Polartec, LLC Announces Post-Acquisition Management Transition

Polartec, LLC announces today the promotion of Chief Operating Officer Andrew Vecchione to President, assuming leadership from Michael Spillane.
Publish date:

May 11, 2007 (Lawrence, MA) – Polartec, LLC announces today the promotion of Chief Operating Officer Andrew Vecchione to President, assuming leadership from Michael Spillane.

Andy Vecchione has been with Polartec, and before that Malden Mills Industries, Inc. (from whom Polartec acquired substantially all of its assets on March 14, 2007) since 2004. As a key member of the Polartec leadership team, Andy has been managing operations at the company's Lawrence, Massachusetts; Hudson, New Hampshire; and Shanghai, China manufacturing facilities. In his prior role, Vecchione significantly enhanced the quality of all Polartec® branded products, improved on-time delivery, and increased efficiency and customer service levels while driving key new product development initiatives.

“Over the past several years, Michael Spillane and I have worked side-by-side with Polartec's loyal and talented employees to turn this company around and ensure a strong future for our high-performance products. I have developed a great affection for this company, its rich history, and its tradition of excellence in the performance fabric market. I am energized by the opportunities before us, and am looking forward to leading the company in its new phase stability, profitability and growth,” said Vecchione.

Spillane, who has led the Polartec business since July of 2004, has achieved the goal of stabilizing and re-positioning the company as a global, technology-driven textile resource. He will be joining NIKE as the new President of Converse North America, and will maintain an important strategic advisory role with Polartec, as a member of the company's board of directors.

Spillane said, “Given all that has been accomplished over the last three years and the recent successful conclusion of our financial restructuring, it was the right time to pursue the fantastic opportunity presented to me at Converse. Under the new ownership of Chrysalis Capital Partners, Polartec is now a healthy and efficient company that is ready to move beyond the last decade of transition and financial uncertainty. I am confident that Andy Vecchione along with Executive VP Jonathan Adelman will continue expanding Polartec's position as a global leader in technical fabric, and I look forward to supporting their progress in my continued role as a board member.”

Greg Segall, Chairman of Polartec, LLC said, “We have already had a smooth transition with the proven talent on our team. Michael Spillane assembled an excellent management bench and Andy Vecchione has been an integral part of Polartec's operations and central to its successful turnaround and emergence from Chapter 11. With Andy's leadership and Michael's continued involvement on the board, I see many good years ahead for Polartec.”

About Polartec, LLC
Polartec, LLC is the developer, manufacturer, and marketer of Polartec® performance fabrics. Polartec® products range from lightweight wicking base layers to insulation to extreme weather protection and are utilized by the best clothing brands in the world. In addition, Polartec® fabrics are used extensively by all branches of the United States military including the Army, Navy, Marine Corps, Air Force, and Special Operations Forces.

For more information, visit www.polartec.com

About Chrysalis Capital Partners, Inc.
Chrysalis Capital Partners, Inc. is a private equity investment fund based in Philadelphia, Pennsylvania.
Chrysalis Capital Partners, Inc. is a private equity investment firm with $300 million in capital under management. Chrysalis focuses on 'special situation' investing including turnarounds, financial restructurings, reorganizations, and recapitalizations in middle-market companies (typically with revenues of $50 to $500 million), across a wide range of industries throughout the United States. Chrysalis is affiliated with Independence Capital Partners, a family of private equity funds with over $6 billion of committed capital under management.

For more information, visit www.ccpfund.com