Private Equity Firm Buys Tile Company IWT

Palm City, FL, February 4, 2008—Private equity firm New Stream Capital has acquired International Wholesale Tile (IWT), a supplier of 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 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."

The terms of the transaction were not disclosed. Both companies are privately held.

IWT had filed for bankruptcy protection last September, listing assets of $39.8 million and debts of $47.9 million. In the meantime, Orlando-based KMA Capital Partners helped IWT reorganize.