Subsalve acquired by Performance Inflatables Co., expects growth

SUBSALVE USA'S CHIEF Growth Officer Richard G. Fryburg in the company's North Kingstown facility, where workers are assembling flotation devices for undersea salvage operations. The bag being tested in the back can lift 77,000 lbs. PBN FILE PHOTO/MARK S. MURPHY
SUBSALVE USA'S CHIEF Growth Officer Richard G. Fryburg in the company's North Kingstown facility, where workers are assembling flotation devices for undersea salvage operations. The bag being tested in the back can lift 77,000 lbs. / PBN FILE PHOTO/MARK S. MURPHY

NORTH KINGSTOWN – Subsalve USA has been acquired by Performance Inflatables Co., Subsalve and Performance Inflatables Co. announced in a joint press release in May. The North Kingstown company will be a subsidiary of Performance Inflatables and will retain both its location and staff.

In fact, the company expects to be grow because of the acquisition. According to Subsalve’s former president, now chief growth officer, Richard G. Fryburg, the company expects to add 5-10 employees by the end of this year. It currently employs 23.

“The additional support, resources, and knowledge of Performance Inflatables Company will provide a force multiplier to Subsalve USA to continue and further accelerate its leading position and enhance its new products growth across the world,” said Fryburg, who founded the company in 1977.  “Subsalve is the platform company that Performance Inflatable plans to build onto,” he said, adding that “we also plan to acquire complimentary businesses that we may bring to Rhode Island which could add as many as 50 new employees in the next 12 months.”

Subsalve USA’s new CEO, Richard Heath, also shares Fryburg’s vision of company growth. “We look forward to adding to the capabilities of the business, and to expanding its impact regionally, globally and into adjacent product areas” said Heath. “We have been impressed with Subsalve USA’s commitment to customers, its innovation, top quality reputation and dedicated staff throughout this process, and we plan to support this great foundation in the years to come.”

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“My entire management staff and I are truly excited about this new joint prospect and the vision that Performance Inflatables Company has for the industry,” said Fryburg.

Performance Inflatables Co. is backed by Pinewell Capital LLC, an investment firm based in Scottsdale, Ariz.

No financial details were provided about the transaction.

Chris Bergenheim is the PBN web editor.

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