Digital Technology Provider Ready to Grow

The Situation

Narragansett Technologies, a leading manufacturer of digital camera modules and medical imaging tubes, responding to new business opportunities, needed to ramp up production to support its market expansion plans.

The BDCRI assisted by providing mezzanine financing in the form of a term loan.

About the Opportunity

Narragansett Technologies, based in Slatersville, designs and manufactures medical camera tubes and CCD & CMOS digital cameras and camera modules for use in high resolution OEM applications such as medical imaging, traffic control, surveillance, and biometrics.

The company recently established several partnerships with global technology companies that provides access to new sales channels. To accelerate production of several of its core products, in line with expected increased customer demand, Narragansett Technologies needed additional liquidity to support that growth.

Why the BDCRI Got Involved

The BDCRI provided a $200,000 term loan as part of a $2.2 million mezzanine financing round -- led by MB Growth Partners II, LP, a private investment fund managed by MerchantBanc in Manchester, NH -- because:

1. The company has a solid plan to invest in R&D and world-class manufacturing operations that will enable it to serve key growth markets.

2. Strategic channel partners will help the company connect with customers.

3. CEO Frank Epps and President William Ulmschneider have consistently demonstrated over a period of years their ability to successfully develop technology companies in dynamic business environments.