Blackstreet Capital has sold Randolph, Massachusetts-based DAI Investment (formerly known as Distinctive Apparel Inc), an owner of apparel brands. The buyer was not identified. No financial terms were disclosed.
CHEVY CHASE, Md.–(BUSINESS WIRE)–DAI Investment Inc., formerly known as Distinctive Apparel, Inc., (the “Company” or “DAI”), an affiliate of Blackstreet Capital Management, LLC (“Blackstreet”), has sold substantially all of its assets to an undisclosed third-party. DAI, headquartered in Randolph, Massachusetts, owned leading apparel brands including Chadwicks of Boston, Chasing Fireflies, Metrostyle, Territory Ahead and TravelSmith all of which sell direct to consumers through the Internet and catalogs. Blackstreet is led by Managing Partner, Murry Gunty.
An affiliate of Blackstreet acquired DAI in 2011 and subsequently completed the strategic add-on acquisitions of Territory Ahead in 2013 and Chasing Fireflies and TravelSmith in 2016. The Company made significant improvements in both operations and profitability during this time and successfully repositioned these brands.
“The veteran DAI management team, led by Aldus Chapin, executed on the acquisition, turnaround and successful revitalization of DAI’s portfolio of iconic brands,” said Murry Gunty, Managing Partner at Blackstreet. “We are excited for the new opportunities available to the team and wish them continued success with their new partners.”
Aldus Chapin, Chief Executive Officer of DAI, said, “We are thrilled at this opportunity to partner with our new investors who provide access to a world-class supply chain and new apparel brands. We look forward to leveraging the deep experience of the management team at DAI as we explore new opportunities to grow our business.”
Blackstreet is a Chevy Chase, Maryland-based private equity firm. Blackstreet focuses on control investments in corporate orphans and “storied” companies in transition with $25 to $150 million of revenue. To date, Blackstreet has invested in over 40 companies with combined sales in excess of $1.5 billion and over 8,000 employees.