The Adidas Group announced Monday that is has formally completed the sale of its Rockport business to Berkshire Partners LLC, a Boston-based investment firm and New Balance Holding, Inc., the investment arm of New Balance.
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. Industry veteran Bob Infantino, who joined Drydock in 2011, will serve as CEO.
The Rockport Group, which will remain based in the Canton, MA, will be a new stand-alone company offering comfort dress and casual footwear to customers globally across four brands—Rockport, Cobb Hill, Aravon and Dunham.
In January 2015, Adidas revealed plans to sell Rockport to Berkshire Partners and New Balance for a total consideration of $280 million.