PORTSMOUTH, R.I. – January 2, 2020 – Ocean State Innovations, (a Brand & Oppenheimer Company), a leading textile solutions provider, announced its acquisition of ColorWorks. Founded in 1996, ColorWorks is a premier textile dyer and finisher located in Elizabethton, Tennessee.
The ColorWorks team will continue to service a broad array of customers with their commission textile dyeing and finishing needs.
The resources of Ocean State Innovations will add a unique capability to source a wider array of textile products and to provide a technical knowledge that will help to better serve customers’ needs. Under the direction of Edward Ricci (CEO), Ocean State has built an impressive organization of talented people and innovative products.
“We look forward to continuing our commitment to the ongoing operations at ColorWorks and the future innovation that the commission dyeing and finishing segment adds to Ocean State,” said Edward Ricci, Ocean State Innovations CEO.
Sam Buchanan, President of ColorWorks said; “We are extremely excited to join the Ocean State Innovations team. OSI’s expertise will open markets and help lead ColorWorks into the future.”
Ocean State Innovation’s continued strategic growth has received enthusiastic support from Praesidian Capital, which initially invested both first lien debt and equity in B&O / Ocean State.
“We are very pleased with Ocean State’s growth trajectory and with management’s continued commitment to innovation, customer service, and high-quality textile products,” said Jason Drattell, the founding partner of Praesidian. “We anticipate continued growth and success as management executes on their strategic vision.”
About Ocean State Innovations
Ocean State Innovations (“OSI”) (a Brand & Oppenheimer Company), founded in 1913 and led by Ed Ricci, Ben Galpen and Bryan Boulis, is a leading textile converter based in Portsmouth, RI. The Company specializes in providing textile solutions for such market segments as the military, tactical, commercial, apparel, industrial, bias bindings, trims and specialty end items. OSI offers both a wide range of stock fabrics and custom solutions. B&O’s divisions include Performance Textiles, a leading supplier of high-performance fabrics based in Greensboro, NC; 1947, the exclusive international distributor of the MULTICAM® brand of fabrics & webbings based in Portsmouth, RI; Cutting Edge Textiles, the premiere supplier of Bias Binding and Trim Fabrics based in Bedford, MA; and General Fabrics a leading wholesale designer, packager and distributor of printed textiles based in Pawtucket, Rhode Island.
About Praesidian Capital
Praesidian Capital is an innovative private investment firm focused on providing senior and subordinated debt along with growth capital to private lower middle market businesses in the United States, United Kingdom, Germany, and selectively in Northern Europe. Praesidian also recently launched a private equity strategy focused on control positions in lower middle market businesses. Based in New York with an office in London, Praesidian manages nearly $1 billion in committed capital. For more information, visit www.praesidian.com.
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