Tully & Holland announces sale of The Territory Ahead to an affiliate of Blackstreet Capital
August 1, 2012
Tully & Holland, Inc. is pleased to announce its role as financial advisor to HSN, Inc. (Nasdaq: HSNI) and its subsidiary, Cornerstone Brands, Inc., in the sale of The Territory Ahead to Territory Ahead Apparel, Inc., an affiliate of Blackstreet Capital. Terms of the transaction were not disclosed.
The Territory Ahead is a leading direct marketer of men's and women's apparel with a distinct, casual Santa Barbara style. The Territory Ahead sells its unique apparel through its catalog, website and several stores. Founded in 1988, the brand was bought by Cornerstone Brands in 1999.
Cornerstone is comprised of leading home and apparel lifestyle brands, including Ballard Designs, Frontgate, and Garnet Hill. Cornerstone operates seven separate e-commerce sites, distributes more than 300 million catalogs annually, and has 11 retail and outlet stores.
Blackstreet Capital is a Chevy Chase, MD-based private equity firm with approximately $200 million under management. Blackstreet focuses on control buyouts of corporate divisions with $25 to $150 million of revenue.
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