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IWT Sold to Investment Firm |
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Sunday, 23 March 2008 |
PALM CITY, Fla. – International Wholesale Tile (IWT) will continue its operations here after the sale of its assets to New Stream Capital LLC of Ridgefield, Conn.
The sale to the private investment fund is part of a comprehensive restructuring plan after the Chapter 11 federall bankruptcy filing last September by IWT’s former parent company, IWT Tesoro Corp.
Under the amended name International Wholesale Tile LLC.,(IWT), will use New Stream’s additional financial support to achieve company improvements such as additional product offerings, improved customer service, and capital improvements to its production facility.
IWT supplies tile materials to retail floor-covering dealers, designer centers and specialty tile retailers throughout America. The company maintains an inventory of ceramic and porcelain tile and stone in its 150,000 ft² distribution center located in Palm City.
“This reorganization will ensure better service for our long-standing clients,” said Paul Boucher, IWT president. “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.”
IWT also negotiated a new long-term lease for its corporate offices and distribution center in Palm City. In addition, IWT has 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.
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