US apparel giant VF Corp has completed the sale of its Reef surfwear brand to casual footwear business The Rockport Group.
Based in Newton, Massachusetts, Rockport is a portfolio company of certain affiliates of Charlesbank Capital Partners, a middle-market private equity firm which acquired Rockport in August, bringing in industry veteran Gregg Ribatt to head the established footwear company.
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VF first announced its plans to sell Reef on 4 October, revealing it had entered into a definitive agreement with Rockport regarding the brand.
Speaking at the time, VF CEO Steve Rendle said reshaping the group’s brand portfolio to deliver sustainable, long-term growth and superior returns to shareholders remained the firm’s top priority.
While the terms of the agreement were not disclosed, it is understood from the original announcement that Reef will operate as an independent global brand under The Rockport Group and will maintain its Carlsbad, California, headquarters.
“Reef is a powerful brand with deep authenticity and an incredibly loyal customer base,” Ribatt said earlier this month. “We are excited to work with the strong leadership team that has been guiding Reef through its brand evolution and resurgence. We believe in the team’s growth plans across consumer, product and geographic expansion.”
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