RIDGEFIELD, CT and PALM CITY, FL, Jan 29 (MARKET WIRE)
--
New Stream Capital announced today that it has acquired the assets of
International Wholesale Tile (IWT), a supplier of premium quality porcelain,
ceramic and natural stone tile products.
IWT supplies its products to retail floor-covering stores, design centers
and
specialty tile shops across the country. At its main distribution center in
Palm
City, IWT houses more than 10 million square feet of inventory from
international sources such as Italy, Spain, Brazil, and Turkey. The
company's Tesoro collection is one of the top-selling brands of ceramic tile in
the retail tile industry.
The company does not expect to make any substantive changes to the
management
structure or ongoing operations at its two locations as a result of the
acquisition. Paul Boucher will remain President of the company. Kathryn Spencer
will continue to serve as Vice President of operations, and Ann Marie Renze
will serve as CFO.
"IWT is known for selling the highest quality tile to independent dealers
and
stocking distributors," said Matthew S. Galvez, Managing Director of New
Stream. "We look forward to working with the management team to build on the
company's reputation as one of the most innovative and reliable suppliers in the
industry."
Mr. Boucher noted, "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. We will continue to create
products that can be marketed through a variety of channels."
The terms of the transaction were not disclosed. Both companies are
privately held.
About IWT: Founded in 1994, International Wholesale Tile (IWT) markets
premium
imported tile products to retail stores, design centers and specialty tile
shops across the country. The company is headquartered in Palm City, FL, and
it ranks as one of the largest tile distributors in the Southeast United
States. (www.internationalwholesaletile.com)
About New Stream Capital: New Stream Capital, based in Ridgefield,
Connecticut, is a
private investment firm focused on providing funding solutions for unique,
complex and opportunistic transactions for a wide range of industries. These
direct investments offer customized structured finance solutions for growth
capital,
working capital, acquisition, project finance, regulatory capital, and other
specialty finance opportunities. (www.newstreamcapital.com)
Contact:
Tara Bryson
New Stream Capital
203.431.0330 x814
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