Praesidian Capital Successfully Exits Equity Investment in Leading Textile Solutions Provider

OKLAHOMA CITY, Jan. 3, 2023 /PRNewswire/ -- Praesidian Capital, a leading private equity firm with offices in Oklahoma City, New York and London, announced today that it has fully realized its equity investment in Ocean State Innovations ("Ocean State" or the "Company"). Based in Portsmouth, RI, Ocean State is one of the leading textile converters in the US. 

"In 2015 we partnered with Ed Ricci, Ben Galpen and Bryan Boulis, all industry experts with over 100 years of combined experience in the quality textile industry. Over the years they have significantly expanded the business via organic growth and acquisitions, and expertly lead the Company through the Covid 19 pandemic. The Company is well capitalized and positioned for continued growth." said Jason Drattell, the founding partner of Praesidian.   

"Praesidian has been a flexible and committed partner and we appreciate all their support throughout the years" said Edward Ricci, Chief Executive of Ocean State.  

The 1947 LLC Management team has grown the business through organic sales, strategic partnerships, and acquisitions. In 2017, B&O acquired the assets of Cutting Edge TexStyles, a global supplier of Bindings, Trims and Piece Goods. In 2018, B&O acquired the assets of General Fabrics Inc., a global designer and wholesale distributor of quilting fabrics. In 2019, Brand and Oppenheimer became Ocean State Innovations ("OSI") to continue the tradition of quality textiles, while focusing on the company's innovative industry expertise and strong Rhode Island roots. Also, in 2019, OSI purchased the assets of Allied Bias, a supplier of binding products. In 2020, OSI acquired ColorWorks, a premier textile dyer and finisher located in Elizabethton, Tennessee. OSI anticipates continued growth and success as management executes on their strategic vision. 

Praesidian Capital is an innovative private equity 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 [email protected] (212) 520-2620

Tom Duffy, Partner [email protected] (212) 520-2617

Media Contact:

Linda Dignelli

212-520-2619

[email protected]

SOURCE Praesidian Capital