Global industrial manufacturer Milliken & Company has just announced that 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’s 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’s leadership, operations, manufacturing footprint and customer relationships.

In 2015, Polartec announced it was closing its long-time Lawrence factory.

“Milliken 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,” said Greg Segall, CEO of Versa and chairman of Polartec. “It has been a great collaboration with Gary and all of Polartec’s valued employees, and we are proud of all that has been accomplished during Versa’s ownership—notably the feat of reviving an American textile icon and powerful global brand into an enterprise equipped to succeed in today’s highly competitive markets. 

Smith says that Milliken is "the best possible ‘natural owner’ of a brand with Polartec's pedigree" and that he's looking forward to the integration of the two companies. 

The acquisition will be finalized this month.