International Wholesale Tile, Inc. has sold its assets to a Connecticut-based Private Investment Fund as part of a comprehensive restructuring plan. Under the amended name International Wholesale Tile, LLC. (IWT), IWT will expend this additional financial support to achieve far-reaching company improvements such as additional product offerings, improved customer service, and capital improvements to its production facility, the company said.

“This reorganization will ensure better service for our long-standing clients,” said Paul Boucher, president of IWT. “We will continue to introduce new products to the marketplace under our ‘Tesoro’ brand as we look to add additional product lines and categories in the months ahead,” he added.

According to the company, with the company’s restructuring plan in place, management has negotiated a new long-term lease for its corporate offices and distribution center in Palm City, expanded its product lines with the purchase of new tile and stone series, and additional investments have been made to expand the tile studio production facility that cuts, profiles, and finishes the ceramic and porcelain units.   

Boucher added, “This is an exciting time for IWT. One of our primary goals is to continue creating products that can be marketed through a variety of intuitive business programs. The recent changes within the company will allow us to further build our reputation as one of the most innovative and reliable suppliers within the industry.” 

Paul Boucher has been the president of IWT since 1994, and will remain chief executive of International Wholesale Tile, LLC. IWT’s key operational and sales personnel will also remain in place, including Kathryn Spencer, vp of operations; Ann Marie Renze, CFO; and Bruce de Pasquale, national sales manager.