International
Wholesale Tile, Inc., a supplier of premium porcelain, ceramic and natural
stone tile products, announced that it 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.
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-sq.-ft. distribution
center located in Palm City, FL.
“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.
With
the company’s restructuring plan in place, management has instituted notable
changes, including the negotiation of 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 that
cuts, profiles, and finishes the ceramic and porcelain units.
Boucher has been the president of IWT since
1994, and will remain chief executive.
