PORTSMOUTH – Textile company Ocean State Innovations has acquired Tennessee-based textile dyeing and finishing company ColorWorks, OSI announced this week.
ColorWorks will continue to operate out of its location in Elizabethton, Tenn., according to OSI.
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OSI, a Brand & Oppenheimer company, had 35 employees prior to the deal, with 27 of them in Rhode Island. ColorWorks had 90 employees at the time of the acquisition, bringing OSI’s total employee count to 125.
“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 Edward Ricci, Ocean State Innovations CEO.
Terms of the deal were not disclosed.
“We are extremely excited to join the Ocean State Innovations team,” said Sam Buchanan, president of ColorWorks. “OSI’s expertise will open markets and help lead ColorWorks into the future.”
The deal closed on Jan. 2.
OSI noted that its strategic growth has received “enthusiastic support” from Praesidian Capital, a private investment firm based in New York.
