The Cincinnati, Ohio-based company, held by private equity firm MidOcean Partners, is working with Goldman Sachs and Deutsche Bank to run the sale process, which is in the early stages, the sources said.
MidOcean, Goldman Sachs and Deutsche Bank declined to comment.
The sources declined to be identified because the process is not public.
Earlier this month MidOcean struck a deal to sell its gun accessories company Bushnell Group Holdings to ammunitions maker Alliant Techsystems Inc olifor $985 million.
Bain Capital LLC, under the direction of former presidential hopeful Mitt Romney, took over Totes in 1994 from Chicago businessman Brad Phillips, and in 1997 the firm merged it with glove maker Isotoner. In 2001, private equity firm Swander Pace Capital LLC bought the company from Bain and in 2004 it sold it to another buyout firm, Bruckmann, Rosser, Sherrill & Co LLC. In 2006, MidOcean acquired control of the company in a $288 million deal.
Olivia Oran and Greg Roumeliotis are reporters for Reuters News in New York