Platinum Equity buys International Textile for 99 million dollars

Platinum Equity has bought International Textile Group, which owns iconic Greensboro companies Cone Denim and Burlington, from a buyout firm controlled by Wilbur Ross.

Platinum Equity has acquired International Textile’s shares and debt for 99 million dollars, according to a Securities Exchange Commission document.

ITG spokeswoman Delores Sides said in a statement Monday that the company is excited about Platimum Equity as its new owner.

"The new ownership by Platinum Equity is positive for ITG," she said. "The new owners are excited as well and see opportunity for growth. It is business as usual for us. The biggest change for ITG is that we now operate as a private company. We expect little to no disruption in Greensboro or with our manufacturing operations."

As advanced by the investment firm, International Textile will be allowed to retain its name, although a news release issued by the interested parties did not say whether International Textile plans to retain ownership of its signature brands Cone Denim and Burlington.

ITG was formed out of the assets of the former Burlington Industries and the former Cone Mills in the early 2000s.

W.L. Ross & Co., a subsidiary of investment company Invesco, made the decision to sell Greensboro-based International Textile earlier this month.

Wilbur Ross has earned a reputation as the man who was able to rescue the Cone and Burlington brands in 2003 and 2004 as the industry was crumbling. He infused borrowed capital into the companies and they were able to flourish while other historic names vanished, highlights ‘Greenboro.com’.