US apparel giant VF Corp has entered into a definitive agreement to sell its Reef surfwear brand to casual footwear business The Rockport Group.

The transaction, the terms of which were not disclosed, is expected to close later this month.

“Reshaping VF’s brand portfolio to deliver sustainable, long-term growth and superior returns to shareholders remains our top priority,” said VF CEO Steve Rendle. “Today’s announcement is another step toward delivering on the commitments outlined in our multi-year business strategy. We are pleased to have reached this agreement with Rockport. The Reef brand is an iconic, beach lifestyle brand, and Rockport is well-positioned to guide its next phase of growth.”

Based in Newton, Massachusetts, Rockport is a portfolio company 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.

“Reef is a powerful brand with deep authenticity and an incredibly loyal customer base,” Ribatt said. “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.”

Reef will operate as an independent global brand under The Rockport Group and will maintain its Carlsbad, California, headquarters.

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The news follows an announcement by VF Corp in August that it is to spin off its denim and outlet businesses into an independent, publicly traded company in a move it said will sharpen its focus as a global clothing and footwear powerhouse focused on brands such as The North Face, Timberland and Vans.

The group is targeting US$5bn in revenue for its Vans business by fiscal year 2023, representing growth between 10%-12% over the five-year period.