M&A Deal Summary

Praesidian Capital and StoneCreek Capital Partners Acquire Ocean State Innovations

On October 1, 2011, mezzanine finance firm Praesidian Capital and private equity firm StoneCreek Capital Partners acquired apparel/textiles company Ocean State Innovations

Acquisition Highlights
  • This is Praesidian Capital’s 2nd and StoneCreek Capital Partners’ 1st transaction in the Apparel/Textiles sector.
  • This is Praesidian Capital’s 30th and StoneCreek Capital Partners’ 2nd transaction in the United States.
  • This is Praesidian Capital’s 1st and StoneCreek Capital Partners’ 1st transaction in Rhode Island.

M&A Deal Summary

Date 2011-10-01
Target Ocean State Innovations
Sector Apparel/Textiles
Buyer(s) Praesidian Capital
StoneCreek Capital Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

Ocean State Innovations

Portsmouth, Rhode Island, United States
website
Ocean State Innovations is specialized in providing textile solutions for such market segments as the military, tactical, commercial, apparel, industrial, and specialty end items. Ocean State Innovations offers a wide range of stock fabrics with the capability of supplying custom solutions, as well. Ocean State Innovations was founded in 1913 and is based in Portsmouth, Rhode Island.

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Buyer(S) 2

Buyer

Praesidian Capital

Oklahoma City, New York, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 2002
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Praesidian Capital is a mezzanine debt provider for middle-market companies throughout the US and Europe. Praesidian looks to provide junior capital to businesses with revenues between $3 and $100 million and EBITDA between $250k and $20 million. Capital is typically used to support acquisitions, management/leveraged buyouts, recapitalizations, and restructurings. Praesidian will not invest in oil & gas exploration, financial services, real estate, or start-ups. Praesidian Capital was formed in 2002 and is based in New York City.


DEAL STATS #
Overall 30 of 50
Sector (Apparel/Textiles) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 4 of 11
State (Rhode Island) 1 of 1
Country (United States) 30 of 47
Year (2011) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-15 Solatube International

Carlsbad, California, United States

Solatube International, Inc. is a manufacturer and marketer of tubular daylighting devices for residential and commercial applications in the United States and internationally. Solatube International was founded in 1990 and is based in Carlsbad, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-04 K1 Speed

Irvine, California, United States

K1 Speed is the nation’s largest operator of indoor go-kart racing tracks, with eight locations in Southern California, Seattle, Phoenix and Ft. Lauderdale. K1 offers electric kart racing which caters to novices, auto racing enthusiasts, racing professionals and corporate events.

Buy -
Buyer

StoneCreek Capital Partners

Irvine, California, United States

Investor Investor

website


Category Private Equity Firm
Founded 1992
Size Small
Type Sector Agnostic
DESCRIPTION

StoneCreek Capital is a private equity firm that targets investments in growth-oriented middle-market companies. Areas of interest include manufacturing (contract, niche), consumer products (branded, automotive accessories, Hispanic oriented), food service (products, services, restaurants), and business services (distribution, transportation, direct marketing/advertising). StoneCreek focuses on US based, with a preference for West Coast based opportunities. The Firm generally looks at transactions with minimum enterprise values of $10 million. Stone Creek can invest both equity and subordinated debt, and has an investment horizon of five to seven years. StoneCreek was formed in 1992 and is based in Irvine, California.


DEAL STATS #
Overall 2 of 6
Sector (Apparel/Textiles) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 2 of 4
State (Rhode Island) 1 of 1
Country (United States) 2 of 6
Year (2011) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-01 BarrierSafe Solutions International

Lake Forest, Illinois, United States

BarrierSafe Solutions International, Inc. is a provider of barrier protection and infection control products. BarrierSafe owns the FoodHandler and Microflex brands and primarily sells disposable gloves to non-acute markets including foodservice, dental, laboratory, industrial and automotive.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-02-19 Kova International

Garden Grove, California, United States

Kova International is a developer, manufacturer, and marketer of in-vitro diagnostic products for the global urinalysis market. Kova International was founded in 1981 and is based in Garden Grove, California.

Buy -