Brand & Oppenheimer Adds-On
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Brand & Oppenheimer Adds-On

Brand & Oppenheimer (B&O), a textile converter and a portfolio company of Praesidian Capital and Stone Creek Capital, has acquired General Fabrics.

General Fabrics is a wholesale designer, packager, and distributor of printed textiles. The company’s products are sold to quilting and crafting resellers and to other markets. General Fabrics was founded in 1951 by the Odessa family and is headquartered in Pawtucket, RI (www.genfabco.com).

“We are very excited to join forces with B&O,” said Edward and David Odessa, members of the founding family, in a joint statement. “We will continue to meet customer demands with quality products and outstanding service, and we look forward to a very successful future together.”

Brand & Oppenheimer specializes in providing textile products to the military, tactical, commercial, apparel, and industrial markets. The company provides a wide range of stock fabrics and can also provide custom fabrics. B&O’s product line includes a variety of weights and constructions including nylon, polyester, cotton, vinyl, canvas and blended woven and knit fabrics. The company is headquartered in Portsmouth, RI (www.brandandoppenheimer.com).

In October 2011, Praesidian and StoneCreek acquired B&O in partnership with the senior management team of the company. “Since our initial investment, B&O has continued to provide premiere textile products and customer service,” said Jason Drattell, the founding partner of Praesidian. “We have been consistently impressed with the management team’s strategic vision and ability to drive growth. The buy of General Fabrics will expand B&O’s product offering and customer base, and we anticipate continued growth in the coming years as management executes on their strategic vision.”

This is the third acquisition by B&O in recent years. In May 2017, the company acquired the assets of Cutting Edge TexStyles, a 99-year-old manufacturer of bias binding, trims and textiles based in Bedford, MA (www.cetexstyles.com); and in January 2014 it acquired the assets of Performance Textiles, a supplier of high-performance fabrics to the commercial and military markets, based in Greensboro, NC (www.perftex.com).

“We are excited to bring General Fabrics into the B&O family,” said Ed Ricci, CEO of B&O. “B&O and I have worked with the Odessa’s for a long time, and General Fabrics’ business model fits well into B&O’s operations. The acquisition expands our product capabilities, complements our existing sales divisions, and advances our vision for strategic growth. We look forward to entering the print quilting and craft markets and streamlining the connections between B&O’s other sales divisions.”

Praesidian provides senior and mezzanine capital to small and mid-sized businesses that have revenues of $15 million to $200 million and EBITDA of $5 million to $20 million.  The firm typically invests in connection with a management/leveraged buyout, recapitalization or refinancing. Types of facilities offered include one-stop financing, senior secured debt, junior secured debt, preferred stock, and common equity in connection with a mezzanine investment. Praesidian is based in New York with an additional office in London and manages nearly $1 billion in committed capital (www.praesidian.com).

StoneCreek Capital invests in middle market companies that have revenues of at least $10 million and EBITDAs of at least $2 million. The firm is industry agnostic but has a particular interest in the manufacturing, consumer products, food service and business service sectors. The firm is based in Irvine, CA (www.stonecreekcapital.com).

© 2018 Private Equity Professional | February 12, 2018

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