PORTSMOUTH, R.I.--(BUSINESS WIRE)--Brand & Oppenheimer Co., Inc. (“B&O,” “the Company”), a leading textile converter and provider of technical fabrics to multiple industries, today announced that it has acquired the assets of Cutting Edge TexStyles, a 99-year-old manufacturer of bias binding, trims and textiles based in Bedford, MA. The new business will continue to operate in its existing location with its current staff, including former CEO Joe Goldman, who will now serve as Vice President of the Cutting Edge TexStyles Sales Division of B&O alongside the Company’s Performance Textiles and 1947 Sales Divisions.
Cutting Edge TexStyles has a longstanding reputation as a third-generation manufacturer of “narrow” fabrics in bias bindings and trims. Like B&O, the business is also a textile converter known for delivering quality and service to diverse industries and niche businesses.
“We are very pleased to welcome Joe and his team to Brand & Oppenheimer. We view the addition of Cutting Edge as synergistic and a means to diversify into the narrow textile sector,” stated Edward Ricci, B&O CEO. “With the support of our owners, Praesidian Capital, we will be able to explore similar acquisitions in the future that will allow B&O to expand its capabilities within the overall textile industry and thereby provide increasingly more robust products and services to our customers.”
According to Goldman, “We see new opportunities by joining forces with B&O. We are both century-old businesses that continue to thrive by constantly meeting customer demands with quality materials. This will be a seamless transition for our customers and employees. We look forward to offering the B&O product line to Cutting Edge customers.”
The Founding Partner of Praesidian Capital, Jason Drattell, noted that “we are encouraged by the progress that Brand & Oppenheimer has made in the past two years under the management of Ed Ricci, Ben Galpen and Bryan Boulis. We look forward to seeing more acquisition opportunities like Cutting Edge that support the Company’s growth strategy.”
About Brand & Oppenheimer Co., Inc.
Brand & Oppenheimer Company, Inc. 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, and specialty end items. B&O offers a wide range of stock fabrics with the capability of supplying custom solutions, as well. B&O’s divisions include Performance Textiles Sales Division, a leading supplier of high-performance fabrics based in Greensboro, NC; as well as 1947 Sales Division, the exclusive international distributor of the MULTICAM® brand of fabrics & webbings.
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 invests in established small and mid-sized companies, often in connection with management buyouts, recapitalizations, and refinancings. Based in New York with an office in London, Praesidian manages nearly $1 billion in committed capital. For more information, visit www.praesidian.com.