Equity fund buys International Textile Group, two Mexican plants included
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International Textile Group, Inc. (ITG) announced that it has been acquired by Platinum Equity through a completed merger with an affiliate of Platinum Equity, the company revealed in a press release.
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.
The company owns production facilities in the central State of Morelos and northern State of Coahuila which borders the U.S.
ITG manufactures fabrics and cushion for airbags, which are sold to automotive safety groups, such as Autoliv, TRW and Delphi.
In order to complete the merger transaction, Platinum Equity acquired all of the debt and equity securities of the Company 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.
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."
International Textile Group, Inc. (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. The company employs approximately 4,800 people worldwide with operations in the United States, Mexico and China. To learn more visit www.itg-global.com.