SPARTANBURG, S.C. (BRAIN) — Milliken & Company, a textile manufacturer, has signed a definitive agreement to acquire Polartec, a fabric supplier to the markets including outdoor and cycling.
Milliken is acquiring Polartec from Versa Capital Management, a private equity investment firm that, among many other investments, previously owned the bankrupt EMS, Bob's and Sports Chalet retail chains through a subsidiary.
The Polartec acquisition is expected to close in June. 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."
"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 realizing 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."
Versa acquired the assets of the former Malden Mills in 2007 through the then 101-year-old textile manufacturer's third reorganization. Malden Mills was later renamed Polartec.
