Sportswear manufacturer Adidas has announced the sale of its footwear label Rockport to a new entity formed by Berkshire Partners and New Balance for the sum of $280 million. The major part of this amount will be paid in cash while the remaining amount will be comprised of notes. The transaction, which is subject to customary closing conditions, is expected to be completed later in 2015.

Rockport has been part of the Adidas Group since beginning of 2006, when the company acquired Reebok and all its subsidiaries –including the footwear label- for a total amount of €9.5 billion ($11.8 billion). Adidas now wants to focus on sports and operate a brand portfolio with a clear agenda: ‘The brown shoe category is not core to this strategy’, so Herbert Hainer, CEO of the company.