Berkshire Partners and New Balance have signed an agreement to purchase The Rockport Company from the Adidas Group. The Rockport Company is a designer and marketer of dress and casual shoes for men and women. The transaction is expected to close later in 2015.
The Rockport Company currently distributes men and women’s footwear to more than 50 markets worldwide. Rockport’s products are sold through a multi-channel network of wholesale partners as well as through Rockport’s own retail stores and website. Rockport was founded in 1971 when father and son, Saul and Bruce Katz, hit the roads of New England, selling shoes out of the trunk of their car. Today, the company is headquartered near Boston in Canton, MA (www.rockport.com).
As part of the transaction, Drydock Footwear, currently a New Balance affiliate, will join together with The Rockport Company to form The Rockport Group. The Rockport Group, which will remain based in the greater Boston area, will be a new stand-alone company offering dress and casual footwear to customers globally across four brands—Rockport, Cobb Hill, Aravon and Dunham.
“We at Drydock are excited to join together with Rockport to create an exciting, new global company with four leading comfort footwear brands,” said Bob Infantino, the President of Drydock and the new Chief Executive Officer of The Rockport Group as of the closing of the transaction. “We look forward to utilizing our shared product, marketing and sales expertise to grow The Rockport Group brands and build on their distinctive place in the market that is highly valued by customers and retailers alike.”
“We are excited to invest in The Rockport Group. Bob’s track record at Drydock, and previously with Clark’s, is distinguished, and we look forward to supporting him and the entire management team as they grow the portfolio of brands in the United States and internationally,” said Dave Bordeau, Managing Director of Berkshire Partners.
Berkshire Partners invests from $50 million to $500 million of equity capital in mid-sized companies operating in the following sectors: consumer products and retail, business services, industrials, communications and transportation. The firm is currently investing from Berkshire Fund VIII, a $4.5 billion fund raised in 2011. Berkshire Partners was founded in 1986 and is based in Boston (www.berkshirepartners.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 1-23-15