Polartec is a premium provider of innovative and sustainable textile solutions. © Polartec

Milliken & Company, a diversified manufacturer with more than a century and a half of textile expertise, has signed a definitive agreement to acquire Polartec, a leading brand known for its innovative performance textiles for outdoor and military apparel, from Versa Capital Management.

Headquartered in Andover, MA, the Polartec brand carries a respected 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.

“Polartec brings a wealth of new and respected outdoor textile expertise to complement Milliken’s strengths,” said Halsey Cook, president and CEO of Milliken. “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.”

Versa acquired the assets of the former Malden Mills in 2007 through the then 101-year-old textile manufacturer’s third reorganisation. 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.

“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. "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 in today.”

www.milliken.com

www.polartec.com