International Textile Group, Inc. (ITG) whose portfolio companies include Burlington and Cone Denim, was acquired by global investment firm 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.
Kenneth T. Kunberger, president & CEO of International Textile Group, 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-International Textile Group, Inc. is a global, diversified provider of textile solutions across performance and 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. The company employs approximately 4,800 people worldwide with operations in the United States, Mexico and China.
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with a portfolio of about 30 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations in a broad range of business markets, including manufacturing, distribution, transportation and logistics. Over the past 20 years, Platinum Equity has completed more than 185 acquisitions.