SOURCE: Cascadia Capital

Cascadia Capital

April 11, 2012 08:00 ET

Cascadia Capital Advises Chasing Fireflies in Acquisition by Cornerstone Brands

Firm's Middle Market Practice Instrumental in Securing Strategic Outcome for Seattle-Based Multi-Channel Retailer

SEATTLE, WA--(Marketwire - Apr 11, 2012) - Cascadia Capital, a diversified, boutique investment bank serving both private and public growth companies around the globe and in the Pacific Northwest, today announced it advised Seattle, Wash.-based Chasing Fireflies, a leading direct to consumer premium children's and family lifestyle brand, in its recent acquisition by Cornerstone Brands, a division of HSN, Inc. (NASDAQ: HSNI). Chasing Fireflies will join Cornerstone's family of leading home and apparel lifestyle brands, including Ballard Designs®, Frontgate®, and Garnet Hill®. This deal represents the third in a series of transactions over the last year for Cascadia Capital in the multi-channel retail space, following Lowe's acquisition of Seattle, Wash.-based Allied Trade Group in December 2011 and Canopy Capital's growth equity financing of Cymax Stores in August 2011.

Chasing Fireflies was founded in Seattle in 2007 by Dina Alhadeff, Amy Grealish and Lori Liddle. The founders of Chasing Fireflies carved a niche for themselves as online purveyors of high-quality children's costumes, apparel and accessories. With explosive growth over the last five years, the company is now one of the leading multi-channel retailers of specialty children's apparel and gifts, and the co-founders have been recognized with numerous industry and business accolades, including being named Ernst & Young Pacific Northwest Entrepreneurs Of The Year® in 2011. Pursuant to the acquisition, Chasing Fireflies will become one of Cornerstone Brands portfolio of outstanding lifestyle companies. Details of the transaction were not disclosed.

"The success of Chasing Fireflies is an extraordinary story and we were proud to play a role in helping deliver this outcome," said Bryan Jaffe, Managing Director of the Middle Market practice at Cascadia Capital. "The power of Chasing Fireflies is how it is merchandised. This transaction demonstrated our ability to communicate that unique proposition."

About Cascadia Capital, LLC
Cascadia Capital is a diversified, boutique investment bank serving both private and public growth companies around the globe. Cascadia's business is diversified in terms of the industries the firm covers -- Information Technology, Sustainable Industries and Middle Market -- and in terms of the range of advisory services it provides -- Mergers and Acquisitions, Corporate Financing and Strategic Advising. This diversification provides the firm with stability amidst market fluctuations. Cascadia is a pure advisory firm, and unlike other investment banks, is not conflicted by trading, lending, research or cross selling business. For over a decade, the firm has delivered the best outcomes for clients based on its transaction experience, domain expertise and commitment to building long-term relationships. Cascadia always acts in the long-term interests of clients, and honors its position as a trusted advisor. For more information, visit http://www.cascadiacapital.com.

About Chasing Fireflies, LLC
Founded in 2006, by three co-founders, Chasing Fireflies (www.chasing-fireflies.com) is a leading children's and family lifestyle brand offering keepsake-quality apparel, gifts, accessories, and unique treasures through both digital commerce and traditional catalog sales channels. Chasing Fireflies has rapidly developed a market reputation as the go-to provider for premium, differentiated, unique and novel children's clothing, costumes, and celebration categories. Chasing Fireflies' mission is to "charm, surprise, and delight" by taking the customer on a treasure hunt within its vast merchandise offering.

About HSN, Inc.
HSN, Inc. (NASDAQ: HSNI)(www.hsni.com) is a $3 billion interactive multi-channel retailer with strong direct-to-consumer expertise among its two operating segments, HSN and Cornerstone. HSNi offers innovative, differentiated retail experiences on TV, online, via mobile devices, in catalogs, and in brick and mortar stores. HSN, a leading interactive multi-channel retailer which offers a curated assortment of exclusive products combined with top brand names, now reaches approximately 96 million homes (24 hours a day, seven days a week, live 364 days a year). HSN.com is a top 10 trafficked digital sales site that offers a differentiated digital experience by leveraging content, community and commerce. In addition to its existing media platforms, HSN is the industry leader in transactional innovation, including services such as HSN Shop by Remote®, the only service of its kind in the U.S., the HSN Shopping App for mobile handheld devices and HSN on Demand®. Cornerstone comprises leading home and apparel lifestyle brands including Ballard Designs®, Frontgate®, Garnet Hill®, Grandin Road®, Improvements®, Smith + Noble®, The Territory Ahead® and TravelSmith®. Cornerstone distributes more than 300 million catalogs annually, operates eight separate digital sales sites and operates 19 retail and outlet stores.

Contact Information

  • Contact:
    Rachel Mandell-Rice
    Barokas PR for Cascadia Capital
    Email Contact
    206-264-8220