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.
ITG’s common stock has ceased to be publicly traded and former ITG stockholders will receive information from Continental Stock Transfer & Trust Co., the paying agent in the merger, on how to receive the cash consideration for their shares of ITG common stock, in the near future.
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.
ITG was founded in 2004 by investor Wilbur L. Ross when he merged Burlington Industries and Cone Mills.
Kenneth T. Kunberger, president and chief executive officer of ITG, will continue in his role under the new ownership.
“This is an exciting time for ITG,” Kunberger said. “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.”
Cone Denim’s historic White Oak Mill facility in Greensboro, N.C., is the oldest operating denim mill in the U.S.
The company said additional information regarding the merger and related transactions will be contained in upcoming filings with the U.S. Securities and Exchange Commission.
Based in Greensboro, N.C., ITG is a global, diversified provider of textile solutions across performance and specialty apparel fabrics, advanced uniform fabrics, technical commercial fabrics and engineered automotive components. In addition to Cone and Burlington, ITG’s businesses include Safety Components and Carlisle Finishing. The company employs about 4,800 people worldwide with operations in the U.S., Mexico and China.
In August, ITG reported gross profit in the three months ended June 30 increased 6.9 percent to $24.9 million from $23.3 million in the year-ago period. Consolidated net sales in the three months fell 5.7 percent to $148.4 million from $157.3 million last year.
In the six months, consolidated net sales fell 1.3 percent to $297.6 million from $301.4 million. Gross profit in the six months increased 18.9 percent to $49.2 million from $41.4 million. Operating income rose 35 percent to $27.8 million from $20.6 million.
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with a portfolio of 30 companies. Platinum Equity specializes in mergers, acquisitions and operations, buying and operating companies in a range of business markets, including manufacturing, distribution, transportation and logistics. Over the past 20 years, Platinum Equity has completed more than 185 acquisitions.