The sizeable Milliken & Company is about to get bigger. The diversified textile manufacturer has signed a definitive agreement to acquire Polartec, a global brand that develops performance textiles for outdoor and military apparel, from Versa Capital Management. The acquisition is expected to close this month. Financial terms of the transaction were not disclosed.
Headquartered in Andover, Mass., Polartec produces fabric technologies for outdoor apparel from performance-driven and consumer-focused textiles to flame-resistant, workwear and military-grade fabrics. The addition of the Polartec brand — particularly its outdoor and fleece textiles — rounds out Milliken’s range of performance textiles for consumers, industrial workers and military personnel.
“Polartec brings a wealth of new and respected outdoor textile expertise to complement Milliken’s strengths,” said Halsey Cook, President and CEO of Milliken & Company. “The strategic acquisition broadens our textile capabilities with a product offering to now include fleece and soft-shell outerwear, among others, allowing us to grow in new and exciting spaces.”
“With more than 150 years of textile innovation, Milliken is the best possible ‘natural owner’ of a brand with Polartec’s pedigree. I look forward to supporting the integration,” said Polartec CEO Gary Smith.
“We look forward to growing Polartec’s strong brand at Milliken,” said Jeff Price, President of Milliken’s performance and protective textiles division. “Polartec expands our regional manufacturing reach and grows our technological expertise, enabling us to further deliver innovative performance textiles to the global market.”
Versa acquired the assets of Malden Mills in 2007 through the then 101-year-old textile manufacturer’s third reorganization. Working with management, the business was reconfigured and changed its name to Polartec, reorienting it toward a technology and innovation-led growth strategy.