Platinum Equity LLC has purchased International Textile Group Inc., a manufacturer of clothing and fabric materials. ITG acquired all of the target’s debt and equity securities, previously owned by New York-based law firm WL Ross & Co. LLC.

Greensboro, North Carolina-based ITG is a textile and fabric manufacturer with operations in the U.S., Mexico and China. The target distributes synthetic and denim fabrics, military camouflage prints, government dress uniforms and other materials through company brands that include: Burlington, Burlington Contract Fabrics, Carlisle Finishing, Cone Denim and Safety Components. As part of the deal, a newly formed portfolio company of Platinum Equity merged into ITG.

Founded in 1995 by Tom Gores, Platinum Equity is a Los Angeles-based private equity firm with more than $6 billion in capital under management. The PE firm has more than 25 operating companies in manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications. Platinum Equity’s manufacturing portfolio consists of companies such as: Artesyn Embedded Technologies, Enbi, Fabcon, MACtac, Schutt Sports, and Ying Shing Enterprises. The firm has completed more than 185 acquisitions since its inception.

Platinum Equity has been active in the M&A space recently. In 2016 alone, the firm: acquired Electro Rent Corp., which leases and sells electronic test equipment, personal computers and servers; sold Maxim Crane Works LP to Apollo Global Management LLC (NYSE: APO); agreed to buy Emerson Electric Co.’s (NYSE: EMR) network power division; purchased food ingredient distributor JM Swank from ConAgra Foods Inc. (NYSE: CAG); also cargo handler bought Consolidated Aviation Services through its portfolio company Worldwide Flight Services.

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