Blackstreet Capital has sold DAI Investment Inc. (DBA Distinctive Apparel International), an owner of apparel brands. The buyer of DAI was not revealed by Blackstreet Capital.
DAI is the owner of five apparel brands including Chadwicks of Boston, Chasing Fireflies, Metrostyle, Territory Ahead and TravelSmith. The company sells its brands direct to consumers through both online and print catalog channels. DAI is headquartered south of Boston in Randolph, MA (www.chadwicks.com) (www.metrostyle.com) (www.territoryahead.com) (www.chasing-fireflies.com) (www.travelsmith.com).
Blackstreet acquired DAI in 2011 and completed the add-on acquisitions of Territory Ahead in 2013 and Chasing Fireflies and TravelSmith in 2016. During its term of ownership, the company made improvements in both operations and profitability. “The DAI management team, led by CEO 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.”
Blackstreet makes control investments of up to $15 million in corporate orphans and “storied” companies in transition that have from $25 million to $150 million of revenue. Sectors of interest include niche manufacturing, consumer and industrial products, value added distribution, specialty retail, business services, healthcare services and devices, media and communications, education and training, and multi-unit restaurants. The firm was founded by Mr. Gunty in 2002 and is based in Chevy Chase, MD (www.blackstreetcapital.com).
© 2017 Private Equity Professional | August 29, 2017
