Westerly, Rhode Island… Washington Trust's Commercial & Industrial Lending Group has provided $2,000,000 in working capital financing to Cerce Capital, LLC of Cranston, R.I., which recently purchased Speidel, a Rhode Island-based jewelry manufacturer established in 1904. Speidel is considered one of the most widely recognized brand of watch bands in the world.
As part of the acquisition, Cerce assumed all trademarks and intellectual property associated with Speidel and Twist-O-Flex. They also acquired all inventory and account receivables. "We endeavor to create a streamlined customer service organization that puts our customers first," stated Lynn-Marie Cerce, principal of Cerce Capital, LLC. Adding, "The 106-year old brand is back in business and here to stay."
"Cerce Capital and Speidel are a winning team," said Joseph J. MarcAurele, Washington Trust President and Chief Operating Officer. "Cerce Capital has the experience to lead Speidel, a worldwide brand synonymous with quality, service and style, into its next century."
The Cerce Capital Group has a long history in the Jewelry and Accessory industry. Jerry Cerce began his career with the purchase of a small jewelry manufacturer in 1972. He grew AAi.Foster Grant business from its initial base of less than $1 million in sales to a multinational entity with sales in excess of $250 million providing a full range of supply chain management to mass merchandisers. Lynn-Marie Cerce has a background in consumer product industry and has spent the last 12 years in sales for the Gillette/Procter & Gamble Company. Gennaro Cerce comes from Duro Textiles Company specializing in distress debt and manufacturing. Lynn-Marie and Gennaro Cerce will run the Speidel Company.
Washington Trust's Commercial & Industrial Lending Group offers working capital, acquisition, and equipment financing as well as owner occupied real estate financing. The Group also offers a full-range of cash management products and services. For more information, contact Russell W. Hahn, senior vice president, Commercial Lending, toll-free at 800-475-2265 or directly at 401-348-7101.
The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., a $2.9 billion corporation headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is the oldest community bank in the nation and is the largest independent bank headquartered in Rhode Island. A state-chartered bank, Washington Trust offers a full range of financial services, including business banking, personal banking, and wealth management and trust services, through its offices located in Rhode Island, southeastern Connecticut and Massachusetts. The Corporation's common stock trades on The NASDAQ Global Select® Stock Market under the symbol WASH. Web site address: www.washtrust.com.