Cameleon, Inc., Providence, R.I., a sister company of East Providence based Speidel, Inc. acquired the assets and operation of Providence Watch Hospital (PWH) and Bears Watch Repair Center for an undisclosed sum.
PWH has retail and watch repair centers in Rhode Island (Providence, Cranston, and Wakefield). The Saltzman family has owned and operated PWH for more than 60 years. Richard Saltzman, PWH vice president, will continue in his job as a vice president of Speidel, Inc.
“I am pleased that we have been able to become part of the Speidel family, Saltzman said in a statement. “Their leadership and market initiatives ensure that my family’s work in watch repair will thrive and grow for many years.”
Speidel and Cameleon are subsidiaries of Austrian-based Hirsch Holding A.G. They have entered into a management agreement whereby Speidel will provide general management support as well as accounting and informational technology services to Cameleon. Immediately after the transaction, Cameleon will change its name to Providence Watch Hospital.
“The acquisition of PWH is part of Speidel’s strategic plan to diversify its revenue base into more service related activities,” said Jeffrey R. Massotti, Speidel’s president. “It allows us to be a full-service supplier to our current customer base by extending watch repair as a value-added capacity. Business will continue as usual and be transparent to the current PWH customer.”
Speidel, a global leader in the watchband industry, was founded in 1904 in Providence. Textron sold it to Hirsch A.G. in 1997.