Platinum Equity is taking over International Textile Group.
The textile supplier, and owner of Burlington and Cone Denim, was acquired by the global investment firm through a merger transaction with a Platinum Equity affiliate.
As part of the acquisition, announced Monday, 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.
ITG’s common stock will no longer be publicly traded and the paying agent in the merger, Continental Stock Transfer & Trust Company, will provide information to former ITG stockholders on how to receive the cash consideration of their ITG common stock shares in a few weeks.
To close the merger transaction, Platinum Equity acquired all of ITG’s debt and equity securities, which were previously owned by WL Ross & Co. LLC and its affiliates. ITG’s board of directors approved the deal and related agreements, based on the recommendation of an independent special committee and its financial and legal advisors.
“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,” ITG CEO Kenneth T. Kunberger said. “We look forward to many opportunities ahead.”