Adidas no longer holds the ownership of its Rockport business. As of Monday, Adidas has officially handed over their company to both Berkshire Partners LLC and New Balance Holding, Inc..
Both companies who bought Rockport are in affiliation with the New Balance brand. Berkshire is a Boston-based investment firm and New Balance, Inc. is head of New Balance investments. Another corporation who joined in part with the transaction is Drydock Footwear LLC, home to Cobb Hill, Aravon and Dunham brands and is also affiliated with the New Balance corporation. These jointments will be forming The Rockport Group.
Adidas has not yet announced what they officially sold their footwear based company for, but back in January when they announced they would be selling Rockport to Berkshire Partners and New Balance, the price was set at $280 million.
A CEO for The Rockport Group has already been named; Bob Infantino, who has worked at Drydock since 2011, will take on the role as CEO.
Rockport will still remain in its home stomping grounds in Canton, MA, but with The Rockport Group, it will now be considered a stand-alone company. The group is responsible for four global brands, Rockport, Cobb Hill, Aravon and Dunham. One will be able to purchase comfortable and casual clothing and footwear at the four retailers.
Image: Via Flickr/Mike Mozart
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