BOSTON--(BUSINESS WIRE)--Berkshire Partners LLC, a Boston-based investment firm, together with New Balance Holding, Inc., the investment arm of New Balance, today announced that they have completed the acquisition of The Rockport Company from the adidas Group. The Rockport Company is a leading designer and marketer of high-quality comfort footwear for men and women. As part of the transaction, Drydock Footwear LLC, 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 with Bob Infantino serving as CEO. The Rockport Group, which will remain based in the greater Boston area, will be a new stand-alone company offering high-quality dress and casual footwear to customers globally across four brands—Rockport, Cobb Hill, Aravon and Dunham.
Rockport, headquartered in Canton, Massachusetts, was founded more than 40 years ago, when father and son, Saul and Bruce Katz, hit the roads of New England, selling shoes out of their trunk. Their vision, which continues to inspire Rockport products today, was to utilize innovative sports technology to create a unique level of comfort in dress and casual shoes. Rockport products are sold through a multi-channel network of leading wholesale partners, as well as through the company’s retail stores and website.
Drydock was founded in May 2011 when Bob Infantino, an industry veteran with a long and successful history of building and leading footwear brands, joined with global athletic leader New Balance to create an independent business committed to delivering innovative, on-trend and comfortable dress and casual shoes across three brands: Cobb Hill, Aravon and Dunham.
Goodwin Procter LLP served as legal counsel to Berkshire Partners and New Balance Holding, Inc.
About The Rockport Group:
The Rockport Group designs,
markets and sells comfort footwear with distribution in premier
independent, online and department stores in North America and more than
63 markets worldwide. In August 2015, Drydock Footwear Group acquired
The Rockport Company to form The Rockport Group, the new home to the
companies’ combined portfolio of men’s and women’s brands, including
Rockport, Cobb Hill, Aravon and Dunham. Headquartered in the greater
Boston area, the Company merges Drydock and Rockport’s collective
vision, talent and commitment to innovation, dating back to Rockport’s
beginnings in 1971. For more information, visit www.rockport.com.
About Berkshire Partners:
Berkshire Partners, the
Boston-based investment firm, has invested in over 110 middle market
companies since 1986 through eight private equity funds with aggregate
capital commitments of over $11 billion. Berkshire has developed
specific industry experience in several areas including consumer
products and retail, business services, industrials, communications and
transportation. Berkshire has a strong history of partnering with
management teams to grow the companies in which it invests with the goal
of consistently achieving superior investment returns. The firm is
currently investing from Berkshire Fund VIII, a $4.5 billion fund raised
in 2011. The firm seeks to invest $50 million to $500 million of equity
capital in each portfolio company. For additional information, visit www.berkshirepartners.com.