Ocean State Innovations in Portsmouth is putting a modern spin on Rhode Island’s storied textile industry. Once a powerhouse, local textile companies today are limited for the most part to a small number of modest operations that use skilled workers to satisfy niche markets.
Ocean State Innovations differentiates itself. It acquires fabrics, tests and refines them, then sells them to manufacturers in various industries.
In other words, it plays the role of middleman and, according to CEO Edward W. Ricci II, it’s been doing it well.
The company’s history is a bit complicated. It was known as Brand and Oppenheimer Co. and was in New Jersey. But in 2015 Brand and Oppenheimer entered into a partnership with a firm named 1947 LLC, consisting of Ricci, Ben L. Galpen and Bryan Boulis.
Ricci said he had been running a textile company in Fall River when he left to take the helm at Brand and Oppenheimer. He and his team then moved the company from New Jersey to Portsmouth.
“We now have 25 employees here [plus about 10 in other states] and have more than doubled our business in the few years through acquisitions and strategic maneuvering,” Ricci said.
Ricci’s team has a part ownership stake in the company thanks to about three years of “sweat equity,” as he describes it. Earlier this year they renamed it Ocean State Innovations. The rest of the company is owned by Praesidian Capital, a private investment firm based in New York.
In July, Boulis was named company president.
“Since our initial investment, Brand and Oppenheimer/Ocean State Innovations has continued to provide premier textile products and customer service,” said Praesidian founding partner Jason Drattell.
“We anticipate continued success in the coming years as management executes on their strategic vision,” Drattell added.
Prior to his team’s arrival, Ricci said, the company was smaller and less diverse. Now its products are used to make everything from backpacks, tents and parachutes to military and police vests to medical straps and equipment.
In 2014, Brand and Oppenheimer had annual sales of $22 million, according to Ricci. Today, that figure has grown to about $60 million. And the goal is to get to $100 million in annual sales within several years.
“We’ve made three acquisitions so far, and we’re working on another acquisition that will add $10 million to our sales,” he added.
Owners: Praesidian Capital, 1947 LLC
Type of business: Textile sales and services
Location: 208 Clock Tower Square, Portsmouth
Employees: 25, plus 10 out of state
Year established: 2015
Annual sales: Roughly $60 million
Scott Blake is a PBN staff writer. Contact him at Blake@PBN.com.
