Campaign Tumi


Credit Suisse is guiding Tumi through the financial jungle.

About the partnership between Credit Suisse and Tumi

In many respects, Tumi, the premium business, lifestyle, and travel accessories company is a perfect case study for Credit Suisse.

From the company's outset in 1975, Tumi's vision was to produce high quality travel goods for the discerning globe trotter. Tumi pioneered the use of ballistic nylon fabric, to make their travel bags and cases virtually abrasion proof. Tumi pioneered innovations in wheeled luggage, laptop protection, and brought their uncompromising attitude into every aspect of their designs. To this day, Tumi holds more than 180 patents for its design and engineering breakthroughs.

Under its new CEO, Tumi's ambitions are growing, and Jerome Griffith wants to take the brand further than simply being a world class manufacturer of luggage and business cases. His aim is to turn Tumi into a lifestyle brand. And he looked to Credit Suisse to help him.

One successful IPO later, Tumi's future is looking as good as one of its new leather iPad cases, and the company is ready for the next stage of its journey. 


the number of patents held by Tumi for its design and engineering breakthroughs in high quality travel accessories

Tumi pioneered innovations in wheeled luggage, laptop protection, and brought their uncompromising attitude into every aspect of their designs.

Credit Suisse has a long-standing franchise account relationship with Doughty Hanson, a London-based private equity firm that acquired a majority stake in Tumi in 2004. The relationship has been strengthened over the past 15 years through several advisory and financing transactions. Transactions with Credit Suisse include the sale of Impress in 2010 where Credit Suisse was the sell-side advisor, the IPO of RHM, and the acquisition and acquisition financing of Balta in which Credit Suisse acted as the buyside advisor.

Doughty Hanson held its initial stake in Tumi for approximately 8 years, which is fairly long compared to traditional private equity holding periods. As a result, Credit Suisse met the Tumi management team in 2011 for a discussion of alternatives for Doughty Hanson to monetize their position in the business. Credit Suisse recommended that the Company pursue a “dual-track” process, which would include a separate IPO and sell-side process simultaneously to create competitive tension and ultimately achieve the highest valuation of Tumi for Doughty Hanson.

A Fitting Partnership

Jerome Griffith, CEO of Tumi, talks about his relationship with Credit Suisse.

Tumi’s IPO

On April 18, 2012, Tumi priced a 389 million US dollar IPO, implying a market capitalization of 1.2 billion dollars. The offering priced at 18.00 dollars per share, above the range of 15.00 to 17.00 dollars due to tremendous support from institutional investors.

Tumi’s story resonated with numerous high quality investors that placed large anchor orders, driving overwhelming investor demand that led to an over-subscribed offering. Building on early momentum, Tumi was able to execute its transaction with a 12.5 percent file/order discount. Investor demand carried over into the after-market, as the stock closed up 47 percent at a price of 26.50 dollars after the first day of trading. The Tumi IPO came to the market behind several other IPO’s in the retail sector, including the Michael Kors IPO in December 2011 proving the appetite for high-growth, premium retail stories.

Credit Suisse spent significant time with management positioning the business as an investment story. The positive response to the story included:

  • The strength of Tumi’s brand and potential to continue to expand brand awareness globally
  • Growth opportunities in various regions, including US, Europe and Asia Pacific
  • A strengthening online presence through and partner websites
  • Tumi’s retail space that offers a unique customer experience
  • Expanded product range with a focus on innovation, including women’s, premium, T-Tech and collaborations with artists and designers

Credit Suisse and Goldman Sachs served as active bookrunners for the offering and Credit Suisse’s research analyst continues to cover the Tumi stock.

After the IPO, Doughty Hanson remains heavily invested in Tumi and are the majority shareholder with 59 percent. Credit Suisse will continue to work with both Doughty Hanson for potential future monetization opportunities and with Tumi on its growth strategy.

The Story Behind Tumi's IPO

Take a look behind the scenes and see Tumi's CEO Jerome Griffith talk to our bankers.