VF Corp. To Sell Reef Brand - Quick Facts

(RTTNews) - VF Corp. (VFC) announced that it has entered into a definitive agreement to sell the Reef brand to The Rockport Group (Rockport) of Newton, Massachusetts. A maker of casual and dress shoes, Rockport is a portfolio company of Charlesbank Capital Partners, LLC (Charlesbank), a middle-market private equity firm. Reef will operate as an independent global brand under The Rockport Group, and will maintain its Carlsbad, California, headquarters.

VF's CEO Steve Rendle said, "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."