Berkshire Partners and New Balance Holding signed an agreement to purchase The Rockport Company, a Canton, Massachusetts-based designer and marketer of comfort footwear for men and women, from the adidas Group.
The amount of the transaction, which is expected to close later in 2015, was not disclosed. As part of it, Drydock Footwear, currently a New Balance affiliate and home to the Cobb Hill, Aravon and Dunham brands, will join together with The Rockport Company to form The Rockport Group.
The new 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.
Founded more than 40 years ago by father and son Saul and Bruce Katz, Rockport currently sells its products through a multi-channel network of wholesale partners, as well as through Rockport’s own retail stores and website.
Drydock was founded in May 2011 by Bob Infantino, who joined with New Balance to create an independent business committed to delivering dress and casual shoes across three brands: Cobb Hill, Aravon and Dunham. Infantino will become the new Chief Executive Officer of The Rockport Group.