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Milliken to sew up a deal with Polartec
Posted on Wednesday, 12 June 2019 14:09
Milliken & Company is snapping up US-based textiles manufacturer Polartec from Versa Capital Management for an undisclosed sum by the end of the month.
The private equity owner, then known as Chrysalis Capital Partners, bought the assets of the former Malden Mills out of bankruptcy in 2007 for USD 44.00 million.
The Massachusetts-headquartered outdoor apparel, upholstery and military clothing fabric manufacturer was subsequently restructured and renamed Polartec.
Its products feature insulated and flame-resistant materials and the company works with brands such as Adidas, Nike and NorthFinder.
Halsey Cook, chief executive of the purchaser, said: “Polartec brings a wealth of new and respected outdoor textile expertise to complement Milliken’s strengths.
“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.”
Founded in 1865, the South Carolina-based Milliken is billed as a diversified industrial manufacturer with over 35 facilities worldwide.
The group has more than 7,000 associates, as well as 5,000 patents globally- 2,200 of which are in the US alone.
Milliken’s products include protective fabrics, speciality fabrics for the hospitality and restaurant industries and chemical additives and colorants.
Jeff Price, president of Milliken’s performance and protective textiles division, said: “Polartec expands our regional manufacturing reach and grows our technological expertise, enabling us to further deliver innovative performance textiles to the global market.”
The deal with Polartec represents the second acquisition for the buyer this month; on 4th June, the company purchased US-based Andover Healthcare, a manufacturer of cohesive bandages and compression systems for the healthcare industry, for an undisclosed sum.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 29 deals announced worldwide targeting broadwoven fabric mills operators announced worldwide since the beginning of 2019.
Heading the list was Zhejiang Construction Investment Group, which bought a 29.8 per cent stake in China’s Dohia Group for CNY 1.25 billion (USD 181.17 million).
Other targets featured in the year to date include Shanghai Sixth Cotton Textile Factory, Soktas India and Glotech Industrial.
© Zephus Ltd