Milliken & Company, a global diversified manufacturer with more than a century and a half of textile expertise, announced that it signed a definitive agreement to acquire Polartec LLC, a global brand known for its innovative performance textiles for outdoor and military apparel, from Versa Capital Management LLC. The acquisition is expected to close in June. Financial terms of the transaction were not disclosed.
Headquartered in Andover, Mass., 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, allowing the company to deliver unprecedented access to a range of performance textiles for consumers, industrial workers and military personnel around the world.