Capstone Headwaters Advises Andover Healthcare on its Acquisition by Milliken & Co.

June 17, 2019


Capstone Headwaters, a leading international investment banking firm, advised Andover Healthcare (“Andover”), a leading manufacturer of high-quality, patent-protected healthcare products, including wound care dressings, cohesive bandages and medical tapes, serving the healthcare, animal health and sports medicine end markets, on its acquisition by Milliken & Co. (“Milliken”), a global innovation company that brings textiles to the healthcare market.  Terms of the deal were not disclosed.   

Headquartered in Portsmouth, New Hampshire, founder-owned Andover Healthcare has been developing new and innovative healthcare products since 1976. The company is responsible for many notable developments in healthcare products, including latex-free bandages, easy hand tear technology, and cohesive bandages with controlled compression. Its portfolio complements Milliken Healthcare’s offering of award-winning Active Fluid Management dressings for wound and burn care.

“Joining Milliken is the right progression for Andover Healthcare to usher in its next level of growth,” shared Andover Healthcare founder and CEO, Tom Murphy. “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.”

“We are excited about this strategic combination, which we believe will continue to innovate and lead,” offered John Ferrara, Capstone Headwaters’ CEO and lead investment banker on the deal. “We are very proud to have played a role in Tom Murphy’s extraordinary legacy in the industry.”

Milliken Healthcare Products, LLC is a subsidiary of Milliken & Company, a global manufacturer with expertise spanning specialty chemicals, floor covering, and performance and protective textiles.  The acquisition of Andover strategically aligns two respected brands in patient care, bringing streamlined, comprehensive and innovative solutions to healthcare providers.  Milliken and Andover Healthcare share a commitment to making a positive impact on the world with high quality, innovative and patient-driven products.

 “Andover Healthcare is a natural fit for Milliken. We are equally committed to improving the patient healing experience through innovative solutions, and our shared focus on ethics and integrity unites us culturally,” commented Halsey Cook, Milliken & Company president and CEO. “Our combined expertise and common drive to create innovative solutions invites us to set the bar for comprehensive patient care that help create a healthier future.”

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