International Textile Group (ITG) has adopted a new name and corporate identity, Elevate Textiles Inc. (‘Elevate’). The new company replaces ITG as the parent company of American & Efird, Burlington, Cone Denim, Gütermann and Safety Components, creating a portfolio of global brands that provide innovative solutions and premium textile products throughout the world, according to the company. Elevate Textiles was born out of the integration of A&E and ITG last year under the leadership of Platinum Equity, which acquired ITG in 2016 and American & Efird in 2018.
Elevate Textiles services 25,000 customers in over 100 countries across six continents via a global footprint that includes 37 facilities and over 15,000 employees, representing a textile company without parallel in the industry, the company says. “Our combined company offers customers an unprecedented breadth of textile products and solutions ranging from performance-driven and specialty apparel fabrics, high-quality denims, advanced technical fabrics, and premium industrial and consumer sewing threads,” adds Elevate.
The new parent company will establish its global headquarters in Charlotte, North Carolina, US. Current offices in Greensboro, North Carolina and Mount Holly, North Carolina will remain as divisional headquarters for the respective fabrics and threads portfolio brands.
Elevate Textiles offers a new, innovative approach to the textiles sector, providing both premium fabric and thread solutions globally. As a consolidated platform, Elevate Textiles will continue to focus on operational excellence, safety, and environmental sustainability, with an integrated approach to supply chain, R&D, and procurement. Elevate Textiles is committed to growth through customer collaboration, innovative product development, and delivery of premium, mission-critical textile solutions globally, the company continues.
Founded in 1995 by Tom Gores, the owner of Elevate, Platinum Equity is a global investment firm with approximately US$13bn of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a US$6.5bn global buyout fund, and Platinum Equity Small Cap Fund, a US$1.5bn buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specialises in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O – 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, telecommunications and other industries. Over the past 23 years Platinum Equity has completed more than 250 acquisitions.
For more information on Elevate Textiles visit: www.elevatetextiles.com.
