South Carolina-based Milliken & Co., a textile company, acquired Andover Healthcare in June.
Andover, based in New Hampshire, is a manufacturer of healthcare products that include latex-free bandages, easy hand tear technology, and cohesive bandages with controlled compression.
The deal allows Milliken Healthcare to expand around its portfolio of award-winning Active Fluid Management dressings for wound and burn care and offer more comprehensive treatment solutions to customers to improve their healing process. Terms of the deal were not disclosed.
“Joining Milliken is the right progression for Andover Healthcare to usher in its next level of growth,” said Tom Murphy, Andover’s founder and CEO. “We look forward to serving our customers at a greater capacity with the research, design and manufacturing capabilities, as well as trusted brand recognition that Milliken brings.”
This partnership allows sales associates from both companies to have access to a broader product range without changing their customers’ point of contact, said Alex Kim, Executive Vice President of Corporate Strategy & Corporate Development at Milliken.
“Our shared commitment to uncompromising ethics and integrity and our like-minded purpose to make a positive impact on the world through leading innovations make the acquisition a natural fit,” Kim said.“As we integrate the two companies, our ultimate goal is to ensure a world-class sales and service organization.”
Throughout the transition process, an integration team will be responsible for making sure the best customer experience is possible. They will also communicate with customers and the market if there are any other changes.
Andover was advised by Capstone Headwaters, an investment banking firm, during this process.