Projo Biz Blog

Providence Journal photo / Sandor Bodo

Gerald F. Cerce, left, with his partners in Providence private-equity firm Management Capital, Ernest D. Humphreys and Robert D. Manchester. Cerce has just purchased the assets of the bankrupt Speidel watchband company.

PROVIDENCE, RI -- A Rhode Island private-equity partnership bought the assets of the iconic Speidel company, in a deal approved last week by a Superior Court judge, according to the lawyer overseeing the company's finances.

Siblings Gennaro and Lynnemarie Cerce, both principals in Cerce Capital LLC, paid $1.65 million for what was left of Cranston-based Speidel, the 105-year-old seller of watchbands, according to Allan M. Shine, the court-appointed receiver in the case.

The siblings are the children of veteran Rhode Island businessman Gerald F. Cerce, who is a principal in Management Capital, a Providence private-equity firm. The elder Cerce will act as an "advisor" to his children, said Joseph Ferrucci, a lawyer who represents Cerce Capital.

Gennaro and Lynnemarie Cerce's intent "is to rebuild the company and keep as many jobs as possible," Ferrucci said. "They want to get the business up and running and begin the process of selling again."

In June, Speidel filed for receivership -- a form of bankruptcy -- a victim of the deep recession that dried up consumer spending.

Separately, court-appointed receiver Allan M. Shine said, he will ask Superior Court Judge Michael A. Silverstein on Aug. 26 to approve the sale of the Providence Watch Hospital to Evan Saltzman for $53,000. Saltzman is related to Joseph Saltzman, who founded Providence Watch Hospital in 1940. Speidel purchased the Watch Hospital in 2001.
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 Tags  consumer Providence RI receivership

Comments

howard batwin said:

mazel=tov

Link | August 17, 2009 7:54 PM
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