Milliken & Company has signed a definitive agreement to acquire Polartec from Versa Capital Management.
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 acquisition is expected to close this month. Financial terms of the transaction were not disclosed.
“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.”
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 its support in realising Polartec’s full potential, and I’m extremely proud of the global Polartec team for its dedication and hard work that put the company in the position it is in today.”
“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.”
Greg Segall, CEO of Versa and chairman of Polartec, added: “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 repositioning 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. Versa and Polartec were advised by Lazard Middle Market and Sullivan & Cromwell LLP. Milliken & Company was represented by Jones Day LLP.