It’s official. The Reef brand and its employees are no longer part of the VF Corporation.
Reef President Roger Spatz – SES file photo
VF announced this morning that Reef’s sale to the Rockport Group has been completed.
The Rockport Group is based in the greater Boston area, and includes the comfort brands Rockport, Aravon and Dunham.
Previously, Rockport has said Reef will operate independently and remain headquartered in Carlsbad.
We learned this morning that Reef President Roger Spatz, who is also President of the VF-owned brand Eagle Creek, will be staying with VF and will not move forward with Reef. Rockport will be looking for a new President of the Reef brand. Roger will work with Reef through November.
Private equity firm Charlesbank Capital Partners owns Rockport, which it bought out of bankruptcy earlier this year for $150 million.
Terms of the Reef acquisition were not disclosed.
Charlesbank has investments in a wide range of companies in the healthcare, industrial, financial services and energy sectors. It also owns several companies in the consumer space, including Del Taco and Papa Murphy.
The CEO of Rockport is Gregg Ribatt, an experienced footwear veteran who has led Crocs, Collective Brands, and Stuart Weitzman.
