PARIS — The Adidas Group said on Monday it has formally completed the sale of The Rockport Co. to a new entity formed by Berkshire Partners LLC, a Boston-based investment firm, and New Balance Holding Inc.
As a result, the Rockport segment will be deconsolidated from the group’s results.
The transaction, valued at $280 million, frees up the $16.5 billion Adidas Group to focus on its core athletic business.
Founded more than 40 years ago in Canton, Mass., by father-and-son team Saul and Bruce Katz, Rockport footwear was first sold out of the trunk of their family’s vehicle. Rockport makes what it calls “comfort footwear” for women and men.
As part of the deal, Drydock Footwear LLC, a New Balance affiliate and home to the Cobb Hill, Aravon and Dunham brands, will join with The Rockport Co. to form The Rockport Group, a new stand-alone company offering dress and casual footwear under the Rockport, Cobb Hill, Aravon and Dunham brands.
Rockport will remain based in the greater Boston area.