Los Angeles-based Platinum Equity has acquired International Textile Group Inc. (ITG), Greensboro, N.C. The transaction saw ITG merge with a newly formed Platinum Equity affiliate and ITG will continue as the surviving corporation as a privately-held Platinum Equity portfolio company. As a consequence, ITG’s common stock no longer is traded publicly.
Platinum acquired all of ITG’s debt and equity securities previously owned by entities managed by WL Ross & Co. LLC and its affiliates.
The merger was approved by ITG’s Board of Directors following recommendations by an independent committee, as well as the company’s independent legal and financial advisors.
Kenneth T. Kunberger, ITG’s president and CEO continues in his role under the new ownership. “This is an exciting time for ITG,” Kunberger said. “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.”