Distinctive Apparel Inc, which is backed by Blackstreet Capital Management, has bought the assets of catalog and internet retailers TravelSmith and Chasing Fireflies. The seller was Cornerstone Brands, a Home Shopping Network unit. No financial terms were disclosed.
CHEVY CHASE, Md.–(BUSINESS WIRE)–Distinctive Apparel, Inc. (the “Company” or “DAI”), an affiliate of Blackstreet Capital Management, LLC (“BCM”), has acquired the assets of catalogue and Internet retailers TravelSmith and Chasing Fireflies from Cornerstone Brands, a division of Home Shopping Network. BCM is led by Managing Partner, Murry Gunty.
DAI, headquartered in Randolph, Massachusetts, owns leading apparel brands including Chadwicks of Boston, Metrostyle and Territory Ahead all of which sell direct to consumers through the Internet and catalogues. “We are thrilled to acquire these two well-known brands,” said Aldus Chapin, CEO of DAI. “We look forward to reinvigorating TravelSmith and Chasing Fireflies and bringing unique and exciting products to their loyal customers.”
“The veteran DAI management team, led by Aldus Chapin, has deep experience successfully purchasing great apparel brands and there is no better team to revive and grow TravelSmith and Chasing Fireflies,” said Murry Gunty, BCM Managing Partner. “These brands will enhance DAI’s portfolio by adding a premier travel brand and a leading children’s apparel and costume brand to already strong and well known men’s and women’s apparel brands that they currently own.”
About Blackstreet Capital
Blackstreet Capital is a Chevy Chase, Maryland-based private equity firm. Blackstreet Capital focuses on investments in under-performing orphans with up to $150 million of revenue primarily located in the eastern half of the United States. To date, Blackstreet Capital has invested in 30 companies with combined sales in excess of $1.5 billion with over 8,000 employees.