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.
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.
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
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.”
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.
IWT sells assets as part of restructuring plan
March 14, 2008