NEW YORK – August 10, 2022 – Praesidian Capital, a leading private equity firm with offices in New York, London and Oklahoma City, announced today that it has fully-realized its debt investment and a portion of its equity investment in Ocean State Innovations, (“Ocean State”or the “Company”) through a refinancing by a commercial bank. Praesidian continues to be a shareholder in Ocean State post-closing.
The Company, headquartered in Portsmouth, RI, is one of the nation’s leading textile converters. Functioning in a general contractor capacity, Ocean State specializes in providing textile solutions for such market segments as the military, tactical, commercial, apparel, industrial, bias bindings, trims and specialty end items. Over the past 11 years, Praesidian has worked closely with management to grow the Company through organic sales, strategic partnerships, and acquisitions.
“We are fortunate to have a long-term and supportive partner in Praesidian” said Edward Ricci, Chief Executive of Ocean State. “This transaction is a great outcome for all stakeholders, and we look forward to continuing to grow the business.”
The Company, under the leadership of Eddie Ricci and his team of executives has driven growth by providing premiere textile products and customer service,” said Jason Drattell, the founding partner of Praesidian. “We are very pleased with the outcome of this refinancing and are confident Ocean State is well positioned for continued success.”
About Ocean State Innovations
Ocean State Innovations is a leading textile converter based in Portsmouth, RI. B&O offers both a wide range of stock fabrics 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; General Fabrics, a leading wholesale designer, packager and distributor of printed textiles based in Pawtucket, Rhode Island; and Colorworks, a premier textile dyer and finisher located in Elizabethton, Tennessee.
About Praesidian Capital
Praesidian Capital is an innovative private investment firm focused on control investments in private lower middle market businesses in the United States, United Kingdom, Germany, and selectively in Northern Europe. For more information, visit www.praesidian.com.
To discuss prospective investment opportunities please contact:
Jason Drattell, Founder firstname.lastname@example.org (212) 520-2620
Tom Duffy, Partner email@example.com (212) 520-2617