BOSTON (AP) — Private equity firm Berkshire Partners and athletic shoe maker New Balance are buying The Rockport Co. from the Adidas Group.
Financial terms were not disclosed.
Rockport, based in Canton, Massachusetts, sells men's and women's shoes and boots.
As part of the deal, New Balance affiliate Drydock Footwear LLC will join with The Rockport Co. to create The Rockport Group. Drydock's brands include Cobb Hill, Aravon and Dunham.
The Rockport Group will become a new stand-alone company. Drydock founder and President Bob Infantino will serve as CEO of The Rockport Group once the acquisition is complete.
The deal is targeted to close later this year.
Berkshire Partners and New Balance are both based in Boston.