International Textile Group, Inc. has been acquired by Platinum Equity through a completed merger with an affiliate of Platinum Equity.
In the merger transaction, a newly formed Platinum Equity affiliate merged with and into ITG, with ITG continuing as the surviving corporation and as a privately-held Platinum Equity portfolio company. ITG’s common stock has ceased to be publicly traded.
In order to complete the merger transaction, Platinum Equity acquired all of ITG’s debt and equity securities previously owned by entities managed by WL Ross & Co. LLC and its affiliates.
The merger transaction and related agreements were entered into following the approval of ITG’s Board of Directors, based upon the recommendation of an independent special committee, along with its independent legal and financial advisors, which negotiated the terms and conditions thereof.
Kenneth T. Kunberger, President & CEO of ITG, continues in his role under the new ownership. “This is an exciting time for ITG,” said Kunberger. “We believe Platinum Equity and ITG’s goals and strategies are well aligned and provide a strong foundation on which to further leverage ITG’s performance innovations and brand heritage across our global markets. We look forward to many opportunities ahead.”
ITG is a global, diversified provider of textile solutions across performance & specialty apparel fabrics, advanced uniform fabrics, technical commercial fabrics and engineered automotive components. ITG’s businesses include Burlington, Cone Denim, Safety Components and Carlisle Finishing.