SOURCE: New Stream Capital

January 29, 2008 11:22 ET

New Stream Capital LLC Acquires International Wholesale Tile

RIDGEFIELD, CT and PALM CITY, FL--(Marketwire - January 29, 2008) - 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 Information

  • Contact:
    Tara Bryson
    New Stream Capital
    203.431.0330 x814