The Adidas Group has entered into a definitive agreement to sell its Rockport footwear business to a new entity formed by New Balance and Berkshire Partners for $280m (£186.8m).
Alongside Rockport, the new company will include New Balance’s Drydock business and include brands such as Aravon, Dunham and Cob Hill.
The transaction is expected to complete later this year.
“Rockport is a brand that has performed well over the last years,” said Herbert Hainer, chief executive of the Adidas Group. “However, our focus is clearly on sport and operating a brand portfolio with a clear agenda to unleash the potential of athletes and inspire consumers to live active lives.
“The brown shoe category is not core to this strategy and the sale of Rockport will allow us to reduce complexity and pursue our target consumer more aggressively with the Adidas, Reebok and TaylorMade brands.”