International Textile Group (ITG), born out of the purchase and merger of Cone Mills and Burlington Industries by Wilbur L. Ross in 2004, now has a new name and corporate identity: Elevate Textiles Inc.
The new firm replaces ITG as the parent company of Cone Denim, Burlington, American & Efird (A&E), Gütermann and Safety Components, creating a portfolio of well-known global brands that provide innovative solutions and premium textile products.
Elevate Textiles brings together A&E and ITG under the leadership of Platinum Equity. In 2016, Platinum acquired all of the debt and equity securities of ITG, which was owned by entities managed by Ross’s WL Ross & Co. and affiliates. Ross divested his ownership stake when he became U.S. Commerce Secretary. Platinum acquired thread manufacturer A&E in 2018.
Elevate Textiles services 25,000 customers in more than 100 countries through a manufacturing structure that includes 37 facilities and 15,000 employees. The company said the new corporation offers customers a breadth of textile products and solutions ranging from performance-driven and specialty apparel fabrics, high quality denim, advanced technical fabrics, and premium industrial and consumer sewing threads.
The new parent company will establish its global headquarters in Charlotte, N.C. Current offices in Greensboro and Mount Holly, N.C., will remain as divisional headquarters for the respective fabrics and threads brands.
As a consolidated platform, Elevate Textiles said it will continue to focus on operational excellence, safety and environmental sustainability, with an integrated approach to supply chain, research and development, and procurement. The company said it is committed to growth through customer collaboration and innovative product development.
Elevate’s market coverage includes fashion and functional apparel, footwear, military, fire, medical, athletic, automotive, aerospace, outdoor and other specialty sectors. Cone Denim is an important player in the jeans fabric sector, although industry observers have said it lost some of its cache when it closed its historic While Oak Mill in 2017, ending U.S. denim production.
Platinum Equity, founded in 1995 by Tom Gores, is a global investment firm with approximately $13 billion of assets under management and a portfolio of some 40 operating companies. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market.
Platinum Equity specializes in acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology and telecommunications.