US garment linings supplier Ocean State Innovations has acquired textile dyer and finisher ColorWorks.
Founded in 1996, ColorWorks is located in Elizabethton, Tennessee. The company says it will continue to service a broad array of customers with its 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 technical knowledge that will help to better serve customers’ needs. Under the direction of CEO Edward Ricci, Ocean State says it has built “an impressive organisation 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 Ricci.
Sam Buchanan, president of ColorWorks added: “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 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.”