The Greensboro, North Carolina-based company will continue its operations as International Textile Group as a part of Platinum Equity’s portfolio. The deal includes all debt and equity securities held by ITG, which will now be acquired by Platinum.
As a result of the merger, ITG’s common stock has ceased to be publicly traded, with former ITG shareholders expected to receive information on cash consideration for their shares in the near future.
Kenneth T. Kunberger, ITG president and CEO, 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.”