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PRESS RELEASE from provider: Business Wire
This content is a press release from our partner Business Wire. The AP newsroom and editorial departments were not involved in its creation.

Rhode Island Based Textile Company Announces Name Change

March 12, 2019

PORTSMOUTH, R.I.--(BUSINESS WIRE)--Mar 12, 2019--Brand and Oppenheimer Co. Inc., a leader in the textile industry, has announced today that a name change is in order. Brand and Oppenheimer Co. Inc. is becoming Ocean State Innovations (“OSI”).

“In consideration of our corporate strategy and our deep roots in Rhode Island, we feel our identity is best associated with the Ocean State,” said CEO Edward Ricci, a Rhode Island native. “The Brand and Oppenheimer brand represented stability and quality within a very specific segment of the textile space. Today we offer a broader scope of innovative textile expertise and needed a moniker to represent who we are.”

Owned by 1947 LLC and Praesidian Capital, Ocean State Innovations is a growing textile company with 35 employees, all dedicated to building upon the company’s heritage and leadership within the textile industry. OSI maintains a tradition of quality textiles with a refocused message. A new logo and marketing message have been created— “Textile Solutions” —which is now part of Ocean State Innovations’ corporate identity. “This name change better reflects the current and future direction of our growing company,” Ricci added.

For more information, please visit www.osinnovate.com.

About Ocean State Innovations

Founded in 1913 as Brand and Oppenheimer Company, Inc. (“B&O”) as a supplier of garment linings, the company celebrates a rich history in the textile industry. In October 2011, Praesidian Capital and StoneCreek Capital, LLC became investors. In 2014 Brand & Oppenheimer acquired Performance Textiles, a US textiles supplier. In 2015 B&O entered into an equity partnership with 1947 LLC’s management team; Ed Ricci, Ben Galpen, and Bryan Boulis, all industry experts with over 100 years of combined experience. 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. OSI, based in Portsmouth, RI, has distinguished itself as the premier global source for textile products and services. Ocean State Innovations continues as a leader in the textile industry for the U.S. Military and is now bringing that same innovative textile expertise to many commercial market segments such as medical, industrial, automotive and traditional apparel.

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 business in the United States, United Kingdom, German, and selectively in Northern Europe. Praesidian invests in established small and mid-sized companies, often in connection with Management buyouts, recapitalizations, and refinancing. Based in New York with an office in London, Praesidian has nearly $1 billion in original capital commitments in aggregate. For more information, visit www.praesidian.com.

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SOURCE: Brand and Oppenheimer Co. Inc.

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PUB: 03/12/2019 11:00 AM/DISC: 03/12/2019 11:00 AM