FALL RIVER, Mass. — Canadian contract fabric specialist Victor Innovatex, in a joint venture with Gordon Bros., has acquired most of the assets of bankrupt Quaker Fabric and says it plans to become a leader in the U.S. textile industry.

Terms of the deal were not disclosed, but Gordon Bros., the stalking horse bidder for the assets, had bid about $27 million for the Quaker’s real estate, machinery and equipment, inventory, intellectual property, trademarks and design archive.

Victor said it will hire new management, textile designers and mill workers and expects operations at the Fall River plants to begin in the fourth quarter. 

Fabric industry sources believe the company will use the former Quaker operations to enter the residential fabric market, broadening beyond contract, although officials of Victor weren’t immediately available this morning to confirm that.

“This is about bringing value to our customers,” Alain Duval, president and CEO of family-owned Victor, said in a press release. “This acquisition will allow Victor to deliver compelling solutions to the textile market by expanding our expertise in contract textile design, lean production, on-time delivery and consistent quality.”

The release said Victor also will expand its yarn capabilities by producing specialty yarns exclusively for use in its own factories.

In separate transactions, the Quaker warehouse near Tupelo, Miss., was sold to E&E Linens, the parent company of JLA Home Fabrics, for about $175,000, and a 66-acre tract of undeveloped land in Fall River was sold to the Atlantis Charter School for about $2.6 million.

Quaker stopped operating in July, leaving 930 people out of work, and filed for Chapter 11 bankruptcy protection in August.

Quebec-based Victor Innovatex, was founded in 1947 as a wool mill and has supplied the North American contract furniture industry since 1980. Duval is the grandson of the company’s founder.

Environmentally sustainable fabrics are among the company’s key offerings, based on its Eco Intelligence Initiatives of improved product quality, decreased energy costs and decreased raw material use.

Victor Innovatex has operated mills in several Canadian locations and has a service and warehouse facility in Grand Rapids, Mich., and a design studio in New York.