been a very successful one," said Tumi chief Laurence Franklin, who declined to comment specifically on the sale. "The brand is well recognized and has a fabulous opportunity for continued global growth."

Tumi was founded in 1975 by Charlie Clifford, who named the company after an Inca god known to him through his Peace Corps stint in South America. Over the years, the Tumi brand has attracted a loyal following among affluent corporate travelers and high-profile celebrities.

Tumi distributes its luggage through its more than 40 retail stores in key international cities including New York, Los Angeles, Chicago, London and Tokyo, as well as through other specialty stores and via its Web site.

Potential suitors are attracted to Tumi because of the company's strong brand name and the potential to expand its retail concept on a broader scale.

In October 2002, Oaktree took a controlled position in the company with the goal of bolstering the company's balance sheet, heightening brand awareness and selectively expanding its retail stores.

The company generates roughly $130 million in revenues, according to Tumi insiders.

Oaktree, a Los Angeles-based private equity firm, has a successful track record of investing in well-established, branded retail companies. Among its past portfolio companies was Maidenform, the 82-year-old grand dame of the bra industry, which Oaktree sold to Ares Management for $215 million in March.




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Story Source: New York Post

This story has been posted in the following forums: : Headlines; COS - Peru; Luggage; Business

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By ddd (cache-dtc-aa04.proxy.aol.com - 205.188.116.8) on Monday, November 01, 2004 - 6:37 pm: Edit Post

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