International Textile Group announced Monday that it has been acquired by private equity firm Platinum Equity.

International Textile includes the former Burlington Industries and Cone Mills operations.

New York financier Wilber Ross bought the two companies out of bankruptcy, paying $614 million for Burlington and less than $90 million for Cone more than a decade ago.

To complete the merger transaction, Platinum Equity acquired all of the debt and equity of Greensboro-based ITG.

ITG’s stock, which was trading at less than 50 cents a share, is no longer trading.

“This is an exciting time for ITG,” said Kenneth Kunberger, president and CEO of ITG. “We believe Platinum Equity and ITG’s goals and strategies are well aligned and provide a strong foundation on which to further leverage ITG’s performance innovations and brand heritage across our global markets. We look forward to many opportunities ahead.”

Kunberger will remain in his role under the new ownership.

ITG provides textile products across performance and specialty apparel fabrics, uniform fabrics, technical commercial fabrics and engineered automotive components. ITG’s businesses include Burlington, Cone Denim, Safety Components and Carlisle Finishing. The company employs about 4,800 people.

Platinum Equity is an investment firm with a portfolio of about 30 companies and specializes in mergers, acquisitions, and operations. Over the past 20 years, Platinum Equity has completed over 185 acquisitions.

Platinum Equity also announced Monday its plans to sell Mactac Americas LLC to LINTEC Corp., a deal valued at $375 million. It is expected to be completed during the fourth quarter in 2016.