Carousel Industries buys Albany IT company

The Washington Trust Company provided $6.8 million in financing to Carousel Industries of North America in South Kingstown. The funding was provided for working capital and to acquire Adirondack Business Systems, an Albany-based outfit that sells and supports commercial communications equipment, according to an Oct. 13 bank statement.

Carousel Industries builds and manages communications networks. As one of the largest Avaya Inc. telecommunications equipment dealers nationwide, Carousel provides a single-source approach to converged network business needs for everything from telephone systems, data networks and wireless systems to ongoing maintenance and repairs, the statement said.

The Peace Dale-based company has more than 200 employees in offices throughout the eastern U.S. In 2005, it was listed in Inc. Magazine as one of the 500 fastest growing companies in the country and in Providence Business News as the second-fastest growing company in Rhode Island, according to the bank.

“Washington Trust is pleased to help Carousel Industries with the growth and expansion of the company,” said John C. Warren, chairman and CEO of Washington Trust, in a prepared statement. “Carousel has been a valued customer of Washington Trust for many years and we wish them much success for the future.”

Washington Trust is the largest independent bank headquartered in Rhode Island, with 16 branches located in the state and southeastern Connecticut. The bank is a subsidiary of Westerly-based Washington Trust Bancorp, Inc., whose common stock trades on the Nasdaq under the symbol WASH.