Distinctive Apparel (DAI), an affiliate of Blackstreet Capital Management (BCM), a private equity firm that invests in and operates small- to mid-sized distressed companies, has acquired the assets of catalogue and internet retailers TravelSmith and Chasing Fireflies from Cornerstone Brands, a division of Home Shopping Network. The acquisition has taken place in order to further expand diverse operator of the apparel brands.
DAI, headquartered in Massachusetts, USA, owns leading apparel brands including Chadwicks of Boston, Metrostyle and Territory Ahead all of which sell direct to consumers through the Internet and catalogues.
Aldus Chapin, CEO, DAI averred, “We are thrilled to acquire these two well-known brands and look forward to reinvigorating TravelSmith and Chasing Fireflies to bring out their unique and exciting products for their loyal customers.”
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Commenting on the acquisition, Murry Gunty, Managing Partner, BCM stated, “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,” while adding that these brands will enhance DAI’s portfolio by adding already strong and well known men’s and women’s apparel brands that they currently own.
Of the two brands, TravelSmith was started in 1992 to make dressing and packing for travel easy, comfortable and versatile while Chasing Fireflies is a children’s apparel and costume brand based in Ohio, US.
