VF Corporation announced today that it has completed the sale of the Reef brand to The Rockport Group, the footwear company owned by private equity firm Charlesbank since August. Reef joins Rockport, Aravon and Dunham in The Rockport Group’s portfolio of brands. The terms of the agreement were not disclosed.
VF corporation entered into a definitive agreement to sell Reef to Rockport earlier this month. Commenting on the sale, VF’s Chairman, President and CEO Steve Rendle said in a statement: “Reshaping VF’s brand portfolio to deliver sustainable, long-term growth and superior returns to shareholders remains our top priority. Today’s announcement is another step toward delivering on the commitments outlined in our multi-year business strategy.” Earlier this year, VF separated its business into two independent, publicly traded companies to spin off its denim brands Wrangler and Lee.