Joele Frank, Wilkinson Brimmer Katcher is working the Chapter 11 restructuring of footwear maker Rockport Group and its $150M conditional sale to Charlesbank private equity investor.
Newton, MA-based Rockport, which struggled with high costs and supplier disruptions since its 2015 separation from Adidas Group, expects bankruptcy protection and Charlesbank's financial backing will enable it to regain footing needed to capitalize on its brand heritage.
New Balance, Boston-headquartered athletic shoe company, and Berkshire Partners bought Rockport from Adidas for $280M.
Charlesbank is acquiring Rockport's global wholesale assets, e-commerce platform and Asian/European retailer network.
It retains the option to acquire selected US stores. Rockport will seek court approval to shutter those US locations not acquired by Charlesbank or any other entities.