International Textile Group Acquired By Platinum Equity
October 28, 2016

International Textile Group, a diversified fabric maker that includes Burlington Industries and Cone Denim, has been acquired by private-equity firm Platinum Equity, for an undisclosed price.

According to a news release, ITG will continue to operate as a privately held company in Platinum's portfolio and ITG stock will no longer be publicly traded. Platinum Equity acquired all of the debt and equity securities of ITG previously owned by entities managed by WL Ross and Co. LLC and its affiliates.

Kenneth T. Kunberger, president and CEO of ITG, will continue 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 provider of textile solutions across performance and specialty apparel fabrics, advanced uniform fabrics, technical commercial fabrics and engineered automotive components. The company employs 4,800 people and has operations in the United States, Mexico and China.