Investment firm Berkshire Partners and New Balance are buying the Canton-based Rockport Co. shoe brand from Germany's Adidas Group for $280 million.
The Boston companies have a purchase agreement for the 44-year-old Rockport, which makes dress and casual shoes incorporating sports technology for comfort and "walkability." Other unnamed investors also are involved in the acquisition.
Rockport will be grouped with New Balance affiliate Drydock Footwear's Cobb Hill, Aravon and Dunham casual shoe brands in a new standalone company called the Rockport Group, which will remain based in Greater Boston.
The new company will be led by CEO Bob Infantino, who was president of Drydock, and former president of British shoe brand Clarks' North American operations and senior vice president of product and marketing at Rockport.
The sale is slated to close later this year.
No layoffs are expected. All of the approximately 1,200 Rockport employees and certain shared Adidas employees are expected to transfer to the new company, Adidas spokesman Dan Sarro said.
Of those, 80 are based in Canton, where Adidas' Reebok sneaker brand is headquartered.
Adidas disclosed last May that it was exploring a sale of Rockport — which it acquired with its Reebok purchase in 2006 — because it didn't consider the shoe brand to be a fit with its sports sneakers focus.
"The sale ... will allow us to reduce complexity and pursue our target consumer more aggressively with the Adidas, Reebok and TaylorMade brands," CEO Herbert Hainter said yesterday in a statement.
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