Textiles group Milliken & Company has signed a definitive agreement to acquire specialist performance fabric manufacturer Polartec. It expects to close the acquisition before the end June. Financial terms of the transaction were not disclosed.
Milliken said the addition of the Polartec brand, particularly its outdoor and fleece textiles, will “round out” its portfolio of performance textiles for consumers, industrial workers and military personnel around the world.
It will acquire Polartec from Philadelphia-based Versa Capital, the venture capital firm that bought the assets of Polartec in 2007. Polartec chief executive, Gary Smith, said at the time of the announcement that he thought of Milliken as “the best possible natural owner of a brand with Polartec’s pedigree”.