Adidas to sell Rockport businessStaff writer ▼ | January 23, 2015
The adidas Group has entered into a definitive agreement to sell its Rockport business to a new entity formed by Berkshire Partners and New Balance for a total consideration of $280 million, most of which will be paid in cash with the remainder comprised of notes.
Acquisition Berkshire Partners and New Balance are buying
The transaction, which is subject to customary closing conditions, is expected to be completed later in 2015.
The transaction, which is subject to customary closing conditions, is expected to be completed later in 2015. As a result of the transaction, the adidas Group will record a non-operational negative P&L impact in a double-digit million Euro amount, which will be reported in discontinued operations as part of the company's 2014 results.
Headquartered in Canton, MA, The Rockport Company, LLC global designer, developer, manufacturer, distributor and retailer of innovative, high-quality footwear specially engineered for comfort under the Rockport brand. Rockport offers a full line of men's and women's footwear which is sold through a global multi-channel distribution network. ■