Rhode Island-based Cerce Capital has purchased the assets of watch band manufacturer Speidel for $1.65 million, after the company filed for receivership in June.

Cerce Capital is headed by Jerry Cerce, a veteran of the jewelry and optical industries. Day-to-day management of the company will be handled by Cerce’s children: Lynn-Marie, 34, who has a background in consumer products at Proctor and Gamble; and Gennaro, 33, who has worked in distressed debt. Jerry Cerce will serve as a "mentor," he said.

Jerry Cerce told JCK the new Speidel will be a "leaner" operation that will "concentrate on the jeweler and be very customer focused. We want to rebuild our relationship with the major chains."

He also wants to broaden the product mix, possibly adding men’s and optical lines. He said the company has rehired half its workforce and made progress returning operations to normal.

Cerce Capital did not purchase Speidel’s former affiliated company, Providence Watch Hospital, which has been bought by a relative of its original founder, reports say.