Global textile manufacturer Milliken & Company has announced the acquisition of Polartec from Versa Capital Management, expected to close in June.
Based in Andover, Massachusetts, Polartec carries an extensive portfolio of fabric technologies for outdoor and military apparel.
Halsey Cook, President and CEO of Milliken, said: “Polartec brings a wealth of new and respected outdoor textile expertise to complement Milliken’s strengths. 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.”
Milliken has more than a century and a half of textile experience, with the addition of Polartec rounding out the company’s portfolio to offer a range of performance textiles for consumers, industrial workers and military personnel around the world.
Polartec CEO, Gary Smith, added: “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.
“I’m grateful to Versa Capital Management for their support in realising Polartec’s full potential, and I’m extremely proud of the global Polartec team for their dedication and hard work that put the company in the position it is today.”
Versa acquired the assets of the former Malden Mills in 2007. Working with management, the business was transformed, renaming the company Polartec, reorienting it toward a technology and innovation-led growth strategy, and revamping the company’s leadership, operations, manufacturing footprint and customer relationships.
Greg Segall, CEO of Versa and Chairman of Polartec, said: “Milliken provides the perfect platform to ensure the continuation and acceleration of the success of the Polartec brand after years of complex and transformative business re-positioning by Gary Smith and his team.
“It has been a great collaboration with Gary and all of Polartec’s valued employees, and we are proud of all that has been accomplished during Versa’s ownership – notably the feat of reviving an American textile icon and powerful global brand into an enterprise equipped to succeed in today’s highly competitive markets. Milliken is the ideal long-term owner for Polartec and we look forward to seeing the two companies achieve big things together.”
The transaction is subject to customary closing conditions.