Private equity firm New Stream
Capital, based in Ridgefield, Conn., has purchased the assets of International
Wholesale Tile, a supplier of porcelain, ceramic, and stone tile products.
Plans call for top management, including Paul Boucher, president; Kathryn
Spencer, vp operations; and Ann Marie Renze, CFO, to stay with the company.
Terms of the deal were not disclosed.
Boucher
noted that the acquisition helps position his company, widely known for its
Tesoro brand, for future growth. “With New Stream Capital’s strength and
support, we’ll be positioned to better serve our customers with swift
deliveries of orders and samples and overall superior customer service,” he
said. “We will continue to create products that can be marketed through a
variety of channels.”
IWT
supplies its products to retailers, design centers and specialty tile shops
across the country. At its
main distribution center in Palm City, Fla., IWT houses more than 10 million
sq. ft. of inventory from top manufacturers in Italy, Spain, Brazil, and
Turkey.
Matthew S. Galvez, managing director of New Stream, said he
looks forward to “building up” the company. “IWT is known for selling the
highest quality tile to independent dealers and stocking distributors,” he
added.
Report Abusive Comment