Charlesbank Capital Partners acquired the assets of The Rockport Group in a 363 asset sale. The Newtown, MA-based shoemaker filed Chapter 11 in July with $60 million DIP financing agented by Citizens Bank.
The sale was approved by the U.S. Bankruptcy Court on July 18, 2018, with the company satisfying all closing conditions.
The assets Charlesbank acquired included the North American wholesale and e-commerce operations, all of Rockport’s international operations and retail stores and the Aravon and Dunham brands. Rockport emerged from Chapter 11 with its balance sheet largely deleveraged and with significant capital available for acquisitions and future growth.
Concurrent with the acquisition, Gregg Ribatt was appointed Rockport’s new CEO. Ribatt is a footwear executive with industry experience that includes leading companies like Crocs, Collective Brands Performance & Lifestyle Group ( which includes the brands Sperry-Top Sider, Saucony, Keds and Stride Rite) and Stuart Weitzman.
Ribatt credits the dedication of Rockport’s employees for allowing the company to complete this critical restructuring in only two and a half months.
“This is an exciting day for Rockport,” he said. “After significant hard work from the Rockport team, we emerge as a better company with a solid capital base, ready to capitalize on the potential for growth in both men’s and women’s footwear and to build on Rockport’s excellent brand awareness, diverse product line and strong legacy. I am fully confident that, together, we are on the path to a stronger future.”
Richards, Layton & Finger served as legal counsel to Rockport, while Alvarez & Marsal served as the company’s restructuring advisor and Houlihan Lokey as investment banker and financial advisor. Charlesbank retained PJ Solomon as financial advisor and Goodwin Procter and Pepper Hamilton as legal counsel.
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Citizens Agents $60MM DIP for Rockport