Milliken to Acquire Polartec
Milliken & Company, a global diversified manufacturer with more than a century and a half of textile expertise has signed a definitive agreement to acquire Polartec LLC, a strong global brand known for its innovative performance textiles for outdoor and military apparel, from Versa Capital Management LLC. The acquisition is expected to close this month. Financial terms of the transaction were not disclosed.
Headquartered in Andover, Massachusetts, the Polartec brand carries a portfolio of 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 comprehensive portfolio, allowing the company to deliver a range of performance textiles for consumers, industrial workers and military personnel around the world.
Versa acquired the assets of the former Malden Mills in 2007 through the then 101-year-old textile manufacturer’s third reorganization. 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.