Global industrial manufacturer Milliken & Company has just announced that聽it has signed an agreement to acquire Polartec, LLC from Versa Capital Management.
Versa acquired the assets of the former Malden Mills in 2007 through the then 101-year-old textile manufacturer鈥檚 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鈥檚 leadership, operations, manufacturing footprint and customer relationships.
鈥淢illiken 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 CEO Gary Smith and his team,鈥 said Greg Segall, CEO of Versa and chairman of Polartec. 鈥淚t has been a great collaboration with Gary and all of Polartec鈥檚 valued employees, and we are proud of all that has been accomplished during Versa鈥檚 ownership鈥攏otably the feat of reviving an American textile icon and powerful global brand into an enterprise equipped to succeed in today鈥檚 highly competitive markets.
Smith said that Milliken is “the best possible 鈥榥atural owner鈥 of a brand with Polartec’s pedigree” and that he’s looking forward to the integration of the two companies.
The acquisition聽will be finalized this month.